Worker Satisfaction, Customer Satisfaction and Financial Health, The Three Pillars of Business Success

By Rolando José Olivo

Employees need to be motivated and satisfied with the conditions, opportunities and benefits that the corporation gives them, while customers expect to be satisfied with the products purchased, the seller's attention and even the after-sales service. In addition to this, the financiers expect that the company will continue operating satisfactorily and they can obtain reasonable returns on their investments.

In this sense, worker satisfaction, customer satisfaction and financial health are three fundamental pillars of business success. Obviously, a corporation cannot survive without the support of its workers, customers and investors.

Therefore, in order to meet business objectives, the senior management is responsible for measuring worker satisfaction, knowing the degree of customer satisfaction and taking actions that guarantee financial health (overcoming the institutional imperative), diagnosing and solving organizational problems, and at the same time, avoiding, minimizing and overcoming adverse events that affect the corporation and third parties related to it.

This literary work provides relevant guidelines and recommendations, aimed at promoting satisfaction in employees and consumers, and at the same time, maintaining the trust of investors, recognizing that every successful business meets at least these three premises (worker satisfaction, customer satisfaction and financial health).

• Language: English
• Publisher: Rolando José Olivo
• Release date: Dec 1, 2021
• ISBN: 9781005597573

Rolando José Olivo

[e-mail] Instagram: @rolandojolivo Systems Engineer with 3 postgraduate degrees: Master's Degree in Applied Economics, Diploma in General Management and Specialization in Management of Social Programs (Summa Cum Laude). Work experience in companies in the oil sector, occupying these positions: Planning and Logistics Manager, Project Coordinator, Financial Advisor and Consultant. Consultant in the economic and financial area. Writer of books on economics, management, self-help, novels and Christianity, among others.

Book preview

I. INTRODUCTION

All corporations are complex and dynamic entities, directed by human beings, and in which interests, needs and expectations of those involved converge. Obviously, no company can operate without workers or survive without the support of its customers, much less continue functioning satisfactorily without financial resources.

In this sense, this publication repeatedly emphasizes in the need to satisfy employees, consumers, and investors, evaluating the satisfaction levels of workers and clients, and trying to meet the expectations of the financiers. In any case, the evaluation instruments are very useful to reflect levels of satisfaction (even if they are temporary), diagnose the main organizational problems, and make difficult decisions that allow the development of the organizational environment, promote better management practices and contribute to the achievement of corporate objectives.

Even if we do not realize this, it is all a matter of human relations, and even successful entrepreneurs, leaders and managers know that they need to comply with the expectations of others, and at the same time, demand their greater collaboration.

In addition to this, human nature is extremely complex, and the human beings constitute an insatiable source of needs and are prone to have very high expectations and longings, which influence over their satisfaction levels and progressively these decrease.

In order to seek answers to these questions: How do worker satisfaction, customer satisfaction and financial health influence in organizational performance? How to measure the employee and consumer satisfaction levels? How to improve management practices, so that worker satisfaction, customer satisfaction and financial health contribute to corporate success? And at the same time provide relevant guidelines to improve the achievement of business objectives, considering these three areas (worker satisfaction, customer satisfaction and financial health), this literary work is divided into the following main chapters:

II. Worker Satisfaction.

III. Customer Satisfaction.

IV. Financial Health.

V. Conclusions.

VI. Recommendations.

The Chapter II. Worker Satisfaction has these sections: a) II.1 Organizational Culture (what is it and why is it so relevant?), b) II.2 Motivation (what is it and why is it so difficult to motivate people?), c) II.3 Employee Satisfaction (what principles are applied to motivate and satisfy workers?), d) II.4 The Employee Satisfaction Index (how to measure, calculate and use it?), and e) II.5 Conclusions on Worker Satisfaction.

Immersed in the organizational culture (with its defects and virtues), day after day, employees carry out their activities, affected by their degrees of motivation and worker satisfaction, which significantly influence in their productivity and the fulfillment of corporate objectives. Therefore, it is an inescapable duty of management to know the level of employee satisfaction, diagnose and correct the main organizational problems, ensuring that workers identify and fully commit with the organization.

The Chapter III. Customer Satisfaction contains these sub-chapters: a) III.1 The Diffuse Human Desires (why do we want even the impossible?), b) III.2 Customer Valuation (what corporate factors affect customer satisfaction?), c) III.3 Measurements of Customer Satisfaction (what are the methods to envision and quantify consumer satisfaction?), and d) III.4 Conclusions on Customer Satisfaction.

It should be noted that it is more difficult to satisfy customers than workers, and this degree of satisfaction, influenced by various elements (the product, the seller's attention, the after-sales service, etc.), tends to decrease over time, and it isn´t the same for different user groups (with different preferences, needs and expectations).

The Chapter IV. Financial Health is subdivided into these sections: a) IV.1 The Optimal Capital Structure (what are the sources of financing?), b) IV.2 Valuation of Companies (how much is the corporation worth?), c) IV.3 Relevant Financial Indicators (what are they?), and d) IV.4 Conclusions on Financial Health.

This third pillar depends on the decisions of the board of directors or the senior management, who must protect the company and the interests of the financiers, demonstrating that the corporation will continue operating and meet its objectives.

In Chapter V. Conclusions, the important ideas are summarized, while the Chapter VI. Recommendations gives relevant guidance, in order to act if the measurements of the degrees of satisfaction of workers and customers aren´t favorable, and also it is mentioned how to maintain the expectations of investors.

Although there are no definitive answers to