In 2022, the Channel was introduced to “Quiet Quitting”. This phenomenon is something that truly blew the minds of all generations before Millennials, we all saw Robin Robins’ response (I truly felt that). I personally sat in a focus group that homed in on this idea and witnessed with my own eyes and ears business owners claiming, “This will never happen to me”. I wonder now if it has. With social media cracking the world open wide for anyone with a smartphone and a few minutes to spare, they learn about what their counterparts are making, or what the expectations, benefits, and company culture are for workers in, for instance, Denmark versus the United States.
I wear my Gen X status proudly and am what one might call “a tough cookie”. My wounds were treated with a little dirt, and I will never cry at work. I will also be the first to say, however, that when you know better, you do better. I owned a company for a decade, realizing I cannot expect my workers to do as I do unless they are in on the pride of ownership, and sharing in the wins. It served me well taking the experience into the marketing career I’ve carved for myself, and now in the Channel, I see even more how employee retention can have a significant impact on a company’s bottom line. In this article, we won’t focus on quiet quitting but instead will present solutions for MSPs to mitigate the risks and retain both customers and employees in the coming year.
MSP Employee Retention
Employee retention is a major challenge faced by MSPs, particularly because the industry is highly competitive, and there is a significant shortage of skilled IT professionals. MSPs must work hard to retain their talented employees to maintain their competitive edge and ensure long-term business success. I’ve got a few tips for MSPs to improve their employee retention rates.
1. Employee Recognition and Rewards
Recognizing and rewarding employees for small wins daily is a huge win for everyone. Having a program in place allows managers to give points to employees for meeting goals, completing projects, and providing exceptional customer service. Employees can then redeem these points for rewards such as gift cards, time off, or even cash bonuses. This recognition and reward system can help boost employee morale, motivation, and job satisfaction, which in turn can lead to better employee retention rates.
2. Performance Metrics and Feedback
Consistently providing performance metrics and feedback that can help employees identify areas where the team is excelling and areas where they may need additional support. This feedback can be used to provide training and development opportunities for employees, which can improve their job performance and job satisfaction. Regular feedback can also help managers identify potential issues before they become major problems, which can help prevent employee turnover.
3. Communication and Collaboration
Having tools or processes for communication and collaboration can help MSPs improve productivity and efficiency. Allowing employees to share feedback and ideas, collaborate on projects, and communicate with each other in real-time can help create a more positive and supportive work environment, which can improve employee morale and job satisfaction.
MSP Customer Retention
Customer retention is just as important as employee retention for MSPs. MSPs must work hard to provide exceptional customer service to retain their clients and ensure long-term business success given how highly competitive the industry is these days. Employee engagement goes hand in hand with customer retention. We like to say at Crewhu that Happy Employees = Happy Customers.
1. Customer Feedback and Surveys
It is of the utmost importance that customer feedback is obtained. Quick surveys to gauge customer satisfaction levels are key in daily operations since the feedback can be used to identify areas where your crew is excelling and areas where they may need to improve. Regular surveys can also help MSPs identify potential issues before they become major problems, which can help prevent customer turnover.
2. Customer Recognition and Rewards
It is crucial that customers are recognized and rewarded for their loyalty and referrals. Consider offering incentives such as discounts, free services, or even cash bonuses to customers who refer new businesses or who have been long-term customers. This recognition and reward system can help improve customer loyalty and retention rates.
3. CSAT Versus NPS
At Crewhu, we’ve encountered an interesting pattern. Many clients will give five-star feedback every time a one-click survey is sent their way, but when a Net Promoter Score (NPS) campaign goes out each quarter, they find the clients who they thought were raving fans were actually detractors. A detractor is the opposite of a promoter, essentially. They will not be referring your business. Having that information is key when mining your client base for referrals. It is also incredibly important to follow up with the detractors to see why they gave a less-than-stellar rating when the day-to-day appears to be great.
How Crewhu Can Help
Improving employee and customer retention rates can have a significant impact on overall business performance. By retaining talented employees and loyal customers, MSPs can build a strong foundation for long-term success. And I’ve gotta say, Crewhu can help with all of this!
1. Increased Productivity and Efficiency
Crewhu can help improve productivity and efficiency by providing performance metrics and feedback. This feedback can be used to identify areas where employees may need additional training or support, which can help improve their job performance and overall productivity. By recognizing and rewarding employees for their hard work, Crewhu can also boost employee morale and motivation, which can lead to increased productivity and efficiency. Again, Happy Employees = Happy Customers.
2. Improved Customer Experience
By collecting customer feedback and conducting surveys, MSPs can gain valuable insights into their customers’ needs and preferences. This information can be used to improve customer service and provide a more personalized customer experience. By recognizing and rewarding loyal customers, MSPs can also improve customer loyalty and retention rates, which can ultimately lead to increased revenue and business growth. Happy customers will want to refer you and promote your services. Happy customers will also treat your employees well and give more positive feedback that results in bonuses for your team through our Employee Recognition and Rewards modules.
There are other CSAT tools out there, but many are, in the words of our partners at CloudRadial, “half-baked”.
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Not ready to demo? Download our guide to Boost Your Retention and Conversion rates here.