If you’ve ever been to Starbucks at 6 a.m. and encountered one or more bubbly baristas, you have experienced firsthand how investing in employees improves the consumer experience. Starbucks is a huge proponent of employee learning. It puts its employees through all kinds of training on the job, in the classroom and through e-learning. They train on both processes and how to treat people.
Like Starbucks, financial institutions who invest in their employees with training also experience great success. Centric Federal Credit Union in West Monroe, Louisiana has been working with On The Mark Strategies on both member experience training and leadership training for about the past two years. The growth the credit union has experienced since investing more in its employees speaks for itself:
- 25% new member growth
- 24% new loan growth
- 34% checking account growth
- 22% share account growth
- 22% asset growth
“If you feel that your company supports you and you feel you can do a great job, it feeds straight back to the member experience,” said Pegeen Singley, vice president of support services at Centric. “Just being able to get the cohesiveness of our team together has been enormous. The bonding we’ve had in those classes has been fun. Employees feel fed into by the company. They feel special. It helps them live better.”
Gallup’s most recent employee engagement survey results, published earlier this year, indicate that highly engaged teams experience 21% greater profitability than non-engaged teams. The survey results demonstrate how engaged employees produce better business outcomes than other employees do. Those results are consistent across different industries and companies of all sizes, during both good and bad economic times.
The report also found that the most successful companies approach employee engagement as a business strategy. They provide the tools and support employees need to do their best work. That is what Centric does.
“We provide training on a consistent basis and that is something that has brought so much value to the workplace for our employees,” said Kelli Green, vice president of marketing and business development at Centric. “I would say our staff looks forward to that more than anything else throughout the year.”
Investing in your employees costs money, but the return on your investment is significant. Not investing in your employees costs more, and your return decreases. Disengaged employees are not productive and do not provide the experience your consumers expect or deserve. Investing in a better consumer experience begins with investing in your employees.