Effective Omnichannel Strategies for Employee Retention in Businesses
Enhance employee retention through omnichannel strategies. Learn from industry experts about implementing integrated channels for improved customer engagement, loyalty, and revenue growth. Understand the impact of turnover costs and factors influencing voluntary turnover. Explore the benefits of omnichannel marketing and sales in achieving a seamless customer experience.
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Presentation Transcript
Applying Omnichannel Strategies Applying Omnichannel Strategies to Employee Retention to Employee Retention
Panelists - Tony Myers, VP, Human Resources, US TOOL GROUP - Patty Mattesi, Senior HR Business Partner, Kennametal - Dr. Bharani Nagarathnam, Associate Professor & Associate Director of Graduate Program, Texas A & M University
Omnichannel Marketing Defined Happens when companies provide a set of seamlessly integrated channels, catering to customer preferences, and steering them to effective solutions (McKinsey)
Omnichannel Sales Defined An omnichannel approach to sales is effective and value-creating when it delivers a unified voice, brand and messaging across channels. By integrating channels, including face-to-face, remote and online interactions, an omnichannel experience gives customers a seamless buying experience. (Forbes)
Omnichannel Benefits Improved customer engagement and experience High customer retention and loyalty Smoother customer journey Revenue growth A more integrated business Better customer insights
Insights Insights Voluntary turnover makes up approximately 75% of all turnover. Included in the reasons for voluntary turnover are: career development, work-life balance, manager behavior, job characteristics, well-being, relocation, compensation and benefits, and retirement. (Warren Averett) The average cost of an individual employee turnover is between one-half to two times an employee s annual salary. If an employee salary if $50,000 that means it costs the business anywhere from $25,000 to $100,000 every time an employee leaves. This cost can include recruitment, onboarding, training, and lost productivity. Other impacts can include customer service, missed deadlines, lost institutional knowledge, cultural impact, brand damage, and more turnover . (Gallup)
Sources Sources WarrenAverett: https://warrenaverett.com/insights/ideas-for-employee-retention-in-manufacturing-industry/ Workstream: https://www.workstream.us/blog/how-to-understand-employee-turnover-costs Industrial Distribution: https://www.inddist.com/workforce-development/blog/21577430/3-keys-to-attracting-next-generation-distribution-talent WarrenAverett: https://warrenaverett.com/insights/recruiting-manufacturing-employees/ Forbes: https://www.forbes.com/sites/forbesbusinesscouncil/2022/02/22/how-to-implement-omnichannel-sales-successfully-four-pitfalls-to- avoid/?sh=514be95a74e9 Harvard Business Review: https://hbr.org/2022/01/how-b2b-businesses-can-get-omnichannel-sales-right
Sources Sources McKinsey: https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/b2b-sales-omnichannel-everywhere- every-time McKinsey: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-omnichannel-marketing Edelman: https://www.edelman.com/expertise/business-marketing/how-b2b-companies-are-adapting-covid Insider Intelligence: https://www.insiderintelligence.com/content/5-predictions-b2b-marketing-2023 TrustRadius: https://www.trustradius.com/vendor-blog/2022-b2b-buying-disconnect-the-age-of-the-self-serve-buyer
Sources Sources McKinsey: https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/how-b2b-sales-have-changed-during-covid-19 Gartner: Gartner Sales Survey Finds 83% of B2B Buyers Prefer Ordering or Paying Through Digital Commerce Moengage: https://www.moengage.com/learn/creating-a-omnichannel-strategy/ 2022 Distribution Strategy Report https://Pages.DistributionStrategy.com/acton/media/6612/report-the-state-of-distributor-customer-experience-what-customers-want KornFerry: https://www.kornferry.com/content/dam/kornferry-v2/featured-topics/pdf/2021-Buyer-Preferences-Study.pdf
Applying Omnichannel Strategies to Applying Omnichannel Strategies to Employee Retention Employee Retention Thank You for Attending! Thank You for Attending!
