As a friend, we really need our friends to be loyal and honor our story and support us no matter what happens. As an employer, we really cannot succeed at the top of our game without employee and customer loyalty. =Starbucks thanks many of us for our loyal support, as do thousands of other businesses nationwide. Why does it matter?
The statistics in the workplace are pretty astounding. According to the authors of Leading on the Edge of Chaos, the ability for businesses to keep their customers can increase profits 25-125%. WOW! The reliable 80/20 rule is also true in this category according to Gartner from Forbes.com – “80% of your company’s future revenue will come from just 20% of your existing customers.”
For employers, the cost of turnover is dramatic, but we won’t be delving in that category. The purpose of this post is to share not only what I believe to be true about loyalty, but to offer you some facts that may make a difference in your thinking and year! We need to be loyal to our role for own success and happiness. Here are three reasons why:
1. Full value: If we aren’t loyal, we don’t show up with our full value. I can’t imagine not showing up with full value. (Well actually, I had a temporary summer job one year doing something like making boxes…it was awful, and probably scarred me for life on tedious and boring jobs that appear to have no meaning.) We must find a path that supports our values, passions and enables us to maximize our talents. Our world is counting on us to all come to the table with our full value.
2. Strong & better: When we are truly loyal, we become stronger and better employees, leaders, moms, dads, friends, volunteers, neighbors..I’m always game for getting stronger and better in any category.
3. Healthier: Finally, it’s January and most are focused on their health. Guess what? Scientists have documented that loyalty in relationships and in our career, offer benefits of reduced illness, longer life, higher compensation, more productivity and creativity. Even being loyal to our sports team, (GO KC CHIEFS!), helps reduce anxiety according to the Wall Street Journal! Who knew?
Who needs your loyalty? Who needs their story honored by your support & loyalty? If you aren’t feeling loyalty to any of your key roles, stop and evaluate if it’s a good role or relationship and begin creating a game plan to up your game or get out!