Increasing Employee Loyalty
Employee loyalty is important if you’re targeting long-term success for your business. When employees are loyal towards you, retention rates are higher and longer, even through the toughest of times. They will deliver greater performance levels and increase productivity and efficiency, resulting in a collaborative, innovative and stable work environment. Loyal employees also commit to the company’s priorities, needs and goals to be their own. In turn, better results are achieved in terms of sales, revenue, customer satisfaction and business growth.
That being said, building employee loyalty isn’t easy. It’s intangible, full of hurdles and time-consuming. Nonetheless, human resource professionals at www.power2motivate.co.uk suggest the following ways to increase employee loyalty.
Build confidence in management & leadership
Confidence in leadership is one of the most important aspects of increasing employee loyalty. When the managers at your company know what they are doing, employees will be more eager to work with them. Employees prefer companies that are striving to become leaders in their respective industries.
Confidence in leadership can be built through many ways. Train your managers and invest in some kind of training for yourself. Encourage feedback at all levels of the organization and take steps to maximize the potential of every employee and manager. When your staff sees you excel and the company delivers good performance, they enjoy being a part of the success and become more loyal.
Create a thriving company culture
Company culture is highly influenced by the interaction between employees and managers. It’s about attitudes, personalities and the compatibility of your employees with each other. If any problems arise, you should address them but don’t get yourself involved in anything personal. Lead by example and ask managers to do the same. In turn, everyone will adopt the same behavioral patterns.
Offer fair compensation
Employees expect to be paid fairly and want their salary package to be aligned with market rates. If you pay them less than the market or less than they deserve, they lose motivation, feel devalued and start considering other employers. Your employees also expect that you’d pay them the same as other people who are performing similar duties at your company, even if others have better negotiation skills.
A good way to ensure fairness is to publish the offered compensation similar to how publicly held companies do.
Engage your employees
Employee engagement and loyalty go hand in hand. You can’t expect your employees to be loyal if they are not engaged in the first place. The best way to motivate and engage employees is to offer learning opportunities and career progression. Feedback plays an important role here. Monetary benefits matter, but understand that greater flexibility, paid leave, and rewards matter just as much.
Give your employees greater control
Employees like being in control and making decisions for the organization. So whenever you can, give them a chance to do so. A study shows that this simple behavior reduces turnover rates by around 31%.
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