Today, technology allows us to research everything before making a move. Healthcare is no exception. There are sites that provide hospital rankings, patient reviews of doctors, and forums for travel nurses. Wouldn’t you want the same information about the healthcare staffing agency you want to work with? That’s where a company’s net promoter score comes in.
What is a Net Promoter Score?
The net promoter score (NPS) is a metric that can help show a company’s performance. It is based on one survey question asked to customers, clients, or employees. Even if you’re not familiar with NPS, you’ve likely participated in a few NPS surveys. It’s the question asking how likely you are to recommend a business to a friend or colleague on a numeric scale of 0 to 10; 10 being extremely likely and 0 being not likely at all.
We’ve all seen this question but rarely recognize it for what it is. According to ClearlyRated, “the concept was created by Fred Reichheld at Bain & Company and Satmetrix, and was later introduced as the Net Promoter Score methodology in 2003 when Fred published an article in the Harvard Business Review – ‘The One Number You Need to Grow’.”
When asked about the importance of NPS, ClearlyRated CEO, Eric Gregg said, “Over the last seven years, I’ve seen NPS shift from a “nice to have” metric to a required metric for many staffing firms – it’s now something that hiring managers and job seekers are expecting, and often, requiring. NPS allows firms to help tell their service story and the impact they are making in the industry in a measurable way, and is a metric that is easily shared and translated.”
Benefits of Utilizing NPS
Measuring NPS helps customers, clients, and employees, but it doesn’t stop there. It’s also beneficial to the company to track its scores. Every staffing company wants to know what they are doing well and where they may need to improve. There are many advantages to getting feedback from your fans – and critics!
As mentioned above, people research a lot online and hold others’ opinions in high regard. With a simple question, you can easily provide a voice to the experience. Did you know that three out of four candidates feel that negative staffing firm reviews dissuade them from applying for an open position? People’s experiences matter.
On the other side, prospective staffing clients say they care about a firm’s reputation almost twice as much as the cost of their services. Doing business with a company is more than just the relationship you have with your contact. Customer satisfaction is important and the ability to see others’ experiences ranks high with many clients.
Asking for direct, honest feedback can be intimidating but companies that are willing to do so, tend to reap the benefits. The NPS is a single number that quantifies complex concepts like client satisfaction, talent satisfaction, and service quality. Companies that utilize this scale, also provide themselves with a goal. Not only do clients and healthcare professionals get to see where a company stands, but the company can then prioritize new processes and goals based on that feedback.
The NPS process takes a data-driven approach, as it relies on insights directly from clients and employees. As a single score, companies can identify what their current clients and working healthcare professionals think as well as address any service issues that may arise. Additionally, any testimonials and shout-outs given are heartfelt and genuine. sourced from a third party. Relying on a third-party vendor, like ClearlyRated, to collect this data also creates trust and lends authority to the process.
An NPS can be a leading indicator of revenue, retention, growth, and brand distinction in a crowded marketplace. Many staffing companies want to show what makes their company better than the rest. In 2021, staffing clients reported an NPS score of 29 on average. This is actually a 10-year high for staffing firms, however, it is below global NPS standards.
ClearlyRated’s Eric Gregg explains, “For reference, global NPS standards classify 50 NPS as excellent and 70 NPS as world-class. And recognizable service leaders like Nordstrom have an NPS of 75 compared to Comcast, a notorious service laggard, whose clients give them a -1 NPS.”
A talent study was not conducted in 2021 due to COVID-19 workplace disruptions. But, in 2020 staffing firm satisfaction ratings from talent were at an NPS of 18. Looking at trends this puts talent satisfaction at a ten-year low.
ClearlyRated’s Best of Staffing
Best of Staffing is an industry award recognizing firms that have shown exceptional service quality based purely on ratings provided by their clients, talent, and employees. These awards are only given when a staffing agency obtains at least an NPS of 50 for their respective side.
Supplemental Health Care’s NPS Scores
To date, Supplemental Health Care has won the Best of Staffing Talent and Client awards for four years in a row. For this award, SHC received high marks in net promoter scores and sufficient participation from participants:
- Satisfaction scores of 9 or 10 out of 10 from 78% of their working clinicians, significantly higher than the industry’s average of 40%.
- NPS of 70 from their candidates, nearly 3 times the industry’s average of 18 in 2020.
- NPS of 63 from their clients, significantly higher than the industry’s average of 28 in 2020.
- Satisfaction scores of 9 or 10 out of 10 from 70.5% of their clients, significantly higher than the industry’s average of 38%.
the shc blog