Perhaps one of the biggest lessons the COVID-19 pandemic taught was that having a job just for the sake of having a job was no longer going to work for a large segment of the population. Employees left jobs that they found underwhelming or misaligned with their values in droves. Even though the Great Resignation affected nearly every company, the very best companies withstood this seismic shift in behavior because they have always known that employee retention goes beyond compensation and benefits packages. Employee engagement may appear elusive, but it usually comes down to a combination of the right incentives, flexibility, culture, purpose, inclusiveness, and growth opportunities. How can retailers, whose front lines have been especially hard hit by quits, figure out this winning formula and, in turn, retain their top performers while also becoming a place where new recruits are eager to work?
Treating your employees as your number one customer is the best way to drive loyalty and retain top talent. Humanizing the employment experience—demonstrating empathy and compassion, praising excellence or ingenuity, and most importantly, listening, are, not surprisingly, the keys to creating a winning culture. Employees stay with companies when they feel valued, heard, and like they are a part of the process. As Richard Branson has said, “Being a good listener is absolutely critical to being a good leader; you have to listen to the people who are on the front line.”
"Being a good listener is absolutely critical to being a good leader; you have to listen to the people who are on the front line."
Listening to and acting on the voice of your employees is the number one way to ensure that employers are receiving actionable data in the quest to improve the overall employee experience. Countless studies, from Bain to Gallup, have proven that happy employees equal happy, loyal customers. With recession looming, customer retention becomes even more vital to a company’s success than it has been in the past. The top way to retain customers is with satisfied, engaged employees.
Real-time feedback helps employers make important decisions that can demonstrably improve the lives of their workforce. For instance, many employers believe that offering a flexible work environment, either remote or a hybrid model combining the ability to work from home with some time spent in the office, may lead to greater employee satisfaction. Yet a recent First Insight report revealed that remote/hybrid workers today are more negatively impacted by higher prices and the looming thought of recession than workers who have gone back to the office full time. The report found that 56% of remote/hybrid workers say that inflation is causing them to worry about their salaries or current job situation compared to 51% of in-office workers. High grocery prices are impacting the daily lives of 62% of remote/hybrid workers compared to 55% of in-office workers. Discretionary spending is taking a hit as well. Dining out is being reduced by 27% more remote/hybrid workers while travel and vacations are being cut back by 42% more remote/hybrid workers. Knowing exactly how your employees feel about not only their mode of work but also the bigger issues impacting their daily lives can help employers that are grappling with recalling their teams to the office. Download the full report on inflation’s impact on the Workforce here.
Actionable data can take the guesswork out of creating a meaningful relationship with your employees. First Insight’s experience management software gathers input from your employees, analyzes the data using machine learning, and then summarizes the results so that employers can quickly make informed decisions on everything from new product offerings to new benefits packages. Learning what employees value, understanding how they perceive your company and its products, and asking them if they would recommend you to their peers are just a few of the key insights that are critical to getting to know your employees and developing a workplace where everyone feels valued and part of the process.
One of the most effective ways retailers or brands can predict the success of new products is by soliciting feedback from employees before production begins. As the biggest cheerleaders for your products, employees are an invaluable and often overlooked resource to help define and select winning new products or services. By engaging employees early in the process, a virtuous circle can be achieved with more motivated employees driving better business outcomes.
First Insight’s Next-Gen Employee Experience Management Software provides a powerful, scalable, easy-to-integrate solution that informs the myriad business decisions employers face. This decision-making platform leverages analytics including human computational modeling and predictive analytics. It represents a proven, breakthrough solution that helps employers anticipate outcomes to build achievable financial plans. Armed with this insight, employers can invest in employees and offer initiatives that motivate them to grow your business and promote customer satisfaction.