Word: reichheld
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Dates: during 2000-2009
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Similar savings are available to most firms. Frederick Reichheld, a management consultant with Bain & Co. who studies worker commitment, has found that a 5% increase in employee retention can yield profit increases of 25% or more. "The more chaotic the environment, the greater the need for loyalty," says Reichheld. "When frontline workers have to act quickly and make decisions on their own initiative, they must be able to trust one another to behave in the best interests of the team." Some companies assume that in hard times, their workers will be grateful to have a job and be unlikely...
...revealing all product bugs on a public Web page as soon as a problem is reported. In contrast, companies such as Microsoft have been criticized for keeping glitches a secret. Cisco's bug database and online message board help programmers and customers avoid massive problems and share fixes. Says Reichheld, who has studied Cisco's approach: "Loyalty is impossible without trust. And trust is impossible without accurate, reliable information...
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