It is impossible to overstate the importance of an engaged workforce on the increased growth, profitability, and shareholder value of a company.
When a company looks for its competitive advantages it needs to look to its workforce from the “C” Level to the frontline and maximize the potential of the managers to inspire themselves and others to lead and manage the greatest resource of untapped potential, the existing workforce.
The measurable results of a culture of engagement inspires those companies who one to deepen their commitment to continue evolving it. To those who do not have an engagement culture it must inspire them to evolve whatever they now have to a culture of engagement.
Here are some of the benefits of an engagement culture:
Unified believing and thinking
- Alignment with corporate strategy
- Better quality products
- Better experiences for fellow team members
- Better feelings among all constituents
- Meeting and exceeding goal expectations
- Fewer sick days
- Lower health care costs
- Decreased training costs
- Higher quality results
- Higher team member retention
- Promoting from within
- Greater contributions to innovations
- Higher receptivity to change
- Higher new customer acquisition
- Greater customer retention
- Increases in customer frequency
- Increases in average spend per visit
- New customers from referrals of existing customers
- Fewer customer complaints
- Customer trust of the Brand increases
- Customers promote the Brand
- A more stable workforce
- The Brand is perceived as more admired
- Increases in the number of loyal customers
- Higher profitability and shareholder value
We know the accountability of evolving an existing culture to an engagement culture lies with the “C” level of management, while the responsibility to make it happen resides with everyone. Below are statistics that might cause us to wonder how our company might do with these statements. Management 2000’s research shows:
- 72% of senior business leaders say the customer experience is the new competitive battleground and is the source of competitive differentiation
- 100% of senior business leaders said leadership was important, but….
- Only 25% could give examples of how leadership was reinforcing a customer experience culture in their businesses
- 15% of senior business leaders say their companies are capturing customer’s emotional experiences
- 88% of senior business leaders said they had emotional brand values
- Only 45% could name them, and….
- Only 15% said they were ensuring their Brand values were embedded in their customers’ experiences
- 46% of manager team members & 37% of non-management team members know what their company stands for and what makes it different from its competitors
- Less than 50% of hotel guests actually felt they were valued during their stay
- 5% of consumers say social media influences their buying decisions, and 62% say they have no influence, but friends’ recommendations, commercials, in-store displays, and even direct mail have more influence than social media
Engaged team members tend to stay with their current employer at a considerably higher level than those who are disengaged [85% vs. 27%].
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