Companies spend so much on acquiring new customers, hiring the best talent possible, taking chances on innovative marketing concepts. But engaging employees often seems to a stepchild, loved, but in a less passionate way.
Given the influence of employees on customer loyalty, maybe the priorities need to be altered. At yesterday’s Conference Board conference Engelina Jaspers, HP’s vice president of corporate marketing, shared three stats that can help focus management’s attention on employee engagement:
- 68 % of customers leave a company because of poor employee attitude
- 41% of customers are loyal because of good employee attitude
- 70% of brand perception determined by experiences with people from the company
Brian Ray of McDonald’s is quantifying the value of committed employees in revenue and profitability for McDonald’s owners/operators. (85% of McDonald’s are franchises), and has just completed an project to create an employee value proposition.
(So interesting that every company seems to have a customer value proposition and mission, but not so for employees.)
To develop this “EVP” McDonald’s spent just $65,000 and asked two simple questions, which got an amazing 79% response rate from frontline workers in 33 countries:
- What do you love about working for McDonald’s?
- What do you love the least about working for McDonald’s?
What do your employees love the most and least about your company? These two simple questions asked at least annually can provide the insights you need to understand how to make your employees your best marketing advocates.