Last week, we discussed how investing in employee retention can go a long way in reducing hiring costs. This week we are going to take a closer look at this important issue. Cultivating employee loyalty is absolutely essential if you want to increase workplace morale and overall productivity – not to mention improve your bottom line. When employees have reassurance that their time and energy are seen and valued, they are likely to stay loyal to the company, even in the midst of things like downsizing, outsourcing, or restructuring.
Many individuals incorrectly believe that the longer an employee has been with a company, the more loyal or dedicated they are. You may also have the (incorrect) assumption that an employee who is quick to volunteer for projects or positively respond to a manager’s request is less likely to start looking for a position with another company. Even if the employee strongly identifies with the company’s vision and regularly puts in 110%, they may still ultimately decide that it is time for them to look for a new position, particularly if they believe that they do not have a clear path forward within the company. And, typically, this decision will catch you completely off-guard. It will feel like it is without warning.
The first step to fostering loyalty is to make sure that your employees feel valued. This includes making them feel as though they are included in the decision-making process. They should feel as though they are active contributors in the company’s future, especially as they are experts within their current position. If they begin to feel as though their position does not matter to the future of the company, there is really no reason for them to feel as though they should stay – particularly if they are actively trying to advance their professional career.
It is also important to remember that, when it comes to showing employees respect, it involves more than just their professional life. This also means showing support and respect for an employee’s personal life. It is disrespectful to make changes to an individual’s schedule that can have an effect on things like their schedule and hours. Many managers want to appear as strong and someone whose decisions should not be questioned, but that does not mean that you should make decisions that affect another individual without bringing them into the discussion process. By doing so, you can help ensure that your team continues to feel valued and respected. This will help ensure long-time loyalty.