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- ItemThe relationship among customer satisfaction, loyalty and financial performance of commercial banks(Technická Univerzita v Liberci, ) Belás, Jaroslav; Gabčová, Lenka; Ekonomická fakultaIn the current banking sector, characterized by an increasing competition, efficient management of selling additional products and services to existing satisfied customers represents a significant opportunity to improve the financial performance of a commercial bank. To sum up, the conclusion of the up to date literature is an idea that customer satisfaction leads to customer loyalty and loyalty leads to willingness to purchase additional products. However, there are practically no papers quantifying the influence of loyalty on additional products purchases. The aim of this paper is to create a model among customer satisfaction, loyalty and financial performance of commercial banks in the Czech Republic. It is based on our original research realized as a survey with a total of 459 respondents that have been reached. The created model has proven that product quality, recognition of customers´ financial needs and acceptance of prices by a customer have an impact on customer satisfaction, which then influences customer loyalty and this in return influences additional purchases potential of a customer. The regression model of relation between customer satisfaction and loyalty of bank customer has this form: CL = 0.01163 + 0.9191 x CS, where: CL – customer loyalty, CS – customer satisfaction. The regression model of relation between customer loyalty and additional purchases: APP = -0.05667 + 0.5848 x CL, where: APP – additional purchases potential, CL – customer loyalty. At the end, the paper is dedicated to a model example showing that if a commercial bank is able to increase the number of satisfied customers by 10,000, it can obtain additional yearly income of EUR 9.6 million.
- ItemNet promoter score integration into the enterprise performance measurement and management system – a way to performance methods development(Technická Univerzita v Liberci, ) Faltejsková, Olga; Dvořáková, Lilia; Hotovcová, Barbora; Ekonomická fakultaIn the current global environment the enterprise performance can be defined the best as the success on the market, the ability to succeed in the competition and to find the possibility for further growth in the constantly changing, unstable environment. In the view of these conditions performance has to be seen as a multicriterial quantity. The takings growth becomes its significant factor conditioned by the satisfaction of the customer who is bound to the product and the producer in the long-term. It creates the customer’s loyalty as the basis of the enterprise prosperity. In the customer-oriented market conditions marketing is becoming an important part of management in the new holistic concept. The approximation of marketing principles with the enterprise financial management brings new possibilities in enterprise performance measurement. The customer satisfaction measurement and its integration into the performance-oriented systems of business management currently gets among the main points of interest. The paper presents the research results in the area of Net Promoter Score (NPS) integration into the enterprise performance measurement and management with the target to develop performance measurement and management methods in the paradigm of the 21st century. Critical analysis and customer satisfaction and loyalty measurement and management evaluation was performed based on the immediate customer experience principles in the context of modern methods of enterprise performance measurement and management. The results of the performed empiric research proved and demonstrated the expediency of NPS use for customers‘ satisfaction measurement in the brewing industry area and on the beer market in the Czech Republic, including the confirmation of suitability and significance of NPS integration into the financial performance measurement system based on the economic value added method.
- ItemValue creation for stakeholders in higher education management(Technická Univerzita v Liberci, ) Stankevičienė, Jelena; Vaiciukevičiūtė, Agnė; Ekonomická fakultaThe article deals with value creation measurement issue in public Higher Education Institutions (HEIs) and discuss the linkage between selected Key Performance Indicators (KPIs) and new multi-criteria Factor Relationship (FARE) method capability to present accurate results when one of the Lithuanian universities is chosen. In order to enhance the precision of the results, the specific stakeholder group according to their power and willingness to cooperate was used as the basis for selected KPIs. Based on the stakeholders’ distribution the employees from the group with the highest power and cooperation level were chosen as a target group. The selection process was diverted to the criteria groups of efficiency and internationality regarding to value creation process when public university is considered as a beneficiary of value created. The employees of the university were compared against 6 criteria, 4 of which characterize specific performance of various types of employees based on internationality aspect which was considered as important component in overall performance, 1 refer to financial performance activities and another 1 respond to resource contribution towards internationality in university as a whole. The minimum amount of initial data of the relationship between the chosen criteria group was taken from experts and used as the basis for analytical evaluation of other criteria groups’ relationship. Based on the new Factor Relationship (FARE) multi-criteria evaluation method, results concerning importance of each criterion were measured. The findings showed which KPIs group plays the highest role in value creation process of selected Lithuanian university. The results showed that the most important criteria groups were professors’ internationality as well as Service and Administration Resources Environment. These two components had the highest importance weights compared with other criteria groups.
- ItemEvaluation of measures to reduce employee turnover in Slovenian organisations(Technická Univerzita v Liberci, ) Buzeti, Jernej; Klun, Maja; Stare, Janez; Ekonomická fakultaThis paper provides an estimate of the costs of reducing employee turnover and an estimate of the costs of employee turnover in Slovenian companies. The study included all economic activities, and in this respect it is one of the few studies that focus on the complete economy of an individual country. The study estimated two groups of costs; namely, the costs of employee-preferred measures for reducing employee turnover rates in organisations and the average costs of replacing an employee in an organisation. When evaluating the costs of employee-preferred measures we mainly wanted to evaluate the costs of subsidising informal meetings, bonuses for the continuity of employment and bonuses for workplace attendance. Most other measures preferred by employees are of a non-financial nature, except for promotion, which we did not evaluate specifically as it is primarily part of the company‘s employment and job diversity policy. In estimating the costs of employee turnover we focused only on the costs of hiring a new employee: the cost of replacing an employee and the cost of introducing the new employee. Using several assumptions the estimated total cost of employee turnover in Slovenia ranges from €2.2 million to €3.4 million per year in year 2011.In addition to the estimations of both groups of costs, this paper also provides a comparison of evaluations of selected measures for reducing employee turnover as perceived by employees and employers. We arrived at important conclusions, as it turned out that employers give higher ratings to financial measures, while employees give higher ratings to non-financial measures.
- ItemCharacteristic features of project management in small and medium-sized enterprises(Technická Univerzita v Liberci, ) Kozlowski, Remigiusz; Matejun, Marek; Ekonomická fakultaThe trend of specificity in studies on small and medium-sized enterprises management focuses on the search for characteristic qualitative and quantitative features distinguishing these entities from others, particularly from large enterprises. Research conducted within this trend may concern the general characteristics of small and medium-sized companies, as well as their functional characteristics connected with particular areas of management. One such area of growing importance for today’s organizations is project management. This approach plays an important role in a dynamic, complex and uncertain environment, providing a response to accelerated competition, increased economic pressures, and rapid technological change. Use the project management by small and medium-sized enterprises enables cost reduction and facilitates the introduction of new products and services to the market, primarily including innovative solutions in response to individual and changing client requirements. However, project management should be implemented with consideration for the individual needs and possibilities of specific business entities, including SMEs. Taking this facts into consideration, the goal of the paper is to identify and evaluate select areas related to qualitative characteristics of project management in SMEs. The analysis refers to individual phases of a project life cycle, is of comparative nature, and is based on the results of studies conducted on a sample of 563 small and medium-sized enterprises and 334 large enterprises. The test of the difference between two population proportions was used to identify the areas of project management characteristic to SMEs statistically. Based on the study results, five research hypotheses have been verified concerning the basic goals, role of the owner, inter-organizational cooperation, and limited formalization in the process of project management in small and medium-sized enterprises.
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