Regular readers here will know I’m always touting Employee Stay Conversations because they create high levels of employee engagement and are a powerful retention tool. If you haven’t bought in to their value yet, consider this excerpt from a forbes.com article…
“Fred Reichheld, creator of the well-known Net Promoter System, says companies “can’t earn the loyalty of customers without first generating enthusiastic engagement and loyalty from employees, especially frontline employees.” The evidence bears this out. When the Medallia Institute compared employee engagement and customer loyalty across more than 130 retail outlets, we found that stores with more engaged employees (measured by the likelihood that they would recommend the store as a place to work) had customer loyalty ratings that were 12 percent higher than stores with less engaged employees. Stores with high employee engagement also achieved greater increases in customer loyalty year-over-year, while stores with low employee engagement saw loyalty drop. According to Bain & Company, a five percent increase in customer loyalty can increase a company’s profitability by 25 to 95 percent.”
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