How to Use Market Research to Improve Employee Engagement

When most people hear the term "market research," they associate it with data collection from outside the organization. This information is collected and analyzed to improve product innovations, sales, and marketing efforts.

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Offer Competitive Salaries

Offering a competitive salary has become a bit of a buzzword in recruiting and hiring practices. Many companies use the phrase with no significant data backing up the claim. While having perks and benefits is an important factor when offering a job, truly competitive salaries are essential for attracting and retaining top talent as the recession looms.

Companies can use market research to get a more definitive idea of what a competitive salary really means. Scaling wages accordingly and implementing planned increases for lower-level employees (i.e., not just executives) can help boost employee engagement and ensure the top talent doesn't find their way to the competition.

Embracing Employee Initiatives

Some of the best business improvement ideas come from the people who work on the ground floor. Many are aware of the origins of Wite-Out, a billion-dollar product invented by a receptionist. When employees feel empowered to share ideas for process improvements and product developments, they'll be more engaged and happy with their job. Empowering employees to share initiatives, then acting on them makes the individual feel heard and valued.

Conducting market research validates employee ideas. Creating a workflow for employees to submit their ideas and have them vetted is an effective way to get employee buy-in and make them feel like a part of the company's success. It's worth noting that employees should also be rewarded when they submit a successful idea.

Capturing Internal Feedback

Companies regularly gather consumer opinions about the brand, offerings, and customer journey— so why don't they follow the same processes internally?