Employee loyalty is something that is not just hard to build, but hard to maintain over multiple months or years. In the time since the pandemic began, many people are choosing to simply leave if they aren’t feeling valued at work. According to the Bureau of Labor Statistics, 2021 saw a record-breaking 47.8 worker resignations, with a spike of 4.5 million in November, the highest monthly quit rate ever recorded since these levels were first noted in 2000. With the help of these tips from That’s Good HR, you can improve employee loyalty and reduce the resignation rate at your Central Indiana company.
Offer employees more meaning at work
According to the Society for Human Resource Management, a global professional organization for human resources of which we are members, one of the top ways to improve employee loyalty is to attach more meaning to their work. Although perks and benefits are nice, the ultimate purpose that people find at work is being part of something bigger — a cause that improves the lives of others. It’s important for employers to identify the real purpose of your business, and be able to explain how the work that your employees do fulfills it, right from their first interview.
Ask what you need to do to earn employee loyalty
Want to know exactly what would earn loyalty from your employees? It’s as simple as asking them. The needs and wants of your workforce can easily change — and quickly — so regular check-ins will be beneficial to know how to keep them from looking for employment elsewhere. Each individual will have different needs, and fulfilling those wherever possible is likely to have a positive impact on all of your employees, even if they do not all take advantage of every single perk. Some benefits aren’t as cost-prohibitive as you may think, and some ways to improve loyalty may be as simple as providing more flexibility where possible.
Offer flexibility and connection in a virtual workspace
The pandemic has completely changed how people work, with many more offices moving to remote work or hybrid schedules. According to the 2022 Mercer’s Global Talent Trends report, a shocking one in every three respondents said that they would be willing to skip a pay raise in order to have more control over when and where they work. And roughly that same number (32%) said that flexibility was the biggest reason they continue to stay with their current employer.
Although some positions can’t provide an opportunity for remote work or alternative hours, most can, and providing this flexibility to your employees will go a long way in earning their loyalty. And where you do offer remote work schedules, don’t forget to maintain a personal relationship during virtual meetings and regular check-ins. A sense of purpose is largely connected to human interaction, so talking about life outside of work can improve loyalty as well.
Improve employee relations with better engagement
This is a no-brainer, but if you are trying to earn employee loyalty, it’s important to treat the people in your company well. Recognize your employees as individuals with goals of their own, rather than just workers punching a clock to fulfill organizational needs. Of course, your team is being paid to do a job for the company, but you should also be aware of the career and personal goals that they have and how you can help to achieve them. Just as you want your employees to engage with their work more than simply earning a paycheck, you need to put effort into their career goals too. Investing in employee education and personal skill-building will make them much more likely to use those acquired skills at your company rather than moving on to new things.
Avoid quick fixes versus lasting change
Speaking of the long-lasting effects of employee loyalty, it’s important to avoid throwing money at the situation to prevent a “big quit” at your company. A one-time bonus, even a large one from a well-meaning employer, can sometimes make people wonder why you aren’t paying them more in the first place. Rather than offering someone a once-a-year bonus, look into increasing their regular salary, or see if you can offer stock in the company, perhaps with an employer match. Feeling a sense of ownership in the company, from the top down, can improve employee loyalty in big ways.
If you are a client employer looking for more ways to increase loyalty and improve the hiring processes at your company, reach out to That’s Good HR today. We’d love to discuss the strategic staffing solutions we can offer your team.