When working towards success, business owners often focus on traits like innovation or the ability to persevere in adversity. Though these traits are undoubtedly important, they can often be prioritized to the point of overlooking another–empathy.
Developing empathy with your team.
Empathy needs to start with your employees. It’s key for inspiring your team and creating a more engaged workforce, even amid burnout. In fact, according to research from SHRM, roughly nine out of 10 workers feel empathy is “essential” for creating a healthy culture at work.
In a year when the Great Resignation has dominated headlines, such sentiments are worth paying attention to. Leaders must consider the feelings and needs of their employees to create a work culture that allows them to succeed. Empathy is more than words–taking direct actions to improve your team’s working conditions. It is a way of preventing unhealthy conflict and miscommunication.
Empathy has been described as the most important leadership skill because of its ability to drive these and other essential aspects of doing business. Leaders who set an example of empathy will strengthen the entire culture of their company, helping everyone work together toward common goals.
Empathy for your customers.
Empathy is just as crucial for your employees as it is for your customers. Dan McCarty, CEO of Infusion for Health, provides an excellent example of how brands can showcase empathy for their customers.
For McCarty, empathy begins with listening to what customers say or feel to understand their needs. When this information is used to deliver a better customer experience, the customer will feel valued and respected. McCarty has demonstrated empathy through simple actions designed to improve comfort in his own company, which provides medically necessary infusions.
A brand’s ability to demonstrate empathy toward its customers can serve as a powerful differentiator. Research from PwC shows 54 percent of customers in the United States feel that most companies need to improve their customer experience. According to the same survey, nearly 80 percent of customers prefer brands that offer convenience, knowledgeable and friendly service, and easy payment methods. There was a 40 percent increase in willingness to pay more for brands that offered these empathetic services.
Make the most of your business with empathy.
By developing empathy, you can come to more deeply understand your customers and employees. With your customers, you’ll know what they genuinely want and need, so you can adapt your products or services in a way that better serves them. With your employees, empathy enables you to create a better work environment that helps them deliver their best effort.
In both instances, the trait of empathy can have a profound impact on a business’s results–especially in the long run. By prioritizing empathy now, you can set your business up for lasting success.
