The Importance of Employee Engagement Surveys
The Importance of Employee Engagement Surveys
March 2022

Since COVID-19, it has become crucial for healthcare organizations to monitor the well-being of their employees. Conducting employee engagement surveys is a useful way to gauge the employees’ satisfaction with the organization, and to prevent burnout related to high turnover rates witnessed post-pandemic by the health care industry.

Employee engagement surveys measure employee passion for the job, commitment to the organization, and alignment with firm values. FinServ assisted a leading healthcare services company to select and implement a new employee engagement survey platform. The client owns multiple hospitals, Ambulatory Service Centers (ASCs), and outpatient clinics across the United States. Likewise, participation in the annual engagement survey is an important part of the healthcare site accreditation process. Additionally, the survey results directly lead to tailored action plans for each site location.

Since COVID-19, it has become even more crucial for healthcare organizations to monitor the well-being of their employees. As the pandemic stretched on, the healthcare industry witnessed high burnout rates amongst its employees and the FinServ client wanted to ensure that they were supporting employees through the unprecedented difficulties placed on medical professionals.


Engagement Survey Questions – Examples

The survey questions focused on the employees’ overall satisfaction with the organization. These questions corresponded to the following categories:

  • Workplace Satisfaction: The first set of questions targeted an employee’s satisfaction with the organization and their work team e.g., “Are you satisfied with your work team?”
  • Growth Opportunities: The second set of questions focused on whether each employee’s work is meaningful to him/her and if they have ample opportunities to learn and grow. For example, one of the questions stated: “Do you find your work meaningful?” 
  • Compliance Regulations: The final set of questions surveyed each employee’s familiarity with the compliance regulatory requirements followed by the client e.g., “Do you know the name of the Chief Compliance Officer at the organization?”

These questions were intended to provide valuable feedback to the client, which would be useful in retaining its valuable talent.

Key Success Criteria – New Engagement Management System

Given its complex structure, the client required a survey system that would meet both its core business requirements and regulatory Clinical and Compliance functions.

The client determined three key success criteria for the new EMS:

  • User-Friendliness: The new system must be extremely user-friendly and easy to administer. As the client intended to conduct multiple surveys for the different units through a single platform, the new system needed to efficiently administer surveys at different points in time for various organizational units.
  • Analytic Capabilities: The system should consider the unique nature of the client’s organizational structure and provide great flexibility in collecting and interpreting the survey results. This not only would provide the client easy access to the historical data but will also customize the analysis based upon each team size, providing an ‘apple to apple’ comparison.
  • Reporting Capabilities: The system must possess data analytics capabilities, which could compile historical survey responses within the system’s repository and utilize them over time for accurate comparison. This would provide the client a unique opportunity to compare their employee responses over time and focus on any outliers. 

These questions were intended to provide valuable feedback to the client, which would be useful in retaining its valuable talent.

FinServ’s Vendor Selection Approach – New Engagement Management System

The FinServ team conducted a methodical vendor selection process using standardized processes and cumulative expert experience to ensure that everything from selecting the vendor to the survey rollout was seamless.

FinServ’s standard vendor selection process is typically divided into three main stages:

  • Step 1 – Investigate: The FinServ team documented the current and future business requirements of the client. The project team held generic demos for long list vendors to validate current vendor landscape capabilities. Based on these inputs, a short list of vendors were invited to participate in a Request for Proposal (RFP).
  • Step 2 – Assess: FinServ reviewed and scored each vendor’s RFP response using a quantitative score based on weighted question priority, supplemented by an overall qualitative assessment and cost analysis for each participant. The client selected finalist vendors for participation in a formal scripted demo process using the clients most important and/or complex workflows as evaluation criteria.
  • Step 3 – Recommend: Detailed reference checks were conducted and FinServ prepared an recommendation presentation for the client executive selection review committees including a “winning” vendor, cost analysis, and proposed service level tier to target.

Under FinServ’s guidance, the client was able to make a thorough and educated decision to find the best long-term partner for their business under a tight timeline to both select, implement, and deploy their engagement survey.

Deploying the Annual Survey Questionnaire

After negotiating the final contract, FinServ worked closely with the client to construct the engagement survey and survey deployment process itself. Survey system administration historically posed a challenge. The client wanted to streamline the process to make it easy for employees to participate, but employee information was spread across three different Human Resources Information Systems (HRIS) across its multiple facilities. FinServ spearheaded the client’s data migration onto the survey administrator.

After the data was uploaded into the system, FinServ took painstaking measures to verify the data. This included verifying the number of records, required fields and attributes, date formats, and removing the duplicate values to match the original data. This exercise ensured that the data upload into the new system was carried out smoothly and eliminated any inconsistencies providing the client with a robust data set to rely on for their new survey administrator. Additionally, FinServ’s expertise in data migration and data handling ensured a smooth enrollment of each survey user in the client’s system.

Finally, due to the client’s hierarchical organizational structure, emphasis was placed on creating the managerial hierarchy for different organizational units. The hierarchy was designed to ensure that each manager could view the aggregate response of only their team. FinServ worked closely with the survey vendor to implement stringent anonymity conditions. The client had historically struggled with post-survey analysis and ensuring the complete anonymity of the responses. This resulted in employees being hesitant to record honest responses, making it difficult for the client to implement meaningful reforms. In the new system, hard restrictions on how granular responses could be analyzed were implemented. E.g., managers would be unable to see individual responses for a team comprising of less than five members to ensure confidentiality and response safety. This allowed the client to get the analytical insight and depth they needed without compromising survey integrity and employee confidentiality.

Benchmarking Survey Results

Employee engagement benchmarks are critical to providing context for the employee responses to the survey questions. Using the benchmarks tied to the client’s survey results to a portfolio of other healthcare companies, FinServ’s client was able to add additional context to the survey data collected in order to identifying areas of weakness/strength across the organization to help structure leadership, cultural, and organization incentives.

The Outcome

The client was extremely happy with the smooth rollout of the engagement survey and the high survey participation rate. In addition, the benchmark selected by FinServ for the engagement survey proved to be a successful choice; the client was delighted with the reports created from the responses and found the benchmark a useful criterion to compare the survey responses. The client identified multiple opportunities to act on employees’ feedback and involve employees in co-creating actions to continuously improve their work experience.

In addition to designing and launching the engagement survey, FinServ additionally engaged to help the client design two other surveys in the portal. These included an engagement survey and a compliance survey targeted only at physicians. FinServ supported the creation of those surveys and the overall setup of the portal, which enhanced the efficiency of the client’s survey cycle. This ensured that the client could easily launch any of the surveys electronically, drastically reducing the time and cost associated with administering the surveys on paper. This also ensured that the client would be unlikely to rely on any other third party for designing and launching the surveys from now onwards, which added a long-term value to the client’s business operations.



Overall, employee engagement surveys can help the organizations retain their talents, especially in the wake of ongoing Great Resignation. Given how crucial engagement surveys are, it is critical that they are administered properly. By leveraging its vast expertise, FinServ can help your organization select an optimal engagement management system best suited to your unique needs.


To learn more about FinServ Consulting’s services: or (646) 603-3799.

About FinServ Consulting

FinServ Consulting is an independent experienced provider of business consulting, systems development, and integration services to alternative asset managers, global banks and their service providers. Founded in 2005, FinServ delivers customized world-class business and IT consulting services for the front, middle and back office, providing managers with optimal and first-class operating environments to support all investment styles and future asset growth. The FinServ team brings a wealth of experience from working with the largest and most complex asset management firms and global banks in the world.