Money has less power than we think! McKinsey released new research on employees, money and loyalty. The results provide an important lesson for us today! They found 2/3 of all organizations have cut employee rewards. Sadly, most did not replace money and perks with other motivators.
Big mistake! The research also confirmed that money is not the key to building loyalty. The keys to building engagement and loyalty are FREE. They are:
- Recognition for work
- Personal attention from leaders
- Opportunities to make an impact
What does all this mean? Financial reward and perks are less important than we think. Most important is helping people feel empowered and valued!
What’s this have to do with clients? A lot – for women and for all clients. No advisor can guarantee the money reward for clients. Thank goodness, it’s not all about the money! You can build loyalty (separate from the money) by increasing client engagement.
Tip of the Day
During periods of financial turbulence it’s especially important that you strengthen bonds not dependent on money. It’s important to build client engagement now.
- Give truly personal attention
- Communicate how you value the client
- Partner with clients and provide meaningful participation
In return, they’ll feel appreciated and empowered. That builds satisfaction and loyalty.
Story of the Day
I’ve been working with organizations, leaders and advisors who have been in the midst of transition for the last several years (sound familiar?). As a Coach I have the privilege of hearing many personal stories. The truth is people are seriously disappointed when they lose a financial benefit – yes, but that is not what bothers them the most.
What kills their spirit, saps their energy and destroys their loyalty is feeling insignificant, de-valued and dismissed. This is aggravated further when leaders seem distant, out of touch and uncaring (or worse punitive). The loss of monetary value is not what drives people away. What drives people away is loss of personal value.
Resource of the Day
