Your people are the most essential part of your business. It’s time to motivate your people and take actions to produce measurable results - all of which will feed into customer satisfaction. Transforming the talent within your organisation will help you to transform your profitability - and we’ve highlighted exactly what you should be prioritising.

1. vistage.co.uk
5 EssentialStrategies to Increase Your Return on People
Discover strategies that will empower your people and have a positive impact on your bottom line
Last year’s Return on People Benchmark Report
ranked 84% of businesses as C,D or F - indicating
low measures of profitability.
What the report does is to take this profitability measure and map it to
customer value. So a low benchmark score on the report can act as
a catalyst to improve your business.
Based on the top-ranking companies in the report, here
are 5 key areas your business should focus on:
97%of consumers said they are
somewhat likely to become
more loyal to a company
that makes changes based
on their feedback.
81%of consumers are more likely to
continue doing business with
brands that offer loyalty
programmes.
Customer Loyalty:
Costco, Apple, and IBM, all market leaders, are known for their
loyal customers.
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Top Line Growth:
Not all revenue is good revenue. Of companies who grow their revenues in a given year:
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40%will decrease their profits.
The good news is that a 1% increase in
price can drive huge profit increases.
It’s also important to know when to walk away from some
revenue streams.
Bottom Line Growth:
Prioritise your relationships with customers - high churn
and unprofitable customers can have a negative impact on
your company’s revenues. Look after all of your customers,
not just the big ones.
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58%
of customers are willing to spend more with companies
that provide a great customer service experience.
Quality:
Just 5 categories of service issues generate:
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80%of unnecessary costs, causing
issues for your business rather
than your customers’.
So find 1% growth in the
right areas of your service
function to see a substantial
bottom line impact
Innovation:
Innovation that reflects customer needs and
desires sells like hot cakes, as proven by Apple
who topped The Boston Consulting Group’s 10th
Annual Global Survey of the State of Innovation.
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79%of respondents ranked innovation as either the
highest priority or a top 3 priority in their business.
Business leaders who want to grow their business and
improve their grading on the Return on People
Benchmark need to identify their strengths, weaknesses,
and opportunities to improve.
By making the most of the talent in your business and unlocking the creativity and
autonomy of your team, opportunities to turn leads into customers and improve your
bottom line will start to increase.
Takeaways:
Leading companies in their
industries focus on
innovation, quality and costs.
Your people need to be at the
centre of your strategy.
Customer loyalty and
employee engagement will
help to shape your success.
Fine-Tune Your People Skills and
Transform Your Business. Download:
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Source: 5 Essential Strategies to Increase Your Return on People (Vistage blog)