You understand the value of having a top-notch team on your side as a small business owner. With unprecedented numbers of Americans quitting their jobs in a trend nicknamed the Great Resignation, you may need advice on how to foster a culture of employee loyalty to your company.
Understanding what employee loyalty is and why it matters is the first step in creating that atmosphere.
What is a loyal employee?
Loyalty is based on reciprocity first and foremost. Employees should have the impression that the company cares about their well-being, and as a result, they will continue to produce their best work rather than looking for another employment.
“A loyal employee is an engaged employee who is connected with the organization’s goals, vision, and values,” Jessica Lambrecht, founder and CEO of The Rise Journey.
Because they are the most productive and focused employees, loyal employees are a valuable asset to firms. “Loyal employees are stronger producers in their roles because they care about the organization’s results and outcomes and support the owners and leaders,” said Cara Silletto, “They desire to work hard and will often go above and beyond to assist the organization in meeting its objectives.”
Employee turnover is especially important for organizations because of the personnel shortages produced by the Great Resignation. “We can no longer hide our personnel issues from our clients like we used to,” Silletto said, “and it’s affecting sales and the bottom line.” “Without the consistent workforce and knowledge needed to perform such duties, businesses cannot offer their products and services at the level of quality that consumers expect and want.”
Both experts agreed that creating loyal employees starts with first showing your loyalty to them. Here are four strategies to get you started.
Listen to your employees
Get to know your staff and pay attention to their thoughts and ideas. Make it clear to your staff that you care about them and have their best interests at heart.
For keeping up with your employees or staffs, genuine one-on-one check-ins are crucial, You can frequently inquire about your employees’ well-being by asking “How are you?” and if they respond in a generic manner or give a bland response, You can simply delve a little deeper than the script’s surface level.
Ask your team what you can do to better assist them on a regular basis. “As their employer, they will truly give you critical criticism to help you become more productive,” Silletto. “Make an effort not to take it personally. Every day, we should all strive to improve our leadership skills and grow as individuals.”
Show appreciation
Find ways to show your staff that you value their efforts and all the work they out into your business.
“Everyday verbal recognition is something that gets neglected,” said Lambrecht. You should congratulate an employee on a job well done, and utilize team meetings to provide special callouts for well-done tasks.
Financial rewards may also be a terrific approach to recognize staff if you have money in your budget. Bonuses for hitting particular milestones or securing a large customer may be quite motivating,
Rethink incentives
When an employee initially joins a company, the benefits package, paid time off, and compensation are all laid out for them. They also don’t obtain increases or additional benefits for at least a year. That paradigm may be considered obsolete by today’s workforce.
“The world is moving more quicker today, and our workforce has a lot of different motivations, chances, and options. Businesses are recommended to slice up the one-year ‘carrot’ into ‘baby carrots,’ which means that they should dole out smaller, more incremental incentives throughout the first year or first five years to encourage individuals to remain longer and establish loyalty.
While salary raises are an excellent method to keep staff, incentives do not always have to be monetary.It may be that you receive a mentor after 90 days, or that you get to travel to an industry convention or take an online course after six months, There are several chances to assist employees in growing and progressing in their professions, which may also act as a motivator to stay.
Offer flexibility
A certain amount of flexibility is valued and expected by today’s workforce. According to a FlexJobs survey, 58 percent of respondents said they wanted to work entirely remotely after the epidemic, while 39 percent said they preferred a mixed work environment. Half of those polled indicated they wouldn’t want to work for a firm that didn’t provide flexible schedules.
Even if you own a company where workers are required to work on-site, you may definitely find methods to provide some flexibility.
“Something as simple as not having meetings on Fridays can be a huge relief for a lot of folks,” Lambrecht explained. “Or, giving year-round summer Fridays, when employees can leave work at 2 p.m. It’s sometimes the little things that add up to make a devoted and engaged employee.”
Bottom Line
Committed employees want to continue working for the organization because they support your organization’s strategy and objectives. They identify with your organization and want to do their best, because they feel at home there.
SW HR Consulting has been helping companies to build their teams and values for over 10 years. Contact us to find out more about our unique hr outsourcing services and see how our expertise can benefit you.
