Contact Center Nation is where passionate fans of the customer experience come to learn, share, connect and collaborate. We bring dynamic groups of Contact Center, Customer Service and Customer Experience Professionals together in person and virtually. Our community loves their customers and routinely goes above and beyond to deliver the ultimate customer experience.
When we talk about LUCK, one of the things that immediately pops into my mind is how LUCKY I am. Not only have I built a career that I absolutely love, but I have had the great pleasure of meeting and working with so many wonderful people over the years. This month I had the great fortune to sit down with Dianne Durkin of Loyalty Factor, LLC. Dianne and I have worked together through the years at many different industry events. She is an absolutely masterful Presenter and is heavily requested in industry circles.
Dianne is described as a visionary thinker that takes vision into reality, a true leader, a rare combination of creativity and strong business sense who quickly gets to the core issues and their impact on the organization, profits, productivity and people.
We sat down for a great conversation about the current job market. As expected, her insights never disappoint. Here is what she generously shared on how organizations are attracting and retaining top talent. As we begin 2018, unemployment is at 4%, and the quit rate is on track to be the highest in over a decade—an estimated 26% of American workers will say goodbye to their jobs within the first year of employment within their organizations. This is endowing the workforce with power and increasing demand in the business world to offer competitive work packages.
We are seeing growing trends for retention initiatives: using data collected from exiting employees to push retention numbers higher, and fight the growing trend of younger generations leaving jobs before their one-year anniversary. This data has provided insight into many facets of how to grow loyalty into an organization: finding colleagues for isolated workers, providing a forum to ask for raises, mediating management disputes and so on.
Because pensions and tenure are a thing of the past, companies are scrambling to find new ways to offer rewards for their employees’ loyalty. This is ushering in the 21st Century Style of Loyalty—gone are the days of no-layoff guarantees, but in it’s place comes fair pay, bonuses, and benefits (stock options, family leave, student loan repayments, etc.).
Competing with Apple, Google, Facebook and other top Silicon Valley companies, more and more companies are offering perks such as paid family leave and a generous amount of student loan debt paid off each year. One of these companies is Nvidia—an American technology company. Since implementing these new loyalty initiatives, Nvidia sits at half the quit rate of their competitors, and has ROI scores 4 times that of the S&P gains.
Other companies employ benefits such as insurance, financial planning and extra vacation time. Work from home and work flexible hours options have been ranked as popular choices among loyalty offerings in the modern business world.
America now finds itself in a position of readily available talent with new-style loyalty needs. Competition is fierce directly out of the gate. How will your organization be able to attract and retain top talent? Keep on top of the changing needs and help your company rise to the top of 21st Century Loyalty!
Want to hear more from Dianne? Join us in Boston on October 3rd for the Ideas & Innovations Tour. In the meantime, you can learn more about Dianne and her organization, Loyalty Factor, at www.loyaltyfactor.com.