Coverite, Australia’s leading healthcare refurbishment company, boasts 90% customer retention, which is no fluke. The management team at Coverite, say that the secret to customer loyalty and satisfaction is to foster a company culture of ownership. One of the ways to go do this is through profit sharing. It’s a win-win proposition: employees gain a sense of satisfaction from knowing they’ll get a cut of the company’s profits, and the business benefits from a productive workforce which increases its overall financial performance.
At Coverite, employees share in a percentage of the company’s profits. It’s a lean business model (Coverite currently employees less than 20 people full time), but for those who seek them, the opportunities are big.
“It’s a real incentive to work hard for both personal and professional goals,” said Guy Adams, Operations Manager at Coverite. “People are happy and they stay with us.”
Most of Coverite’s employees have been with the company for two years or more, which is testament to the culture that has been built. “We have barbeques at the office and golf days designed to encourage teamwork and communication,” said Grant Hobden, HR Manager at Coverite. “We only onboard people who are a good culture fit.”
This idea isn’t new—some of the world’s most successful companies adopt a shared ownership model. Micah Solomon is a company culture consultant, corporate culture keynote speaker, and bestselling author. In a recent Forbes Magazine article, The Secret Of A Successful Company Culture: Spread A Sense Of Ownership, Micah states, “when an organization expands, it no longer serves to just have one, or a few, people with a proprietary attitude. You need to spread a sense of ownership to as many employees as possible.”
Tony Hsieh, CEO and Advocate of Company Culture, at Zappos explains, “Our number one priority is company culture. Our whole belief is that if you get the culture right, most of the other stuff like delivering great customer service or building a long-term enduring brand will just happen naturally on its own.”
Coverite has a passion for good customer service, and they firmly believes that it’s a core part of Coverite’s success. “We love examining and refining the customer experience,” said Scott Cunningham, Marketing Manager at Coverite. “Creating a good customer experience is everyone’s responsibility.”
Coverite is working hard to improve the customer experience for customers from the first interaction on the website or the phone, to the delivering the final project. It recently launched a new website which is designed to take out the guesswork for customers. “We want to help our customers by taking out the variables and avoiding expensive surprises,” Cunningham explained. “We genuinely care about the quality of the end result, and it shows.”
In 2015, Coverite experienced record financial growth, expanded its management team and has plans to open four new offices in 2016. “We never thought it was possible to have such an engaged team of employees,” said Jenn Conn, Finance Manager at Coverite. “They’re driving the team forward.”