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Employee Listening Helped New York Life Insurance Lower Voluntary Attrition by 3%

New York Life Insurance is a leading insurance company with more than $58 billion in revenue, $390 billion assets under management, and 15,000 employees.

Customer EX Impact Award

  • The Challenge:

    • Develop a new approach to employee engagement and well-being amid challenges such as the COVID-19 pandemic, societal upheavals, and a shifting work environment.
    • Address DEI issues and focus on employee well-being amidst the heightened war for talent.
    • Evolve from a biennial engagement survey approach to a more nuanced, timely understanding of employee sentiment.
  • The Solution:

    • Introduced pulse surveys between March 2020-22 focused on remote work support, well-being, productivity, and return-to-office (RTO) plans.
    • Conducted opt-in listening sessions on DEI through a third-party vendor, enabling delicate support and broader discussion.
    • Utilized survey insights to develop an RTO plan that catered to employee concerns and motivations, including a voluntary office reopening for those needing dedicated workspaces.
  • The Impact:

    • Crafted a hybrid work policy using insights from the surveys, which generated positive feedback from employees.
    • Transitioned to a listening-first organization, focusing on delivering on the Employee Value Proposition (EVP) and enhancing the employee experience across the lifecycle.
    • Observed a +4 point increase in employee engagement versus pre-pandemic levels.
    • 75% of hybrid workers reported a positive return-to-office experience.
    • Experienced a decrease in voluntary attrition from 10% in 2021 to 7% in 2023.
    • Found that 61% of exiting employees would recommend New York Life as a great place to work.
    • Maintained an 87% response rate on the latest Employee Engagement survey, indicating strong engagement and trust in the survey process.