Years ago, it was common for employees to spend their lifetime working at the same company. This is no longer the case, and workers are more likely to do shorter stints at multiple jobs. In fact, the average person will work for nine different employers over the course of their career. This perceived lack of loyalty stems from employers and employees alike.
While your business credit line can be used to cover payroll, there’s really no price you can pay to ensure employee loyalty. Modern working conditions and outlandish perks won’t help if the culture is unhealthy.
Fortunately, there are a few ways to ensure employees stay loyal and engaged. Start by providing at or near market compensation, and foster employee loyalty with these six strategies.
1. Give Them Valuable Benefits
Many companies try to provide perks that are fun, but fall short when it comes to benefits employees need. Affordable health insurance, paid maternity and paternity leave, tuition reimbursement, and similar benefits will help employees know they’re valued.
2. Instill a Sense of Freedom and Control
Everyone in the company has a life outside of their working hours. Less rigid management empowers workers to make choices based on their needs. Consider allowing for flexible work schedules, working from home, and other work-life balance decisions.
Workers who can tailor their job to fit their needs feel trusted instead of micromanaged. As employee satisfaction increases, they’ll be motivated to go above and beyond in their job requirements.
3. Remove or Retrain Toxic Managers
All too often, employees leave otherwise great jobs because of toxic managers. Management isn’t an easy job, but appointing the wrong person to the role is a recipe for disaster.
The relationship between employees and their manager is a key factor in levels of employee engagement. If workers feel they can’t approach their manager, they’ll disengage and not work as hard.
One of the best ways to foster employee loyalty is by identifying and supporting good managers. They should be trained to share their expertise, support and inspire their team, and identify opportunities for growth.
4. Communicate Clearly
When employees feel informed about what’s going on within the company, they feel more secure about their position. Prudence and legality will limit who is privy to what information, but if it can be shared, do so with clarity and humility.
Information left to speculation and gossip can spiral out of hand. Establishing a trusting work environment ensures employees are informed and able to speak freely. Information-sharing meetings, newsletters, and bulletin boards are great ways to foster clear communication.
5. Keep Your Open-Door Policy Open
From the CEO to HR to managers, if you claim to have an open-door policy, make sure you live up to the statement. Encourage employees to share suggestions, ideas, and even complaints. Those who receive this information should do so by actively listening and responding with honesty and respect.
6. Celebrate Teamwork
Employees will be more loyal to the company if they don’t feel like they’re competing with their co-workers. Collaboration and teamwork should be emphasized as core values to your business.
Hierarchies exist within any organization, but the focus should be on working together to accomplish great things. Celebrate collaborative achievements rather than pitting people against one another.
Professional development opportunities can help foster effective communication. This isn’t a skill that comes naturally to everyone, so provide opportunities for learning. Set aside time for workshops that focus on different communication styles, conflict resolution, active listening, empathy, and other subjects relevant to your company’s needs.
Fostering Loyalty Makes for Better Business
Flexibility, communication, and support go a long way to encourage employee loyalty. Employee relationships are just like any other relationship, so take the time to understand and provide for their needs.
Valuable benefits and professional development workshops come at a cost. For everything your business needs to succeed, you can count on ValueOne to help you get it done. Our knowledgeable advisors will help you find the financing solution that best suits your needs.