Social: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
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
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
- ↑ 1.0 1.1 1.2 1.3 1.4 "Unlock business success through employee-driven growth" (in en-US). https://www.smartbrief.com/original/unlock-business-success-through-employee-driven-growth.
- ↑ 2.0 2.1 How to Create a People-First Company Culture : The path to a more connected, internally motivated workforce must be cultivated from within. September 24, 2021. https://www.inc.com/entrepreneurs-organization/how-to-create-a-people-first-company-culture.html.
- ↑ 3.0 3.1 "The Key to Happy Customers? Happy Employees". Harvard Business Review. 2019-08-19. ISSN 0017-8012. https://hbr.org/2019/08/the-key-to-happy-customers-happy-employees.
- ↑ "A Beginner's Guide to Employee Development | Superworks" (in en-US). 2023-09-18. https://superworks.com/employee-development/.
- ↑ "Classified Growth & Development Cycle / CGD" (in en). https://www.lausd.org/domain/http%3A%2F%2Fwww.lausd.org%2Fsite%2Fdefault.aspx%3FDomainID%3D595.
- ↑ "Elk Grove-based EyeRate is now Edge. It sill helps employees get money for good customer reviews". November 16, 2023. https://www.bizjournals.com/sacramento/inno/stories/news/2023/11/16/eyerate-rebrands-edge-software.html.
- ↑ 7.0 7.1 "The Importance of Employee Recognition: Low Cost, High Impact" (in en). 2016-06-28. https://www.gallup.com/workplace/236441/employee-recognition-low-cost-high-impact.aspx.
- ↑ 8.0 8.1 "Research: A Little Recognition Can Provide a Big Morale Boost". Harvard Business Review. 2021-03-29. ISSN 0017-8012. https://hbr.org/2021/03/research-a-little-recognition-can-provide-a-big-morale-boost.
- ↑ "Employee retention: Non-monetary rewards & HR innovation" (in en-US). https://www.smartbrief.com/original/employee-retention-non-monetary-rewards-hr-innovation.
- ↑ "Designing Employee Incentive Programs That Work" (in en). https://www.businessnewsdaily.com/9240-engaging-employee-incentives.html.
- ↑ "Research: How Employee Experience Impacts Your Bottom Line". Harvard Business Review. 2022-03-22. ISSN 0017-8012. https://hbr.org/2022/03/research-how-employee-experience-impacts-your-bottom-line.
- ↑ Singh, Gurpreet. "How Employee Development Programs Improve Hiring and Retention Rates". https://www.franchising.com/articles/how_employee_development_programs_improve_hiring_and_retention_rates.html?ref=RSS.
- ↑ Murrell, Audrey J.; Forte-Trammell, Sheila; Bing, Diana (2008-11-11) (in en). Intelligent Mentoring: How IBM Creates Value through People, Knowledge, and Relationships. Pearson Education. ISBN 978-0-13-700949-7. https://books.google.com/books?id=SyVxNfJ94pMC&dq=%22employee-driven+growth%22&pg=PT81.
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