Money Isn't Everything...
People leave because they don't feel valued.
"A-List" employees know their value. Many companies put too much emphasis on talent acquisition and not on employee retention and individual evolution. They do not give merit raises and bonuses based on company buy-in as often as they should. Many have gone to the "Team Socialist" mentality. Many companies carry this same flawed mentality with their customers.
NOT so hard to say goodbye to the organization? They have forgotten the star individuals, A.K.A the "I's," and the consistent "B" player. The only happy folks are the "C's," and they are just content to have a job. People stay with companies who value them, and you also attract top talent when that morale is visible. It is a win-win situation. Do you have a way to determine who are your A, B, and C players accurately?
Money Isn't Everything.
A crazy thing to say, as a person with over two decades of a very successful career in selling under their belt, but it is the truth. I also never sold a product; I provided a solution. I have gotten more satisfaction from knowing I fix a problem than I got a big check. With that being said, I do enjoy the fruits of my labor, but it was not my only or even primary motivation. It is not always about money, and companies sometimes forget that.
People Buy from People
Relationships matter and matter most. Regardless of it being an internal customer or external, how you manage that connection can be the issue that determines success or failure! What tools you use to maintain those relationships can affect your business bottom line. I did a study on productivity in 2005, which showed bringing in lunch on Monday and Friday and providing apples and oranges to employees during the workweek increased productivity by 17%. What would a 17% increase in productivity look like in bottom-line revenue for your company? That 17% at my organization, more than paid for itself tenfold, and the attrition rate decreased by 37%. What is your cost for onboarding and training? How long does it take to bring a new employee up to speed and then become profitable to your organization? In the yearly review, 64% of employees listed that as one of the favorite things about the company was lunch and fruit. I also implemented partner birthday and anniversary days off and child human and furry child birthday or field trip and volunteer days off. Sick days went down by 22%, and we noticed people did not rush out the door at 5:01 pm.
People Appreciate Work/Life Balance
One gentleman said, he turned down a 12k increase in pay because of our company culture. I still have happy memories of that company and how they valued me as an employee. I made the most money I have ever made at that time, and though I worked long hours, it never felt like work, more like a mission. They saw my value, and I always felt my goals were attainable despite the complexity and continuous challenges. The same can be said of the customers and the relationships we developed. It was impossible to penetrate my accounts. Customers valued the fact we knew them; we understood their markets, the industries they were in, and even a bit about them personally over time. How would the longevity of employees and the relationships they build customer contacts affect your bottom line?
The Bottom Line: CRM Works
Socialism does not work well in business as it makes everyone strive for average as there is no benefit in being anything more. If you value your "A-List" employees and your A-List customers, they will appreciate you. The "I's" will stay even when offered more money from a competitor. The customers will remain even when offered a lower price. Employees and customers value the fact that they are in a value culture. Thus, Customer Relationship Management is essential for the success and growth of the business. For the win, companies must understand and institute pay-for-performance and bench pay-for-title or pay-for-team and remember the customer is more than just a way to make money. A customer is a friend, partner, and an extension of your sales team who can aid you in both research and development as well as growth. So show them and your staff a lot of love and care. In the end, you will be very happy both financially and emotionally with the fruits of that action!
Marvina Case, TaskSuite