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
[edit | edit source]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
[edit | edit source]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
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