How this Singapore Startup is Using Data to Help Companies Know What Employees Really Want
EngageRocket's co-founder Dorothy Yiu says real-time analysis of employee feedback helps in talent disengagement
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Employee productivity is key to every company's success, and it's directly related to their wellness. In other words, if employees are happy, organizations are happy.
Dorothy Yiu and Leong Chee Tung knew this well. While working at US-based consulting firm Gallup, they realized one more thing: there wasn't a good way to get accurate and meaningful real-time data that was important in understanding and improving the overall employee experience in order to retain talents and improve organizational performance. So they decided to quit their jobs and launch EngageRocket, a Singapore-based workplace analytics provider, in 2016. "Our vision is to create better workplaces with people analytics and to make this possible for companies at a lower cost than hiring traditional consultants," says Yiu.
EngageRocket partners with companies who have a strong focus on improving the workplace experience for their talents.
Their software automates the administration and analytics behind employee feedback and delivers relevant real-time insights and actionable recommendation to leaders, HR and managers of organizations. "We have built the software such that it is simple and easy to regularly get feedback from your employee at various touch points throughout the employee lifecycle. Real-time analysis of the feedback also enables EngageRocket to serve as an early warning system for talent disengagement. Proprietary algorithms and artificial intelligence like machine reasoning are also used to turn the data into immediate insights and action ideas," says Yiu.
She believes that employee engagement is "extremely crucial" in the success of any organization. "People are organizations most important and often, the most expensive asset. Raising employee engagement first and foremost has a direct impact on business outcomes," she says.
Research agrees. An earlier Gallup study has shown that more engaged teams see 21 per cent higher in profitability and 20 per cent greater productivity. What's more, offering a better employee experience doesn't only make employees more productive but they will also stay longer. Gallup study has also found that highly engaged organizations report up to 65 per cent lower turnover. Given that replacing an employee can cost on average six to nine months' salary in recruitment fees, training costs and lost in productivity, the support for better retention makes a strong case for greater employee engagement.
Things to Know
To create a successful startup, Yiu says, you need to understand that there is power in your voice and use it well. "Entrepreneurship can be a lonely journey. Find a partner you trust and has proven to complement your competencies. Not only will the journey be less lonely, you will also find greater strength as a team. Next, find and remember your "why'. Building a business is going to be challenging and with every two steps forward, you may have to take one step back. Remembering your why and what motivates you will keep the fire burning in trying times," she says.
While talking about this year's International Women's Day theme, #Balanceforbetter, she says, at an organization level, companies can strive for a greater gender balance at the highest level by reassessing recruitment and promotion criteria. Multiple research studies have already proven that companies with more female leaders outperform those companies with less.
Secondly, she adds, at a societal level, "we can be more conscious in offering equal opportunities to both genders. Opportunities be it in education, employment, benefits or even at home where men can be given more opportunities to take up a bigger role in caregiving, allowing both parents to actively participate in a child's upbringing. And lastly, at an individual level, women can make a deliberate effort in speaking up on issues like equal pay. We can also play a more active role in offering mentorships for other women."