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5 Ways Satisfied Employees Boost Your Business Profits
Richard Branson established global megabrand Virgin on the principle:
“Learn to look after your staff first, and the rest will follow.” Tweet this
While studies into Employee Engagement consistently continue to highlight the link between happy, satisfied employees and better business profits.
Here are five ways a satisfied workforce helps to improve your bottom line:
- Memorable Customer Service
Customer-facing staff have the power to make or break a business. Walk into any high-street bank, retail outlet or restaurant and you can instantly tell how employees feel about their work.
When people are happy in their role and workplace it shows. From their outward demeanour and willingness to help, to their readiness to listen and trouble-shoot customer problems. Staff who are proud of where they work strive to deliver the best customer experience. Great customer care raises customer satisfaction and keeps people coming back for more, fuelling business growth.
- Added Value Customer Journey
Raising engagement levels of frontline staff is only part of the success equation. Satisfied employees can add value at every stage of the customer journey, from accurately answering pre-purchase queries to providing quality after-sales support, such as, set-up instructions, answering product queries and processing returns.
Engaged employees committed to carrying out tasks effectively and efficiently at every customer touch-point strengthen a company’s reputation as a trustworthy, reliable provider. This not only throws shade on the competition but a recent study 1 shows that over half of consumers (54%) are willing to pay more for better customer service. Prime your team’s customer service skills and serious buyers will follow.
- Stop Employee Churn
Employees unhappy in their work and work environment aren’t planning on sticking around. A high employee turnover rate is bad for business. Whether an employee chooses to leave or is dismissed, research 2 shows it costs over £30,000 to replace a staff member, putting a sizeable dent in profit margins.
On the other hand, employees who believe in an organisation are more likely to show loyalty and go the ‘extra mile’ to help the business succeed. Alongside giving their best to day-to-day tasks, engaged employees often pass on knowledge to co-workers and look at ways to make things better – behaviours which boost productivity and profitability.
- Solid Reputation
Satisfied employees who feel listened to and have their needs met by their employer, pay it forward. As such, they’re more eager to recommend the company to people they know, endorse its services or products and even refute critical comments.
Gaining status in the marketplace as a ‘people-first’ employer strengthens the business brand, solidifying relationships with employees (current and prospective), industry connections and customers – all essential components for business growth.
- Productive Employee-Employer Relationships
Employees who invest and believe in their company brand are more likely to suggest ideas and improvements to help it move forward.
This information enables business leaders to tackle problems at source and, where necessary, smooth and streamline internal and external workflows. Faster and more efficient running reduces costs, enhances productivity and, in today’s culture of instant gratification, makes your offering more enticing for customers.
Be more Branson – Cultivate Engaged Employees
Creating an employee-centric culture begins with finding out what staff really think – and it’s rarely a bigger salary.
Glyn Luckett, Commercial Director at TTi Global Research, the agency behind the industry-leading Employee Engagement Quality Analysis (EEQA) survey said:
“To be successful, any employee engagement strategy needs to start with a company-wide, all-encompassing employee satisfaction survey.
“The survey needs to be consistent, accurate and ask exactly the right questions to extract the type of meaningful engagement staff want. As well as providing a reliable baseline satisfaction measurement to compare future data with, the survey should equip managers and business leaders with the precise insights and actions they need to improve staff engagement and performance.”
Like to know more?
Langley-based TTi Global Research is a leading provider of on-line and traditional employee engagement surveys, staff satisfaction surveys and employee feedback surveys.
To find out how we can help enhance your staff engagement, call our employee research experts today on 01753 214000 or email us here.