OPINION
Retention has not been a common term in the employment marketplace and only occasionally considered in customer strategies in recent years.
Peter Corless says, “It is imperative that we get creative with retention strategies and cater to the needs and wants of today’s workforce.” Organizations need to shift from a work-life mindset to a life-work mindset and place a greater focus on employee-centric retention strategies, particularly in this cut-throat labor market, he says.
Corless’ assertions are equally relevant to customer retention. The exact number may fluctuate depending on the market, but it’s about five times more expensive to attract a new customer. The average companion animal clinic loses 10 to 15 percent or more of its client base every year.
Whether employee or animal owner, the people you look at every day pay your wages. Retention strategies are critical to business success and continuity.” – Kirk Augustine
Source: Human Resource Executive, December 14, 2021. Link. The key to successful retention is truly understanding what employees (and customers) value the most when it comes to their workplace environment and then acting on it.
INSIGHTS: Businesses that act to retain good employees build their capacity to retain customers, as well.