Five ways employers can increase employee loyalty
The days of hiring an employee for life are long gone and employers today need to make an extra effort to retain talent and increase employee loyalty. The right kind of extra effort can go a long way and have a significant impact on the cost of turnover (something that can cost a company thousands of dollars and may be critical to their success).
If loyalty erodes and turnover becomes a problem, it’s more than just company morale that suffers – the bottom line will also take a significant hit from often-overlooked expenses associated with turnover. These include the knowledge lost when an employee leaves; the reduced productivity as they wind down; the job posting fees, screening and interviewing processes; the cost of termination of employment, and the reduced productivity of a new hire as they learn their new role.
Losing loyal employees is clearly an expensive business, however, this isn’t the only reason loyalty is such a vital commodity. Loyal employees are generally more satisfied and productive, and help create a culture of history and stability. They not only know their own job inside out, they likely know other roles too, are happy to fill in where needed and can answer unexpected questions such as how to work the temperamental boardroom TV, and why certain things are done a certain way.
The secret to becoming a company with loyal, engaged employees is employers who take the time to understand what employees need and provide it for them. This is one reason why the development of coaching skills among managers and employers is fast becoming highly valued worldwide.
There’s more though to being a good coach than just saying the right things at the right time. It’s about knowing how to get the very best from people and acting in a way that inspires their trust. As suggested in a recent Forbes article, “Don’t take loyalty and engagement for granted – create a remarkable culture where there are possible and rewarding outcomes of the workplace.”
So in a workplace where cash is no longer king and loyalty is the new leading-lady, what steps can employers do to increase employee loyalty?
Behave appropriately
Part of being a good coach is being aware of your own behaviour and setting the example for others. As a business leader, you want your employees to look up to you and be proud of you. This means earning their trust by demonstrating a high level of knowledge, skills, honesty, ability and reliability.
Behaving in this way, consistently, will help you earn trust and respect – major steps toward building loyalty.
Be open
An often-overlooked characteristic of a great coach and leader is sharing and openness. Often, key data is unintentionally withheld from employees without a good business reason. This might be information that could help improve performance or provide the team with a greater understanding of the strategic direction of the company.
For example, do your employees know if the company met their targets last month, or what the yearly objectives of the organization are? If not, how can you expect them to understand how they can influence its success?
A great coach and business leader who shares appropriate information openly quietens the “noise” – mistrust, confusion, fear of termination – and enables employees to work productively and efficiently.
Read more | jouta.com
If loyalty erodes and turnover becomes a problem, it’s more than just company morale that suffers – the bottom line will also take a significant hit from often-overlooked expenses associated with turnover. These include the knowledge lost when an employee leaves; the reduced productivity as they wind down; the job posting fees, screening and interviewing processes; the cost of termination of employment, and the reduced productivity of a new hire as they learn their new role.
Losing loyal employees is clearly an expensive business, however, this isn’t the only reason loyalty is such a vital commodity. Loyal employees are generally more satisfied and productive, and help create a culture of history and stability. They not only know their own job inside out, they likely know other roles too, are happy to fill in where needed and can answer unexpected questions such as how to work the temperamental boardroom TV, and why certain things are done a certain way.
The secret to becoming a company with loyal, engaged employees is employers who take the time to understand what employees need and provide it for them. This is one reason why the development of coaching skills among managers and employers is fast becoming highly valued worldwide.
There’s more though to being a good coach than just saying the right things at the right time. It’s about knowing how to get the very best from people and acting in a way that inspires their trust. As suggested in a recent Forbes article, “Don’t take loyalty and engagement for granted – create a remarkable culture where there are possible and rewarding outcomes of the workplace.”
So in a workplace where cash is no longer king and loyalty is the new leading-lady, what steps can employers do to increase employee loyalty?
Behave appropriately
Part of being a good coach is being aware of your own behaviour and setting the example for others. As a business leader, you want your employees to look up to you and be proud of you. This means earning their trust by demonstrating a high level of knowledge, skills, honesty, ability and reliability.
Behaving in this way, consistently, will help you earn trust and respect – major steps toward building loyalty.
Be open
An often-overlooked characteristic of a great coach and leader is sharing and openness. Often, key data is unintentionally withheld from employees without a good business reason. This might be information that could help improve performance or provide the team with a greater understanding of the strategic direction of the company.
For example, do your employees know if the company met their targets last month, or what the yearly objectives of the organization are? If not, how can you expect them to understand how they can influence its success?
A great coach and business leader who shares appropriate information openly quietens the “noise” – mistrust, confusion, fear of termination – and enables employees to work productively and efficiently.
Read more | jouta.com