No one can doubt the new services economy is flourishing. Companies today are wrapping service-based business models, e.g. subscriptions, professional services, and usage-based models, on top of straight product sales. The way we sell, implement, monetize and serve our customers has totally changed – making customer retention and renewals a bigger priority than ever. And talent management is a huge piece of the equation.
Your people drive loyalty
To truly succeed, a renewals driven business depends on the quality of your people and the strength of relationships they develop with your customers. Your customer success strategy relies on your employees being successful – because you can’t do one without the other. That means the art of hiring, retaining and motivating people has never been more critical to improving customer satisfaction and driving business growth. Do you have what it takes?
Talent strategy time – some key ingredients
For everything to ‘work’ in this services-based world, employees need to be engaged, productive and recognized. They need to be empowered with tools that help them do their job well. And so does the entire management team. So what are some key considerations to mapping out your Talent Management strategy for the services economy? One that drives loyalty and keeps customers coming back for more.
Here are some key considerations:
- The most successful organizations are building a workforce model that ties employee behavior to customer outcomes. Happy people make happy customers.
- Empower all staff to know everything about the customer – billing status, product/project delivery, questions, opportunity in pipeline, complaints – so everyone knows how/what to respond to a customer. TIP: Organizations should have one customer record shared across departments where all customer activity can live.
- Ensure mobility of all business apps – enables faster responses, flexible working schedules, and telecommuting, which makes for more productive, happy employees.
- You MUST be able to support rapid staffing needs so you can deliver the right resources at the right time. This is huge in the services-centric business.
- To support rapid resource needs, you must proactively manage projects, skills, training, and development of your workforce. You must know where there are gaps so you can quickly hire.
- Just as the onboarding process of a key customer helps drive success, your employee onboarding process is key to setting the tone and getting your new team members comfortable and effective.
- You should create a culture of recognition and collaboration and the workforce thrives.
- Use social media to improve communication and drive higher levels of productivity and performance.
- Transform your HR “system of record” into a “system of engagement”. Manage everything in one app. Make it self-service for employees.
- Leverage the right technology to make all of the above possible – it can make the difference between success and losing customers to your nearest competitor.
Deep Dive Time
These are just a few high-level items to consider as you start thinking about your talent management strategy. We highly encourage you to a attend a webinar on the very subject by clicking here. HR expert, Rebecca Heyman, will cover what the services economy is, its impact on HR and dive deeper into what it means for talent requirements, leadership development, resource planning and technology needs. Don’t be late to the table. Your service or product may be amazing, but your people will prove your greatest asset.
** Attend “Talent Management for Changing Business Conditions” May 24th webinar to learn how adopting a flexible workforce model can improve customer satisfaction and boost your bottom-line.