Business
fromBusiness Insider
3 days agoHow much is corporate loyalty worth to you?
Workplace loyalty is eroding as mutual obligations between employers and employees break down, producing self-interested behavior and an unstable labor market.
Company loyalty programs are actually costing you a lot of money. That's because shoppers who stick with their favorite brands just aren't being rewarded the way they used to be. She called customer loyalty "a sham." Airlines, internet providers, and banks do a good job of luring in newcomers with flashy deals, while longtime customers quietly pay more. As a result, frequent flyer miles buy less, internet bills creep up after promo rates, and credit card rewards shrink in value.
Stankey acknowledges a shift away from traditional employment expectations, stating, 'Some of you may have started your tour with this company expecting an 'employment deal' rooted in loyalty. We have consciously shifted away from some of these elements.' His memo actively redefines loyalty and sets clearer expectations for employees within the changing landscape of corporate relationships.