Invest in People’s Happiness and Reap the Rewards
Most of us will spend around 80,000 hours at work in our lifetimes. For some, work is simply a means to play at the weekends. It’s all about the pay packet at the end of the week. But for an increasing number of us, work plays a more holistic role in our lives. The 5-2 week-weekend ratio really matters, and if we’re going to commit that much of our life to work – we better be happy there. However, finding an employer that understands the benefits of investing in employees’ happiness is the greater challenge.
For Poole based Composite Profiles UK, their belief in a happy workforce goes beyond the boardroom. For more than 10 years, they have consistently invested resource into creating a happy workforce and interdependently a happy workplace. And that’s why in March 2020, Composite Profiles were recognised by Investors in People with their highest and rarely awarded Platinum Accreditation (only 1% of UK accredited companies achieve Platinum status).
Investors in People operate in 66 countries and Composite Profiles now joins a prestigious group of just 300 companies globally, who are leading the way in valuing their teams as one of their most important business assets.
The Strategy of Valuing Loyalty
It’s well documented that it’s more expensive to recruit than to retain – in fact, if you Google it, you get 152 million returns. Yet so many businesses still chase the ‘new client’; the ‘new customer’; falsely thinking if they gain them, they will retain them. If their business retention strategy is as strong as their recruitment strategy, then quids in – but sadly it’s rarely the case.
AvivaPlus. Insurance is one of few companies to buck the trend and actively put their existing customers first. In 2019, they launched their Disguise – New versus Existing Customer advertising campaign and it immediately resonated with audiences for rewarding the value of loyalty, which has been taken for granted by marketers and frustrated millions of ‘existing’ customers for years.
At the Global Marketing Conference in Lisbon in March 2019, keynote speaker, Keith Weed, warned that business owners have to stop thinking of people as ‘consumers’. The message that resonated through the conference was the need ‘to reconnect with people and build longer term trust in our brands’. But people are people, whether they are in ‘consumer’ mode or ‘employee’ mode. The benefits of investing in people; of putting just as much effort into your internal customers as your external customers, has long been ignored.
“We’re thrilled! It’s taken 10 years of working closely with the Investors in People team and framework. We’ve taken their advice and guidance and added in a sprinkling of our own ideas and flare” celebrates MD Mark Norton.
The Benefits of Investing in your Team
According to McKinseys, the secret to delighting customers is putting employees first and that is exactly what Composite Profiles UK has been investing in for years. They have been brave enough to take the stance to invest in people first. ‘Consumers’ are referred to our ‘clients’, and ‘staff’ are referred to as ‘team members’. In the construction industry, which is largely driven by price, Composite Profiles is pushing boundaries to differentiate and create success through their people rather than just profit margins. McKinseys report that “The main hurdle in customer experience is translating boardroom vision into action at the front line. Empowered employees are the key.”
Mark Norton of Composite Profiles echoes the importance of the intangible elements of employee wellbeing, “For me, it’s not all about ticking boxes and creating policies in the boardroom though. We have done so much more. Members of the team had to be interviewed and there were anonymous surveys to complete too, so you can only really achieve the Platinum status if ‘investing in people’ is genuinely embedded in the culture of the business.”
It’s not all touchy-feely though, there are margins to be made. There are business benefits of investing in people, of creating a better workplace that puts people truly at the heart of the strategy: high productivity, increased loyalty, low turnover, innovative thinking, ambitious planning, collective goals, pro-action, fewer HR costs, the list goes on. It’s just under used as a business strategy. Perhaps mass change is on the horizon and let’s face it we’d all be better off to be just that little bit happier during those 80,000 hours we’re estimated to spend at work.
“Composite Profiles plans, values and talent assessment, and their supporting processes and documents are among the very best I have seen…….. innovative things like the Appreciation Tree is great” (Investors in People Report)
Investors in People has helped improve the working lives of more than 11 million people within 15,000 organisations across 66 countries, and Composite Profiles is supporting a fortunate 26 of those 11 million from their head office in Dorset.