Why it Might be Time to Conduct an Employee Survey
If you are an employer and it’s been a while since you’ve done an employee survey, maybe now’s a good time to conduct one. Employee surveys provide valuable insights into the current state of your organization, employee satisfaction, and areas for improvement. By conducting a survey, you can gain a better understanding of your employees’ needs, concerns, and suggestions, enabling you to make informed decisions and implement necessary changes. Regularly checking in with your employees through surveys demonstrates your commitment to their well-being and shows that their voices matter. So, if it’s been a while since your last employee survey, now’s a good time to reconnect with your workforce and gather their feedback to drive positive change.
At the conclusion of The Plan Sponsor University (TPSU) Fiduciary Education Program held in Houston, Texas at Rice University, Founder and CEO Fred Barstein spoke with Plan Sponsor Chanita, who works as the Health and Welfare Coordinator for a company that employs about 150 people. Chanita recently carried out a comprehensive employee survey focusing on job benefits. The survey consisted of 10 questions aimed at gaining a holistic understanding of what employees desired in terms of their benefits. The survey revealed valuable insights, indicating that employees perceived the 401k fees as too high and, employees expressed a desire for enhanced education concerning their retirement plans.
Read the Full Transcript Here:
Fred Barstein:
Hi, this is Fred Barstein with 401kTV, in Houston, at Rice University, where we just completed a very successful TPSU program. And I’m here with Chanita. Welcome, Chanita.
Chanita:
Thank you for having me.
Fred Barstein:
Okay if I ask you a few questions?
Chanita:
Sure.
Fred Barstein:
Okay. Before we do, let our audience know a little bit about yourself and your role in your organization.
Chanita:
My name is Chanita and I’m the health and welfare coordinator. We have about 150 employees, a hundred or so of that is our local population, we also have an expat population as well.
Fred Barstein:
You had three of your colleagues here, right?
Chanita:
Yes, we did.
Fred Barstein:
Very good. So during the program, you talked about you did an employee survey using Survey Monkey. Can you tell us what it is, why you did it, and what was the effect?
Chanita:
The survey was about benefits, and we were looking for what we could do better for our employees.
Fred Barstein:
How you could improve that.
Chanita:
How we could improve. We’ve heard just by different conversations about things that our employees were wanting. So we wanted to get a holistic view from everybody. So we got a list, probably about 10 questions, very concise, to the point questions, to get a good feedback on what people, our employees, wanted from their benefits, medical plans, and also our 401k.
Fred Barstein:
Versus anecdotal, “We think they want this.”
Chanita:
Yes.
Fred Barstein:
So what did you do as a result of that?
Chanita:
We took that information and what we found was that, for our 401k plan, that our participants felt that the fees were too high and they wanted more education. Little bit more hands on, a little bit more specific than just was generically given. So we would go to the table and review our record keeper and our advisor, and then we went through that process to get that changed, and we just came out-
Fred Barstein:
You changed both?
Chanita:
We changed both.
Fred Barstein:
Wow, that’s a big change.
Chanita:
Because our advisor now can also give that one-on-one education as well as the overall.
Fred Barstein:
Right.
Chanita:
And then we were paying a little bit more in fees for education than some of our employees were not using.
Fred Barstein:
Were not using it, yeah. And then you didn’t just let it go, you let everybody know, you sent out a memo. What did that memo say?
Chanita:
We said that we listened to the feedback that they gave us and this is our course of action. We’re going to look into a new record keeper, a new advisor. We are looking at reducing the fees also, so that your money can grow a little bit faster than you paying more fees for us to have these things in place.
Fred Barstein:
Great. So you let them know that you listened?
Chanita:
Yes.
Fred Barstein:
And they made changes.
Chanita:
Yes.
Fred Barstein:
That’s fantastic. Congratulations on that.
Chanita:
Thank you so much.
Fred Barstein:
So what are a couple of things that you may want to do when you come back after going through this almost full day program?
Chanita:
One of the things I know we would like to do is look at our matching, look at our… Also, moreso as we move into a new advisor and record keeper, more of that education, and see what we can implement there to make sure that our employees are getting… They’re able to retire when they want to retire and not just keep working.
Fred Barstein:
So maybe advice as well as education?
Chanita:
Yes.
Fred Barstein:
Very good. Well, thank you.
Chanita:
Thank you so much.
Fred Barstein:
Thanks for your time. Thanks for coming to the program. And thank you for watching 401kTV. Stay tuned.
