Employee-driven growth
Employee-driven growth (EDG) is a business philosophy that centers an organization’s growth on employee support, engagement, and development.[1] It uses employee recognition, engagement, and rewards as strategies for business growth and customer satisfaction.[1]
Key principles[edit]
Development
EDG uses feedback loops and incentive structures to improve job performance and satisfaction, which result in enhanced customer experiences.[1][2][3]Employee development includes additional classes, certifications, and training that keep employees engaged with their jobs.[4][5]
Recognition and rewards
EDG emphasizes recognizing and rewarding employees for exceptional service, positive online reviews, and contributions to business success.[1][6][7] This recognition often takes the form of financial incentives, but could also include non-cash rewards and other more intrinsic motivators.[8][9][10]
Impact[edit]
Employee-driven company practices have been shown in studies to increase customer satisfaction by as much as 30 percent.[2][3] Research has also suggested that the use of recognition and rewards results in increased employee satisfaction, retention, and productivity.[1][7][8] Positive employee experience metrics have also been correlated with a 50% increase in revenue growth.[11]
In both franchise businesses and larger corporations, EDG principles such as reward and recognition systems are used to increase hiring and retention rates.[12][13]
References[edit]
- ^ a b c d e "Unlock business success through employee-driven growth". SmartBrief. Retrieved 2024-04-27.
- ^ a b "How to Create a People-First Company Culture : The path to a more connected, internally motivated workforce must be cultivated from within". inc.com. September 24, 2021 – via inc.com.
- ^ a b "The Key to Happy Customers? Happy Employees". Harvard Business Review. 2019-08-19. ISSN 0017-8012. Retrieved 2024-04-27.
- ^ "A Beginner's Guide to Employee Development | Superworks". 2023-09-18. Retrieved 2024-04-27.
- ^ "Classified Growth & Development Cycle / CGD". www.lausd.org. Retrieved 2024-04-27.
- ^ "Elk Grove-based EyeRate is now Edge. It sill helps employees get money for good customer reviews". bizjournals.com. November 16, 2023. Retrieved 2024-04-27.
- ^ a b "The Importance of Employee Recognition: Low Cost, High Impact". Gallup.com. 2016-06-28. Retrieved 2024-04-27.
- ^ a b "Research: A Little Recognition Can Provide a Big Morale Boost". Harvard Business Review. 2021-03-29. ISSN 0017-8012. Retrieved 2024-04-27.
- ^ "Employee retention: Non-monetary rewards & HR innovation". SmartBrief. Retrieved 2024-04-27.
- ^ "Designing Employee Incentive Programs That Work". Business News Daily. Retrieved 2024-04-27.
- ^ "Research: How Employee Experience Impacts Your Bottom Line". Harvard Business Review. 2022-03-22. ISSN 0017-8012. Retrieved 2024-04-27.
- ^ Singh, Gurpreet. "How Employee Development Programs Improve Hiring and Retention Rates". www.franchising.com. Retrieved 2024-04-27.
- ^ Murrell, Audrey J.; Forte-Trammell, Sheila; Bing, Diana (2008-11-11). Intelligent Mentoring: How IBM Creates Value through People, Knowledge, and Relationships. Pearson Education. ISBN 978-0-13-700949-7.