Losing top talent is a major concern for employers, and one way to prevent turnover is to make sure your employees want to stay with your organization. Our HCM partner iSolved offers this advice on how to earn employee loyalty and retain your best workers.
Employee loyalty is a vitally important component to the long-term success of your company. Without it you are likely to see a costly increase in employee turnover rates, as well as a decrease in productivity and efficiency.
Your company culture is largely shaped by the way your employees feel about their jobs and their value within the company. If even one employee feels undervalued, that feeling has the potential to spread to others and dramatically impact the environment which, as a leader or manager, you are responsible for carefully nurturing.
Because loyalty isn’t a tangible thing that can be assessed with metrics, like most other areas of your company can, it may seem difficult to implement change that will result in greater employee loyalty. But the concept is simple: value the needs of your employees and they will value the needs of the company. Remember, employee loyalty is not a right guaranteed to all employers but rather, it’s a privilege that can and must be earned.
Set Your Priorities
One of your primary concerns as a company leader should be the culture that has been created and fostered within your office. Company culture impacts every moment of your employees’ work life. From the moment they clock in to the moment they step foot out of the office, they are influenced and impacted by the atmosphere that surrounds them, which means developing a positive company culture should be your top priority.
A positive work environment supports, motivates, inspires and uplifts its employees, leading them to do their very best work. Employees who feel satisfied in their work are more likely to go the extra mile for the company and are much less likely to consider looking for a job elsewhere.
If your company culture is struggling, there are several things you can try. Perhaps your employees are struggling with a rigid work schedule as they balance their home life with their work life. Try being more flexible and allow them to work from home occasionally when it’s appropriate or allow them to choose their own work hours. Make more time for celebrating achievements and recognizing hard workers. Use a platform that allows employees to ask for help and rewards those who are engaged and involved. Gratitude goes a long way and can really impact your company culture in a powerful way.
Share the Control
Managing a successful team isn’t about you. It’s not about what you need or what you want. It’s about recognizing and implementing strategies that will benefit the entire team and allow them to thrive. Who better to know what your employees need to thrive than your employees themselves?
Sometimes all your employees need is to feel that their opinion matters. If you value their thoughts and encourage their contributions, it will build their feelings of confidence and security in their positions. Beyond that, you may just find that being open to more suggestions allows your team to innovate in new ways and think more creatively which will always lead to positive outcomes.
At your next meeting, try presenting your team with an obstacle the team has faced previously or that it may face in the future. Open the floor for discussion and allow your employees to brainstorm solutions without your input. Invite them to be part of the discussions around company decisions where it’s appropriate and reward them for vocalizing their thoughts. Great communication that works both ways is a cornerstone to any company’s success.
Give Them What They Deserve
You are managing a team of talented, driven and valuable employees who you handpicked to join your company. One guaranteed way to lose that talent is to not pay them what they deserve. If you are not paying your employees adequately, they will look somewhere else for a better opportunity.
Instead of nickel and diming your employees, recognize their worth and consider all the things they bring to your company. They are contributing to your success and deserve to be paid well for their efforts.
Offer your employees a competitive wage when they sign on as new hires, but make sure that fair compensation doesn’t stop there. Establish protocol for wage increases after reviews and communicate that clearly with your employees so that they know there is room to grow. Give them something to work towards and let them know that you will always compensate them fairly for their hard work. You’ll reap the benefits of having a team of employees who are less stressed and more focused, knowing that they don’t have to worry about money.
These are just a few ways you can work towards earning loyalty from your employees. Ultimately, if you’re looking to create a loyal workforce, you need to think most about employee engagement. What gets your employees excited about coming to work every day? What makes them feel valued and respected? What makes them want to tell their friends about their awesome jobs? If you don’t know the answers to those questions, ask your employees. They want to work for a company they respect and do a job that they love and will be more than willing to contribute their thoughts to make your company a place that deserves loyalty.
iSolved allows you to deliver a better work life to your employees, effectively boosting the engagement. Built-in tools and features include a personalized dashboard, lively feed wall, idea and knowledge-sharing resources, pulse surveys, and ways to collaborate, share, and help one another. Request a free demo to see how GTM helps you improve your engagement rates and take advantage of these benefits.