Employee loyalty is pretty crucial in any company. Many companies lose around a third of their employees every year. And replacing an employee is costly—money, time, and even morale. Some experts estimate it costs around 20 percent of an employee’s salary to replace them. Not to mention your other employees might be burdened with additional duties while you try to fill the opening. So trying to establish loyalty is definitely worth it. Here are some tips to increase loyalty among your employees.
Employee loyalty comes by increasing the amount of positive emotions your team associates with your company and decreasing the negative emotions. So make your employees feel secure, valued and supported.
Don’t simply reward employees who are better at negotiating their salaries. Instead, pay all your employees who are doing the same work the same amount of money. If you’re not compensating your employees appropriately, they’ll feel underpaid and undervalued, and they’ll start to wonder if they could make more money elsewhere. So make sure you’re awarding your employees fair pay and competitive benefits.
Hire employee referrals
When your employees go out on a limb and refer a friend or former colleague for an opening at your company, trust their instincts. Chances are they’re right—they know what it takes to work there and they’ll feel appreciated and respected that you trusted their referral.
Let your employees have ownership
You’re not delegating or micromanaging you’re employees, you’re empowering them to be fully engaged in their work. When they’re making their own decisions instead of simply following orders, they’ll take more pride in what they do and be more committed to the outcome. Give them freedom to work remotely, let them make their own hours, and show them you trust them to do great things.
Between the economy and technological innovations, today’s workplace is more volatile than ever. All the uncertainty and stress can take a toll on employees, making them miserable and feeling insecure. When you can, give them a heads-up when you know changes are coming. Advanced warning makes employees feel more valued; nobody likes surprises!
Monitor the environment
Keep a close eye on employee morale and interactions. If you have bullies or negative personalities who make the workplace miserable for everyone else, your employees will dread coming to work and eventually start looking for a new place to work. They also won’t fully trust a manager who will allow bullying or incessant complaining to go on. You have to put a stop to obnoxious or abusive behavior.
For more tips on keeping your employees happy, engaged and feeling loyal, contact PrideStaff St. Pete Clearwater today.