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When AFPD begins working with a client, we always want to understand how the organizational or corporate culture is contributing to employee and customer retention. An office that is welcoming and helpful makes customers feel wanted and valued. Employees who go out of their way to help each other and their customers provide an atmosphere that customers can sense and that the employee team enjoys.
When an organization's culture is not attentive to employees and customers, turnover generally goes up. A number of research studies have calculated the cost of employee turnover, and it is expensive. We all know that.
But so is the cost of customer turnover. How do we calculate the amount of lost revenue if a customer chooses to go elsewhere? What does this cost the company over the next year? 2 Years? 5 years? Hard to calculate, but very costly!
The best companies spend tremendous amounts of time, energy, and resources on retaining both employees and customers. There are arguably no better dollars spent than these, because the return on these investments goes directly to the bottom line.
World-class companies in any industry generally have cultures that put their customers and their employees at the top of the value list. This is no accident. They intentionally commit to this because they have discovered that there is no better value available. Spending the time and energy to honestly understand your company’s culture and to focus it on the retention of both employees AND customers can transform your business and contribute significantly to an increase in your bottom line.
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