Who is more likely to treat your customers better – an employee with supportive management and positive work culture, or an employee with a rude manager who dreads coming to work? Would you personally give 100% in a job you do not like?
Investing in your employees is one of the best ways to boost your company performance, revenue, and customer satisfaction. Consider the following:
+ Unhappy employees are more likely to leave your company regardless of how well they are performing. The cost of replacing each employee is estimated to reach up to twice the cost of their annual salary[1]
+ Disengaged employees are up to four times less productive as engaged employees[2]. This translates to less revenue for your company.
+ Employee engagement has been linked to greater levels of customer satisfaction – happier employees provide better customer service[3] and therefore greater sales revenue.
Investing in your employees means providing support, development, and a positive workplace that motivates them to come to work and perform from Monday to Friday. It reduces the cost to your business associated with turnover, low productivity, and dissatisfied customers, and generates greater revenue from your customers.
This is particularly important during the COVID pandemic, where we see reduced sales opportunities, a greater risk of disengaged employees, and many companies having to cut staff. Investing in your employees sends them a message you care about their wellbeing, and they will return that favour by maintaining their performance during this period.
People Analytics provides a cost-effective and successful means to invest in your employees. With an estimated ROI of between 10-25 times, psychometric assessments can accurately measure how your employees think, behave, and what motivates them, to ensure they are placed in the right job and receive the appropriate training and support. MultiRater surveys can be used to manage and develop your leadership team and culture, and track engagement scores over time. Moreover, they ensure employees feel like their feedback is valued and will be acted upon.
A combination of these products provides your management team with the information they need to get the most out of their employees, from a performance, engagement, and developmental perspective. If you would like to receive more information on these, please contact Michael at michael@peoplogica.com.
[1] Kantor, Julie. (February 11, 2017). High Turnover Costs Way More Than You Think. Huffington Post, retrieved from https://tinyurl.com/yy3m6yfx
[2] Willyerd, Karie. (November 18, 2014). What High Performers Want at Work, Harvard Business Review, retrieved from https://tinyurl.com/ntrteww.
[3] Kruse, Kevin. (January 4, 2014). Employee Engagement: The Wonder Drug For Customer Satisfaction, retrieved from https://tinyurl.com/y6rbvs27
Written by Michael Mancinone
