Tag: customer satisfaction

As the third wave of the Covid-19 pandemic washes over our country, businesses must continue to look for new ways of working which will unlock value not just for themselves but for their clients as well.

The retail supply chain is large and complex, and constantly needs to adapt to meet changing demand from end consumers. The need for multi-channel fulfilment across online and in store adds to this complexity. Accurate demand forecasting is critical to every part of the chain, from manufacture to distribution to sales.

Africa is currently the world’s second-fastest growing region in terms of economic development and Gross Domestic Product (GDP), according to the World Bank, meaning that there is endless potential and opportunity for organisations to grow and transform on the continent.

Financial institutions are spending, on average, 14% of annual operating costs on change management functions in order to drive greater productivity gains, a new study has shown. According to our report, 'Productivity 2021 and beyond: Upskilling the workforce of the future to create a competitive advantage in financial services', more than one in four firms are spending more than 20% of their operating costs on change programmes.

When South Africa entered into a hard and extended national lockdown on 27 March 2020, banks responded rapidly and empathetically to their account holders' financial crisis. According to the Banking Association of South Africa (BASA), as at 24 October 2020, banks had provided over R50 billion in financial relief – R33,61 billion in payment breaks on credit agreements and R16,71 billion under the loan guarantee scheme – to South African businesses and individuals.

The lockdown, interruption of supply chains, and the emergence of a distributed workforce are accentuating the need for innovation and entrepreneurship, with countless technology opportunities emanating from these unusual times. We are facing unprecedented disorder, with COVID-19 highlighting the need for bold, innovative solutions at all levels of society.

How companies treat their people during the COVID-19 pandemic will define the type of employer they are. And how they adjust their human capital management strategies in response to the pandemic will impact employee loyalty, motivation, and satisfaction, which in turn impacts customer satisfaction.

The prospect of another year of lack-lustre growth presents forward-thinking business leaders with the perfect reason to tap into the ‘experience economy’. The country’s lackadaisical approach to customer experience is a glaring gap that could deliver tangible results if properly filled.

The proliferation of freelancing and gig work has seen employers witness a massive shift from traditional nine-to-five jobs to part-time work and independent contracting, known as the gig economy. Employers will need to rethink their reward programmes to align with the digital economy and the disruption it has brought to the employment landscape.

It’s these experiences that feed into the latest SA-csi for Life Insurance (2018) we conducted. The index provides highly scientific insights into the overall level of satisfaction of customers of South Africa’s major life insurers – 1Life Insurance, Absa Life, Discovery Life, FNB Life, Liberty, Metropolitan, Momentum, Old Mutual and Sanlam.