Businesses have always understood the value of cultivating lifelong relationships with customers eager to patronize them again and again as their lifestyles change and they need new products or services.
Nurturing those same kinds of relationships with employees has just as much value.
In business school, an organization’s efforts to engage and motivate individuals so they become long-term customers is called “Customer Lifetime Value.” Now, a new field of study is emerging: “Employee Lifetime Value.” The two are intimately related. When organizations recognize the value of their employees and invest in them, those employees, in turn, contribute to the care and nurturing of lifetime customers.
Still, many organizations focus solely on products, brands and customers as their main sources of profit and value. At the same time, they regard employees as a cost.
Change that mindset! In fact, an organization’s employe...(register to read more)
- How to Fire an Employee the Legal Way: 6 Termination Guidelines
- 10 Secrets to an Effective Performance Review
- Lessons from SHRM: Plaintiff's lawyer reveals trade secrets HR pros need to know
- 5 ways to avoid firing in 5 months
- EEOC Eyes the New Breed of Wellness Programs
- Motivate high performance by promising rewards