Standardized vs. Custom Employee Studies: Which Is Right For Your CFI?

Community financial institutions (CFIs) looking to measure employee engagement often turn to surveys and studies. Once they decide to move forward, the next question is usually, “Should we invest in a custom study?”

We’ll give those CFIs the same advice we give our clients: The right kind of study ultimately depends on what you’re trying to learn — and in some cases, a standardized study offered through an industry organization or recognition program may provide exactly what an institution needs. 

WHEN DOES A STANDARDIZED STUDY MAKE SENSE?

A standardized study generally gives every participating CFI the same or highly similar questions, timing requirements, and reporting structure. The question sets tend to be rigid and may include statements such as: 

• “I am given the resources and equipment to do my job.”
• “Our customers would rate the service we deliver as ‘excellent.’” 

Something we want to stress is that standardized does not necessarily mean basic, as these studies have an important place in the feedback ecosystem. They can act as a broad temperature check, showing a bank what’s going on across its workforce and how its results compare with those of other CFIs in its peer group. 

Standardized options are available through organizations like the ICBA, the ABA, and American Banker Credit Union Journal. Participation requirements generally apply; the ICBA’s Best Community Bank to Work For, for example, requires at least 40% of employees to participate, and individual programs may have other eligibility or scoring requirements. 

Standardized studies often come with some form of recognition, such as a badge for email footers or a feature in an industry publication. 

WHEN DOES A CUSTOM STUDY MAKE SENSE?

A custom study is just what you think — it’s designed to fit what a particular institution wants to learn. It is especially useful when leadership has a specific decision, concern, population, or workplace experience it wants to explore.

Because the questions are tailored to the organization, a custom study can provide more detailed insight through employee comments, department-level findings, demographic reporting, and questions that help leadership better understand what may be influencing the results. 

For example, a CFI might want to learn: 

• “We updated the benefit package last year; what’s the impact?”
• “We implemented a new system for commercial lending; did it make their team more engaged, and should we roll it out to all employees?” 

HOW DO YOU CHOOSE BETWEEN A STANDARDIZED OR CUSTOM STUDY?

Organizations on the fence about whether to go for a standardized or custom study should first consider the size and structure of their workforce. 

Smaller CFIs — usually those with fewer than 50 employees —  may not have enough employees in each department to report results at a highly detailed level while still protecting anonymity. If several small departments must be combined, the institution might not receive the level of department-specific insight it hoped to gain. When CFIs have 50 employees or more, though, they’re typically safe to opt for custom design with department breakouts.

Leadership also needs to be clear about what they’re hoping to gain from the study. Are they looking for a barometer of how they line up with other organizations? Or are they trying to uncover what their specific organization needs to prioritize to keep or attract qualified staff? 

If the goal is to solidify their CFI’s key culture and/or HR initiatives, a custom engagement study that includes employee comments and tailored follow-up questions will provide more useful direction, and still offer meaningful benchmarks.  

Lastly, keep in mind the year’s budget, as surveys tend to cost between $6,000 and $10,000 for the first year. 

SHOULD YOU EVER GET A STANDARDIZED SURVEY AND A CUSTOM SURVEY?

Yes!

This answer may surprise you — wouldn’t a custom study replace the standardized one? But the reality is a CFI can get value in both the recognition and benchmarking associated with a standardized “Best Place to Work” measurement and gain deeper insights from a custom study. 

We generally recommend running them during separate halves of the year. The standardized study might collect in August, while the custom engagement study runs in February. That works out to a temperature check and potential recognition in one half of the year, followed by a deeper strategic dive in the other. 

NEED HELP CHOOSING? REACH OUT! 

A study doesn’t have to be highly customized to be worthwhile. It just needs to match what your institution is trying to understand.

Avannis can help you determine whether a standardized study, custom study, or some combination of the two makes the most sense for your CFI. Reach out to us today to learn more.