6 Ways to Cultivate Employee Loyalty
We're in the midst of the Great Resignation, and this isn't just affecting the US. People are job-hopping more often than ever. In fact, with over 10,000 Baby Boomers retiring daily and Millennials changing roles every 2.8 years on average, it's safe to say that this trend will only continue. Suppose companies can craft and retain employees' loyalty and good sentiment, which carries through well after leaving? In return, these employees can provide exceptional brand advocacy, business development opportunities and even recommend hiring talent.
But how does a company foster employee loyalty?
First things first: Hire the right people
Companies need to reconsider their internal hiring process to set the right foundations. Aside from investing time in assessing whether a person has the right skill set to perform a job or not, hiring managers need to dig deep into the personality, values, long-term objectives and overall soft skills of potential employees. Are that person's values aligned with the company's core values? Finding strong connections between what you want for your business and your employees' goals is vital for hiring the right people.
Define a mantra and make it shine
When it comes to building a loyal team, a mantra is key in defining the backbone of a business and what it stands for. The North Star will guide the teams towards the same goals and, in doing so, will create a great sense of unity. Projects, ideas, and successes are better when shared, and the alliance between leadership and employees cultivates an atmosphere of motivation that keeps things creativity flowing. For this to work, these values and intentions must circulate explicitly through all business areas.
Good things come to those who… go the extra mile
If employee loyalty is the destination and a solid mantra is a map that guides people, then giving dues to those who deserve it is the fuel. Delegating and demonstrating trust in what people can do creates a huge sense of respect and motivation. In addition, these expectations help improve performance, as challenges are a great incentive. In fact, 33% of employees usually start looking for a new job because of a lack of professional challenges. But with greater challenges should come rewards that are delivered fairly across the business. Creating a positive effort-reward cycle can mark a significant impact on the employee's loyalty to the company.
Practice what you preach
Rewarding employee achievements and showing appreciation is an excellent way of living the company's values but setting an example by practising what you preach is, by far, the most effective way of building transparency and trust. If leaders demand but fail to live to these same standards, they create a barrier that quickly leads to dissatisfaction and resentment. If the rule doesn't work for senior management, ditch it. Leading by example is a key building block to cultivating employee loyalty in any company, no matter the size.
Define the right culture for your organisation
Creating a company culture is a common goal for businesses - easier said than done. Solid company culture comes from finding the right culture for your business. Creating a culture of key pillars such as meritocracy, ethical practices, and committed, supportive teamwork will help your team bond over your organisation's vision, values, and mission. The right culture will bring people together and create a support system that will enable employees to seek help and advice from one another.
Promote loyalty even after a person leaves
Many don't consider employee loyalty plays to a company's advantage even after people leave. With job-hopping more commonplace, it is likely employees will move on to other companies. But this isn't a negative. Former employees often become the best ambassadors because they have first-hand knowledge about what the company stands for, which gives them substantial credibility in the eyes of potential clients or future employees. If people hold on to a great working experience and leave the company through a well-crafted off-boarding process, they will spread the word wherever they head to next and promote the company for years to come.
With over 40% of employees considering leaving their company this year, we are currently in the middle of a significant social and economic shift, where many people feel underutilised and unfulfilled. The truth is that a large percentage of your employees will probably receive job offers over the upcoming few months that are offering more than respectable salaries. So how can you cultivate loyalty? By invest in your company culture today.
