When satisfaction uplifts sales
YouGov have published research into employee engagement and linked it to financial performance (As published in Human Resource magazine). The research shows that companies surveyed with high levels of employee engagement (above 70%) showed improvements in OI of 19% during the following year. Those with a low engagement (Less than 70%) saw their OI fall by over 32%.
In the banking sector it was discovered that for every 10% uplift in satisfaction there was an increase in sales by 4% or 5m per bank for personal accounts. It was found that a high recognition culture translates onto the botton line.
With the current problems in the UK and US Banking secors and with banks such as UBS, Barclays, HSBC reviewing their employment strategies one must wonder how their engagement and satisfaction levels will be affected and how this will translate into sales?
I’m not sure that most banks are bothered bout the average customer’s satisfaction. Very few people can be bothered to change bank accounts, even when they feel upset with their bank. The bother and work involved with changing is too much.