Investing in Your Employees is the Smartest Business Decision You Can Make
Richard Branson put it best: Customers come second, employees first. It’s a philosophy that brings unexpected benefits to both the company and its clients.
What is Employee Engagement: It’s one of those things that we all knew but didn’t quite have enough data to paint a picture of Most people are not happy at work. But, now we do, and the number is 85 percent. That’s how many people are dissatisfied with their jobs the world over, according to the “State of the Global Workplace” survey conducted by Gallup poll last year.
Image credit: Integrity-Asia.com
While this in itself might be a depressing number, it points to almost $7 trillion in lost productivity the world over every year! Unfortunately, the bad news doesn’t stop there. The true cost of replacing employees can be twice their base salaries depending on their wage, role, and experience. The cost of replacing high performers who often deliver 400 percent more in productivity than their average counterparts can be higher still.
In other words, the measures businesses use to engage employees and evaluate their performance are not working, or worse, they’re backfiring.
Happy employees, even happier customers.
An engaged employee helps you establish a better relationship with your customers. Since your employees are the ones who are actually in contact with your customers, how they think and feel is actually a better representation of your company than all your marketing and advertising material ever could be.
Gallup in “State of American Workplace” reports that employees who are engaged are more likely to improve customer service and can result in a 20 percent increase in sales.
Tempkin Group’s 2016 Employee Engagement Benchmark Study also shows that companies acing customer experience have one-and-a-half times as many engaged employees as those that are not so good at it.