There is a new trend in business, and every company small or large should pay attention. For years, businesses had a “customer first” strategy. The customer is ALWAYS right. Every employee had that idea drilled into their minds from the moment they first started working, and nearly every company in Australia prioritised customer satisfaction above all else.
But times are changing. The customer is still highly valued. But more and more businesses are realising that investing in PEOPLE is getting them better results than investing in CUSTOMERS ever did, and if you’re a business looking to be competitive in today’s market, you should be following this trend too.
The Importance of Employee Satisfaction
It is no longer an industry secret. Companies that value their employees are more likely to have satisfied customers and get the best return on that investment. This has now been proven time and time again. Consider the following:
- One employee affects thousands of customers. One customer affects one customer.
- Productivity is directly related to employee satisfaction and engagement. Happier employees get more work done.
- Employee engagement is directly related to employee longevity. Happy employees stay longer, thus reducing turnover and preventing subsequent loss.
- One upset customer affects at most one or two employees. One upset employee can create a toxic culture that affects all other employees within the company.
- Employees that are engaged and satisfied are frequently willing to do more. Customers that are engaged and satisfied are not as likely to purchase more.
These are only a few of the many reasons that investing in employees and taking an “employee first” approach makes so much sense. Although you should never ignore your customers and their needs, happy, energised, engaged, and skilled employees are going to be far more important for your business than any one customer will be.
How to Invest More Into Your Employees
This trend of valuing employees starts with recruitment. Replacement employees do not grow on trees, nor should any employee be hired simply to fill the position. At Recruit Shop, we – and by extension, your company – look to hire not only the most talented, but also those that have the most potential, and it’s critical that your company also looks for employees that they are going to truly value in order to make sure they’re getting the right people for their business.
But there is much more to this as well. Your company should continue to look for ways to maximise employee engagement and find ideas that help you seem like a better more desirable employer than other companies offer. Every company should have genuine reasons for an employee to choose you, with fun, interesting, and valuable programs, including ideas like:
- Unlimited Vacations
- Work from Home Options
- Gyms and Game Rooms
- Flexible Scheduling
- Training and Educational Opportunities
- Fun Workplace Competitions
- Paid Activities
- Better Performance Measurement
- Easy Lateral Movement
- Company Volunteering or Charity Days
Companies have started to become even more inventive, with craft beer Fridays, paintball competitions, paid wellness rewards, and so much more. Many of these ideas can also be free, such as allowing employees to choose a mascot for the business, or having them name the break room.
It’s not important what strategies you choose. But it is important that this is a genuine priority to you and make it a significant part of your company culture.
Happy, Better Employees
Investing more into employee satisfaction is the newest trend in business, and it’s become one of the most effective at improving your revenue and making your company successful. Take the time to value each and every employee, and you’ll not only see happier workers – you’ll see happier customers as well.