According to Frederick Reichheld, the author of The Loyalty Effect, the business world seems to have given up on loyalty. Many companies now lose, and have to replace nearly half of their customers in five years, half of their employees in four, and many of their investors in less than one.
While most business improvement firms will insist on targeting opportunities on the financial statements, we argue that employee engagement lays the foundation for delighting customers and building a successful business. It’s a proven fact that engaged employees are loyal, work better in teams, build lasting client relationships, creates a bench of candidates for future leadership roles, and drives down costly voluntary turnover. Companies that focus on employee engagement also find attracting talent much easier, which, in a competitive job market, is of utmost importance. Don’t underestimate the value in driving high engagement scores in your business. Your employees have valuable feedback, just not always comfortable in expressing to those who can make a difference.
Often times, business leaders are asked what makes their company better than its competitors and their response is “our people.” We argue that “people” are not a competitive advantage, however, and engaged workforce is most certainly a competitive advantage.
Existing with low employee engagement scores puts upward pressure on wages, as employees will reduce their employer to the lowest common denominator, their pay rates.
My firm is here to assist. We’ve created tools that solicit direct employee feedback, analyze the results, and build a game plan that will prove to your workforce that you care and secure your company’s success in the markets served. Internal stakeholders, vendors, and customers will see and feel the difference. Please contact us today to learn more about how we can enhance your workplace culture and replace the “it’s just a job” feedback with, “I love working for my company.”