What is Employee Loyalty? Employee loyalty can be defined as employees who are devoted to the success of their organization and believe that being an employee of this organization is in their best interest. Not only do they plan to remain with the organization, but they do not actively seek for alternative employment opportunities.
Employees are a fundamental resource for any business. They represent a considerable investment in terms of recruiting and training costs, as well as salaries and benefits. Businesses incur a considerable expense if they need to replace an employee.
Many businesses believe that focusing on employee satisfaction with the use of employee satisfaction surveys is a way to improve employee loyalty. At times, however, the two may not be linked. The way to improve employee loyalty is to make efforts directly toward your employees. Here are some examples.
Listen to your Employees
Non-management employees tend to have very little input in overall business decisions of a company. This lack of engagement can have a negative impact on employee loyalty. Non-management employees view their job as “just a paycheck” rather than working for a company where they feel they are valued.
Tip: Give employees a chance to voice their comments, opinions, and suggestions on how the business is currently run and where they see the business going. You can easily create an online survey to capture this information. Your employees may share some great ideas for the business. Engaging with your employees gives them a personal stake in the outcomes of the company.
Employees appreciate recognition and room for personal career growth. Often times, employees must ask their employer for a promotion or raise.
Tip: If an employee is doing a good job, compensate that employee without them having to initiate the recognition of a job well done. Many employees don’t expect a significant increase in their pay or a large bonus check. Many simply appreciate the recognition or welcome additional responsibilities.
Stay tuned for Tips to Improve Employee Loyalty, Part 2…