How much does an employee engagement survey cost?
So, you’ve decided that employee engagement is important and now you want to measure if your company is on the right track. An excellent decision. But now what?
The first step is to decide if you are going to conduct an in-house study, or if you’re going to use a third party for your employee survey. More on the benefits of each option later.
One of the considerations of choosing a third-party survey provider is the cost of the employee survey. The cost depends on multiple factors, such as the number of participants and the level of involvement of the third party. Generally, you will need to budget anywhere between $3,000 and $25,000 for the basic survey. We’ve also seen invoices of over $250,000, but those are full-serviced outliers. Of course, you can check the current prices of TrustXP surveys too, but let’s dive into the factors that drive costs first.
1) Number of participants
The number of survey subjects, or employees, is the most straightforward variable. Depending on the number of employees that you’d like to survey, your costs will go up. Very often a vendor will charge you a price per employee. Indeed, there will be more data to analyze. If the vendor is doing that for you, the price uplift per employee makes sense. However, you will be doing most of the analyzes when the survey is finished.
2) Survey length
The short story here is; the longer the survey, the higher the costs.
The reason is obvious; it takes more time to design, program and analyze the survey.
There is an issue with charging for lengthy surveys. Generally speaking, a lengthy survey is less effective.
Respondent Fatigue is the scientific term for your employees getting sick and tired of yet another question, so they just answer anything to finish the survey. This results in poor data. There it is, the conflict between you and the survey salesman. You should want a short, effective survey that measures what matters. What you’ll get told is to expand your survey and measure as much as you can, because that costs more.
Pay attention to this problem when you start with your survey. Especially when you run regular employee pulse surveys, you should make sure that it measures what should be measured, but not all the fluff.
Surveying your employees is one, getting the data and -more importantly- the implications is two. Depending on who you partner with, you will have different levels of reporting on your employee survey.
The most basic level of reporting will include a data presentation within an online environment, visualized in charts and graphs.
The next level of reporting will include what is in the basic level, added with an executive summary of the most important findings and some details on the process.
The most advanced reporting will include recommendations and cross-tabulations. Depending on your contract, these can also include industry benchmarks based on your organizational profile and practical guidance to improve.
Some organizations will benefit from the most expensive options in the market. However, it is our experience that the 80-20 principle applies here too; 80% of the companies can do with just 20% of the options that the market is offering. We will help you for just a fraction of the price that you find elsewhere. Head over to our pricing page and get started with employee trust surveys today.