A report published this week has once again confirmed the huge impact employee engagement has on the success of a company. The study, which was led by NACS/Coca-Cola Retailing Research Council and conducted by Service Management Group (SMG), marked the final phase of the research council’s employee engagement project, entitled “Power Up Your People.”
Who Conducted the Survey
The NACS/Coca-Cola Retailing Researching Council is made up of international convenience industry leaders across Asia, Eurasia, Africa, Europe, Latin America & North America. The group has published over 60 studies aimed at helping retailers respond to an ever-evolving marketplace.
Service Management Group (SMG) represents over 350 global brands and aims to create better employee and customer experiences through strategic solutions involving technology, education and brand research.
The Numbers Speak for Themselves
The results of this joint venture, which focused on the convenience retail industry, found that engaged employees are more efficient, generate higher levels of customer satisfaction, improve sales and have reduced turnover rates.
The report surveyed over 20,000 c-store managers and employees across 11 different banners, and their findings were consistent across the board – employee engagement has a significant impact on business performance.
A few key findings of the report found that highly-engaged convenience retail organizations experienced:
- 9% higher customer service satisfaction levels
- A 6.8% increase in customers who were likely to return
- A 13.3% increase in customers who were likely to recommend the location to family/friends.
- 22% more profit
- Up to 25% reduced turnover
- 28% less shrinkage
How Can My Company Acheive These Results
In order to actively engage your employees, your company needs to implement a comprehensive employee engagement and recognition program, but the following tips should help you get started:
Create a Culture of Job Opportunity and Growth – Positive energy and encouragement will go a long way. Take the time to outline and emphasize the opportunities to grow and advance within your organization.
Create a Culture of Accountability - When employees are held accountable for their actions, they are more likely to excel. Ensure that your management and leadership team communicates their expectations and that they are fully understood.
Create a Culture of Recognition - In study after study, “recognition” is one of the top things that employees say their organization is lacking. It is never hard to send an email or eCard to an employee to show your gratitude! Or, even better, publicly praise the employee for their contributions.
For more information on how your company can create a Culture of Engagement, you can download our FREE 35 Ways to Influence Corporate Culture and Increase Your Bottom Line eBook below.
C.A. Short Company partners with companies to manage, drive and facilitate increased employee engagement to increase financial performance, productivity, quality, and core performance outcomes. Our process and research-based platform enables executives and managers to engage their teams to increase the bottom line, motivate staff, and incentivize positive behavior. To request a Complimentary Consultation, please click here.