Service Management and Harrah's - Edubirdie

University:
Massachusetts Institute of Technology
Course:
15.501/516 | Accounting
Academic year:

2023
Views:

432

Pages:

2
Author:

Matilda Hansen

The Loyalty Effect... Fred Reichheld Director, Bain The Loyalty Effect HBS Press, 1996 • A consulting study of a trucking company showed that reducing driver turnover 50% could increase profits by 50% • A study of brokerage companies showed that increasing broker retention by 10% increased broker value by 155%. • A study of retail stores showed that stores in the top third of employee retention were also in the top third in productivity with 22% higher sales per employee. • Fast food stores with low turnover had profit margins 50 % higher than stores with high turnover. Why Long-Term Employees Create Value 1. Training: Wages paid during the training period yield little or no return. For long-term employees, training becomes a net benefit. 2. Efficiency: Long-term employees are more efficient, require less supervision, and may be more motivated. 3. Customers: Loyal employees are better at identifying, serving, and retaining the best customers. They are often a major source customer referrals. 4. Employee Referral: Long-term employees often generate the best flow of high-caliber job applicants.

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