Employee loyalty is incredibly important to your business. It factors heavily into your productivity, enhances your products or services and reduces turnover. So it’s definitely something you want to focus on. Here are some effective ways to increase employee loyalty to improve your bottom line.
Offer Competitive Salary and Benefits
Paying employees a salary that’s as good or better than key competitors is vital. This is often the main motivator for keeping top employees around for the long haul and preventing them from jumping ship.
Younger workers are also especially fond of benefits. In fact, “64 percent of millennials say benefits are extremely or very important to employer loyalty.” In terms of the most popular benefits, these include:
- Health insurance
- Paid time off
- Tuition reimbursement
- Wellness programs
- Paid gym memberships
Acquiring new workers through word of mouth from existing employees has some serious advantages. Research suggests employee referrals have a higher return on investment, and it accelerates the speed of the hiring process. Referrals also tend to be more loyal. In fact, nearly half of these employees stayed loyal to a business for three years or more.
Micromanaging, where you “hover” and attempt to control employees, can be a major turnoff. It can feel stifling and make employees second-guess their every move, which is exhausting. And if left unchecked, micromanaging can take a toll on your workplace by causing quality employees to leave prematurely. So it’s important to give your employees a certain amount of autonomy and allow them to make their own decisions whenever possible.
Offer Flexible Scheduling
Flexible scheduling, like telecommuting, compressed workweeks and part-time options, is very appealing to most modern workers. In fact, studies have found, “More than 75 percent of workers would be more loyal to their organization if it offered flexible work options.” While this won’t be viable for all companies, it’s certainly something to consider and can make you a much more appealing employer. For more examples of flexible scheduling, check out this resource from the UMASS Medical School.
Establishing a loyal team is one of the most important things you can do for your business and greatly increases your chances of long-term success. Using these techniques should help you accomplish that and create a more positive working environment.
Want to improve recruiting and find standout talent? Get in touch with Encadria Staffing Solutions today.