Radney's Business Group

Many organizations place their highest emphasis on attracting and gaining new customers. While this is important, I feel it is more important to place a higher emphasis on retaining and keeping your current customers. This is particularly true in saturated markets and industries, where your customers have many, many alternatives available to them. Numerous research studies have shown that if you can reduce your attrition rate, that is the annualized rate of lost customers, by as little as five percentage points, you can increase your bottom-line profits by anywhere from 25% to 85%. That's right, just keeping more of the customers you have and preventing them from taking their business elsewhere can have an immediate, positive impact on your bottom line

The high costs of excessive voluntary employee turnover include: Costs for recruiting new replacement staff Costs for training and developing replacement staff Learning curve costs – While they are learning their new job, learning about your products and services, about your organization and other important information, it often takes many weeks or months for new employees to reach their potential performance The negative impact on customers while replacement employees are not yet hired and while new replacement staff are not yet fully trained and fully proficient The negative impact on customers and employees covering for staffing shortfalls due to attrition The negative impact on your organization’s “employer of choice” reputation due to high attrition

Communications effectiveness Support from and treatment by managers Recognition received from management Work environment Adequacy of tools and information needed to perform the job effectively Effectiveness of sales performance feedback and mentoring Satisfaction with compensation and benefits plans Satisfaction with career opportunities Clear understanding of job Job is what was promised when hired Clear expectations for job performance Availability/effectiveness of training and development Company culture Empowerment Receptivity of management to employees’ ideas Competitiveness of company’s products and services Satisfaction with the job and company Satisfaction with company direction Likelihood of staying with your organization for the foreseeable future (in surveys of current employees only) Willingness to recommend your company for employment

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