The news that Chancellor George Osborne has criticised employers who are seeking to offset the cost of the National Living Wage by cutting so-called staff perks comes as no surprise – but it does point to a fundamental failure of many businesses to embrace the opportunity that is in front of them.
And while the news that UK unemployment rose last month – whilst wage growth remains below expectations – tends to reinforce the view that there may be tough times just around the corner for the economy, I’d suggest that this is the very moment that smart employers should be looking to invest in their people.
Because, when the economy turns down, and investment in capital projects is likely to be deferred, the people who deliver your Customer Experience are the one asset you can’t afford to put on the backburner.
The sun is shining – however temporarily – and now is the time to prepare to make hay.
Last week I arrived for a meeting in a smart London hotel. My colleagues had already been there for an hour, having ordered and drunk coffee. In the following hour, not one team member approached us: I wasn’t offered coffee, and my colleagues weren’t offered a refill.
There were four of us – so the hotel missed the opportunity to make a sale of at least £20.
Multiply that missed opportunity by the number of covers in the building, and by the number of hours in the day, and by the number of days in the week…
You get the idea.
Every customer-facing business has the opportunity to identify and unlock the latent profit potential in its team – and that’s just the first step. By using my STARS model to analyse the total Customer Experience, I can help you identify latent profit in every customer interaction.
In other words – I can help you turn your “payroll cost” into realised potential.
If you’d like to know more, please get in touch.
The sun is shining – now’s the time to make hay!
Stephen Spencer is a keynote speaker, business coach and consultant, helping organisations create better Customer Experiences to unlock team and profit potential. He has over 25 years’ experience as a leader, trainer and experience developer with some of the UK’s most prestigious Retail, Tourism and Hospitality brands. Sign up for Stephen’s POSITIVE Customer Experience newsletter here.