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

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.