When a new CEO or Company President assumes leadership and delivers their inaugural address to employees, pay close attention to the precise order and emphasis they place on serving Shareholders, Customers, and Employees. When shareholders take center stage in both rhetoric and actions, BEWARE. That leader is destined to fail.
Enlightened leaders grasp that the keys to sustained success and competitive advantage lie in cultivating a workforce of fulfilled and engaged individuals. The proof? Companies with high employee engagement reap:
- 21% more profits and 3X faster growth
- 26% higher revenue per employee
- 50% higher customer loyalty
- 59% decreased turnover
- 41% lower absenteeism
The Employee-First Revolution: Why Prioritizing Your Workforce Is the Key to Thriving Organizations
Considering these remarkable results, why aren’t more CEOs and Presidents prioritizing employees ahead of shareholders, especially considering that two-thirds of today’s workforce are unengaged or actively disengaged? The dire consequences and impact on the bottom line are staggering. Companies experience:
- 33% lower operating income
- 18% lower productivity
- High employee turnover, coupled with 6-9 months in additional salary costs to recruit and onboard replacement personnel
- Poor collaboration, lack of innovation, aversion to change, and an absence of accountability
Amidst this disheartening scenario are enlightened leaders like Mark Laport, CEO of Concord Hospitality, in Raleigh, N.C. After experiencing an unparalleled stay and bestowing a glowing 5-Star Review at one of his esteemed hotel properties, I couldn’t resist reaching out and inquiring about the secret behind his enthusiastic staff and superb service. Laport aptly stated, “It’s amazing how when you take care of your employees, they take care of your customers, and the profits take care of themself”. Intrigued, I delved deeper to understand the key to maintaining such exceptionally high employee engagement. Laport confided, “We train our people, then we train them again, and we keep training and never stop”.
The Trifecta of Success: Creating Harmonious Alignment Between Employees, Customers, and Shareholders
Savvy leaders understand that fostering a thriving workforce is the key to satisfying customers and generating shareholder value. Ensuring a harmonious alignment between Employees, Customers, and Shareholders is the difference between success and failure in today’s high-stakes business landscape.