1. Happiness is relative
The ability to retain experienced talent isn’t only about employee satisfaction, but it’s also about how your employees feel compared to peers in other organizations. If there’s a negative gap between the levels of happiness in your organization to others, an alarm should ring – your employees are ripe for poaching.
2. Happiness impacts profit and growth
The consequences of displeased employees are devastating: unhappy employees are unconcerned and uncommitted to delivering excellent customer service; staff turnover increases and results in client dissatisfaction; negative views of your company spread like wildfire on social media; employees stop recommending you as an employer…these are only some of the scenarios.
What you should know:
Today, every product has a service component, which means that even industrial companies have become service firms. The high degree of employee individuality and client interaction, characteristics of professional services, requires a rethinking of the marketing mix. Three additional factors to the traditional 4Ps (product, place, price and promotion) are: Process, People and Physical Evidence. As research reveals, people, customer loyalty and profitability are now interconnected. Essentially, satisfied, loyal, and productive employees create the value of services needed to a) positively influence customer satisfaction and loyalty, and b) stimulate profit and growth.
3. Happiness is fickle
Have you recruited the talent your company is desperately looking for? Even if the answer is yes, recognize that you can never sit still, not for one second. Ensuring your employees stay happy isn’t an easy task. Ensuring that they are happier than their friends is even more daunting.
Succeeding in making your employees glad, will increase your chances to: a) retain talent, b) save money on turnover costs, c) secure your talent pipeline (thanks to referral marketing and boomerang hiring). Keeping them happy in the long run, will pay off!
Source: Universum Global