This might come as a surprise, but you’re probably not paying attention to one of your most valued sets of customers.
Shocked? You shouldn’t be. Even though you do your best to provide exceptional customer service, you are probably overlooking some of your most important customers. And you’re not alone. Every year, it’s estimated that companies that fail to retain these types of customers lose $5 trillion per year in revenue.
Who are these customers?
That’s right. Your internal customers (aka employees) are among your most important assets to your business. But year after year, businesses just like yours fail to retain their top employees. And this costs a lot of money.
Think retaining your staff isn’t that important? Think again. Here are all the ways in which failure to retain your best customer support and other types of staff may be hurting your business:
- Experienced staffs take valuable knowledge and experience away from your company
- It costs money to retrain new staff
- New staffs are less productive than experienced staff
- It destabilizes your work environment
These are just a few of the negative impacts of losing your support staff. But don’t panic too much – there are measures you can put in place stop talented staff from leaving your team. Here are five strategies you can use to stop talent erosion in your team:
Provide competitive salary and benefits
In order to keep your best employees, it’s critical that you provide them with a competitive salary and benefits package that is equal or above what other businesses offer that will encourage them to stick with you and not move to any other company. While worker salary is one of the most important benefits, it’s not the only one. Other benefits that can help to keep talented employees on your team can include:
- Flex time
- Health and life insurance
- Retirement savings plans
Continually communicate with and provide employees their wants/needs
What do your employees want that will keep them happy? If you can’t answer that on an individual basis, your company may be subject to talent erosion. Regular interviews and communication should be undertaken to find out what your staff likes/dislikes most about your company, what benefits they are looking for and use this information to keep talented employees on your team. In the event that talented employees do leave, exit interviews should be undertaken to find out where your company fell short in satisfying their needs.
Create clear growth and advancement opportunities
Every employee needs career growth and advancement opportunities. Without them, they will be liable to look for other employment opportunities, even if it means fewer benefits in the short term. Your business must provide them with opportunities for increased salaries and benefits, promotions, and personal and career training.
Provide rewards for positive performance
If you aren’t providing recognition and awards for good performance from your best employees, then it’s a safe bet that they will move to someone who will. By providing rewards for good performance, you will ensure that your employees feel valued and foster a positive company culture. And since happy employees are more productive, this means that both your company and your employees win.
Create a good employee-manager relationship
A popular saying is that people leave managers not companies. Surprisingly, a loss of trust and confidence in senior managers is actually the biggest reason why employees leave companies, and not because of a paycheck! By ensuring that your management has a good working relationship with your employees, you can decrease the likelihood of your employees leaving even if another job offers them better material benefits.
Have you had success retaining your top customer service talent? If so let us know in the comment section below!
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