Why You Should Value Your Employees More Than Your Customers
Prioritising Employee Satisfaction Could be the Key to Your Business Success
The customer is always right, right? That’s the conventional wisdom: the customer is king, but it’s probably not how you should think. According to this study published in the Harvard Business Review, happy employees are the primary architects of customer satisfaction. Yet Monster’s research says 57.6% of UK workers do not think their well-being is a priority for their employer. In a world flooded with similar products and services, often what sets a good company apart is not its access to cutting-edge technology or groundbreaking management systems but the calibre of its workforce.
The Knock On Recruitment Costs of an Unhappy Workforce
High Employee turnover can drain a company financially. You face the loss of invaluable intangible assets like experience and skill. Research suggests that companies bounce back faster from equipment losses than key personnel departures, which is why many corporations take our key personnel insurance.
Having happy employees is also a prerequisite to having a strong employer brand, which will make or break your hiring efficiency. You want to build a decent reputation as an employer of choice, Or at least avoid being labelled a bad place to work. If employees are happy at work, you can leverage that into an employee referral scheme – one of the most cost-effective ways of hiring good-fit staff. This attracts top talent, creating a virtuous cycle of growth and innovation.
Rethinking Cost and Value
Traditionally, some businesses have viewed staff as a cost—a line item to be minimised. This perspective is fundamentally flawed. Things that cost you money are a liability, but all other things being equal, your employees should be making you money and classed as an asset. When employees feel appreciated and involved, their commitment to excellence soars. This is not just feel-good rhetoric; it’s a business strategy with tangible benefits.
Valuing your staff will boost morale, enhance productivity, and, crucially, lower recruitment costs, enable better hires and drive revenue. The equation is simple yet profound: satisfied employees lead to satisfied customers, which fuels business growth.
Employer Brand Advice
Are you looking to measure and develop your employer brand health? Download our free guide.
Frequently Asked Questions
How Can I Measure Employee Satisfaction?
Measuring the pulse of employee satisfaction is more complex than ticking boxes on a survey once a year or relying on the formalities of performance reviews. It’s about creating a space where folks feel comfortable enough to share what’s actually on their mind, without fear of repercussion. Leaders need to roll up their sleeves and dive into regular, genuine conversations with their teams. It’s less about the asking and more about the listening – catching what’s said between the lines. By setting up a continuous feedback loop and showing that you’re not just collecting feedback for the sake of it but actually acting on it, you’re turning employee satisfaction from a mere number to a genuine business value.
What Can Businesses Do to Boost Employee Well-being?
Every policy, every action should signal to your team that they’re valued. Even, no, especially if it’s a tough decision like a redundancy. This could mean flexible working arrangements that acknowledge life outside of work, opportunities for growth that show you’re invested in their future, or wellness programs that care for both their physical and mental health. Yet, the golden ticket is empathy. Showing you genuinely care about their well-being. Leaders should walk the talk, setting an example that taking care of oneself isn’t just okay; it’s encouraged.
Is There Such a Thing as Too Much Focus on Employee Satisfaction?
While putting employee satisfaction front and centre is key, it’s crucial to strike a balance with the business’s needs. We’re not aiming for a perfect world where every whim is catered to but rather a supportive environment that encourages resilience and accountability. Too much emphasis on satisfaction at the cost of performance can lead to a comfort zone where challenges are shied away from. Aligning employee satisfaction with the company’s mission ensures everyone feels they’re contributing to something greater, keeping motivation high.
Haw can I prioritise Employee Satisfaction in my Small Businesses?
Making employees feel valued doesn’t have to break the bank for small businesses. It’s about the little things – recognising their efforts, offering flexible working conditions, or providing growth opportunities. These gestures can make a difference, creating a sense of community and belonging. It’s about showing that their well-being and contributions matter, which, in turn, is crucial for the business’s success. After all, the most precious asset in any industry, big or small, is its people.