Sometimes it is good to lose staff - though losing quality staff will cost $tens of thousands
The Centre for Organisational Innovation explains... Whilst estimates vary, it is generally calculated that the cost of losing an employee is equivalent to 85% of their total employment costs - and this is just the bottom-line impact. On top of this you have the disruption that a departing employee causes in terms of the continuity of the customers relationships and the general disruption to the focus of their team and their team leader. View article here
Our future of business requires attracting QUALITY staff - and developing a staff culture that helps RETAIN them
It starts with recruiting people who connect with your business culture (view many articles about the importance of culture here)
So once you have the staff - assuming they are connected with your business culture - how do you keep them engaged and maximise productivity?
According to world leader in staff productivity Gallup Inc, up to 21% of employees are actively disengaged across Australia costing businesses up to $42 billion per year in lost productivity.
Other important facts from Gallup include:
Motivated Employees Deliver
- 27% Higher Profits
- 50% Higher Sales
- 50% Higher Customer Loyalty
- 38% Above Average Productivity
Global research shows $$$cash$$$ incentives do not work in helping engage staff.
Memory of positive experiences is MUCH MORE POWERFUL than cash that is usually spent on bills and becomes an expected part of their 'salary'
So - give your staff a memory - like a holiday, a massage, an adrenaline experience...
Make staff ambassadors of your brand - so they want to share stories connected to you - with their friends, peers and contacts.
And whilst you do it for staff - consider doing the same for customers and making them also ambassadors of your brand.
As a complement to spending tens of thousands of $$ on advertising - why not spend money on IMPROVING YOUR STAFF and CLIENT ENGAGEMENT???
It will improve staff morale, develop your business culture and your advertising will then be reflected with customer service that matches the quality brand you present to your customers through advertising / PR.
Most companies who realise the importance on spending money for staff and client incentives are SPENDING TOO MUCH.
Contact Total Executive to learn how you can SAVE 50% on your staff and client rewards / incentives - whilst still delivering the SAME VALUE.
Email Total Executive here or contact our founder Grant Crossley on +61408844009
You can also learn more about how to improve staff engagement and where you can effectively use staff rewards / incentives in this video...