Is recruiting and retaining quality student employees important to your business? How big of an impact would be made on your operations if you consistently retained part time employees for 5 to 7 years? Through the College Bound Program, we’ll help you to leverage the power of Loyalty Economics to have a dramatic and lasting impact on your employee base and business operations. Stop wasting money on turnover and start building loyalty! Take a look at the 20 year retention study from the Department of Labor’s Bureau of Labor Statistics and see just how long the average 16 to 24 year old employee stays with your company on average.
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Take a look at this chart from the QSR Magazine’s top 50 Fast Food Restaurant brands. The chart is sorted by average sales per unit.
How does a brand like Chick-fil-A outsell all other competitors in the industry by a country mile when they are closed on one of the busier days of the week in the QSR industry? How is it that a single brand can outsell its closest competitor on a per location basis by 49%? How can a chain that is closed on Sundays, not just last Sunday or next Sunday but every Sunday, outsell the balance of the Top 10 brands by an average of 75% and yet have 14% less floor time each week to do it? How is it that they can outsell their direct competitors by an average of 258%?
The main reason is simple – Chick-fil-A discovered long ago the value of what we call Loyalty Economics. Or, if you prefer, what the Harvard Business School calls The Service/Profit Chain. When you hire and keep only the best people longer than your competitors you develop a distinct and profitable competitive advantage.
Chick-fil-A is an employee centric company with programs and benefits that most QSR’s would never consider. The value they place on employee loyalty leads to tighter operations, better customer service, cleaner stores, transaction accuracy, transaction efficiency, bigger smiles and repeat customers which leads to ever increasing sales and profits; The Service/Profit Chain.
We have the perfect example of this dynamic with our clients. College Bound Program clients’ average employee stays 230% longer than the industry average giving them a distinct competitive operational and sales advantage.
We can help you gain that competitive advantage by driving employee loyalty through The College Bound Program. Or, you can continue to do the same thing over and over and expect different results
If you are a small business owner with high school or college age children or grand-children, you can benefit from a College Bound Program in your business. A College Bound Program will allow you to pay a part of your child or grandchild’s tuition through an employee benefit plan in your business. This planning can have a significant impact on your personal bottom line.