BerylHealth, a healthcare customer service company, charges 40 percent more than its closest competitor and has employee retention rates that are unheard of in the call center industry. Beryl’s leaders don’t believe this is a coincidence: their business model is built on the idea that investing in a fun and family-centered culture leads to employee retention, which drives customer loyalty and profitable business.
In this short video, part of the Return on Values project, Beryl executives introduce their business model, called the Circle of Growth, and illustrate how it has made them a remarkably profitable company.
How to use this video: Watch this video with your senior management team, then use the questions below to launch a discussion on your own culture and profit model.
CEO Paul Spiegelman believes financials are a lagging indicator of success, which begins with a focus on people. In this short video, Paul and his executives outlined the positive financial impact of investing in their employees first. Outcomes include increased employee retention, customer retention, and consecutive years of financial growth.
BerylHealth calls their financial model The Circle of Growth. It says happy and loyal employees drive customer loyalty, which drives profit. Consider this as it relates to your own company.
- Discuss the concept of financials as a lagging indicator. Do you agree with Spiegelman? Why or why not? If you agree, what evidence do you have that leads you to this conclusion?
- Lance Shipp, Beryl’s COO, reminds us that Beryl is a profit-driven business, and yet “Queen of Fun and Laughter” is an executive role at the company. Beryl invests in culture through having a designated culture executive, and funding people focused activities. Define your organization’s culture. How do you invest in it? Could a greater investment lead to measurable results?
- How can you measure the value of your culture? Consider the metrics you regularly measure: are there any that reflect the importance of culture? Should there be?
- Lara Morrow, Beryl’s culture executive, shares a story of a $200 investment that led to the retention of a long term, high-performing employee. Do you have similar stories of caring for people? Ask your leaders to share stories that illustrate how they work to improve employee retention.
- The Circle of Growth is Beryl’s business model, which says that employee loyalty drives customer loyalty, which drives profit. Does this model fit your company? Could it? If not, how would you define your own model?
Share your stories: Do you have measurable proof that culture or values drive profit in your company? We’d love to hear it – leave a reply below.