A major problem that businesses of all sizes face these days is employee loyalty. Due to high competition, companies are able to offer employees enticing packages making it harder for them to refuse. And this is understandable. Every employee wants better career prospects and is willing to jump between jobs if someone else offers a better package.
However, what is often overlooked is the negative effect high turnover rates cost a business. It can cost businesses upwards of thousands of dollars to replace a single employee. Couple such a high financial cost with consistent turnover, now the business under question is in deep water.
But in the middle of this dying breed of loyal employees, Edge Ambassadors stand as an example for other employees in different companies to look up to. The reasons for an Ambassador’s loyalty are manifold, which will be discussed shortly. With an Ambassador’s reputation as a loyal employee comes a lot of benefits that prospective clients such as yourself can reap.
Edge Ambassadors are professionally trained remote employees that help you with front-end and back-end tasks. Apart from their extensive training that includes hundreds of mock emails and phone calls, Edge Ambassadors are known for sticking around with their clients. Moreover, changing an Ambassador for whatever reason costs you no money and happens in a couple of days. So, remember those unreal employee turnover costs we were talking about? Those don’t apply to you if you decide to go for an Ambassador.
This in turn also helps you save money, which drives up revenue. The name of the game is employee loyalty, and that, you’ll find with an Edge Ambassador.
Employee Turnover Costs
But what does it exactly mean, in monetary terms, when we say employee turnover is expensive?
When it comes to high turnover, insurance agencies can face costs of up to $11,000 to replace just one employee. If you’re losing more than one employee – your overhead is in trouble. The cost of turnover is extremely high especially if you’re facing mass turnover rates. Across industries, the average annual turnover rate is 19% – accounting for both voluntary and involuntary turnover.
Going off the hourly rate a mid-level account manager makes from our last blog – which is about $30/hour, we were able to calculate how much it would cost to replace them.
For a midrange position – someone earning between $30,000 to $50,000 a year, you would calculate 20% of their annual salary to find out their replacement cost. In this case, an employee earning $30/hour has an annual salary of approximately $57,000. By simply multiplying their annual salary by 20% you get a replacement cost of $11,400.
It costs $11,400 to replace one employee without you even realizing it. Adding those costs up, if you’re losing producers regularly, brings you to an insane amount of money you’re spending on replacing employees. That cost would include recruitment, background checks, pre-employment administrative expenses, onboarding, and training.
And who’s to say your new employee will stick around? When it comes to employee retention the strategy is always a gamble. As an agency owner what you can do however, is make smarter decisions.
An Ambassador is that smart decision you’re looking for. An Ambassador provides you with quality at an extremely affordable price. In general, hiring an Ambassador will cost you 70% less, and will only take 3-4 days to onboard to your agency. Eliminating all those turnover costs, and not having to worry about turnover costs if your Ambassador leaves for some reason, should allow you to focus your revenue on more money-making opportunities. Not to mention the peace of mind that no employee turnover costs will bring you!
Training is a costly affair. Cutting costs with subpar training can negatively affect your business in the long run. Nothing hurts your overhead more than knowing that if you’d spent that extra money, this particular issue that your employees are facing right now wouldn’t even exist.
At Edge, we take it a step further by asking you why you even think of having to spend extra money because we train our Ambassadors ourselves, in-house and on the house. We bypass this costly and time-consuming process by training our Ambassadors ourselves in both front-end and back-end duties so that they can hit the ground running when they start working with you.
The last thing you want as a business that’s competing with other businesses in such a crowded market is to put your faith in a new hire only to later find out that they severely lack in both soft and technical skills. You don’t have to worry about that with us. At Edge, all our Ambassadors go through the Edge Academy– our training program consists of a 30 day, in-depth, comprehensive training process with the use of state-of-the-art technology and best industry guidelines.
We also have a buddy-system in place. Our buddy system matches your Ambassador with one of our experienced Ambassadors, to teach your Ambassador a particular software management system you require them to know. This ensures that your Ambassador is up-to-date with the latest systems, and it also saves you money.
Since we take care of each Ambassador’s training, they know that we care for their professional development and growth. This in turn leads to higher loyalty. Once they see that your business is interested in learning new software and systems, they’ll value the opportunity to grow. All of this combined is a great recipe for driving up revenue because our Ambassadors will be more engaged with your work.
It’s human nature to feel comfortable around those that you interact with more frequently. Once you see a familiar face, you trust them more and are willing to communicate with them more effectively. Our Ambassadors provide that belief and trust that your customers will value. Quality training coupled with outstanding customer services allows our Ambassadors to be confident in their ability to make your customers keep coming back for more.
Repeat customers equal more revenue.
Happier Team = More Productive and Loyal Team
However, all of this isn’t possible without keeping our Ambassadors happy with Edge itself. They receive the same benefits as any physical employee would, which include paid leaves, maternity leaves, sick leaves, family nights, and various other bonuses. Moreover, their high retention with us and their clients in the U.S. is proof that our business model is one that favors retention and longevity.
All this translates into a simple equation for you: Loyal Edge Ambassadors = More Business for you!