In today’s competitive world, hiring and retaining good talent is a pertinent issue.
A lot of surveys tell us that employees in many corporations are looking for better opportunities to come their way.
What is the critical factor in building employee loyalty? Well, there is not one single factor that makes a workplace or corporate organization attractive for its employees.
It is a sum of several factors, and business owners have to often consciously work towards building employee loyalty by investing time, money and resources.
However, this pays off beautifully in the long run as you have a more productive, happy and content workforce. Here are some simple ways to build employee loyalty: Focus on employee training and career progress.
This is perhaps the most important factor to retain employees in the long run. You need to invest regularly in employee training programs and offer them opportunities to develop both their personality and professional skill set.
You could also have an in-house mentoring program where seniors and experts share tips with younger employees in an informal environment. Mentoring is an excellent way to resolve conflicts too.
Career counseling offered at an appropriate time helps employees understand where their progress lies.
Be fair and competitive in your compensation
Though employee loyalty is not about money, paying competitive compensation will ensure that your people don’t leave you and run to the competition. If they see your compensation as being fair in tandem with macro-economic indicators such as inflation and cost of living, they will give their best to the organization and stick by.
Share the broader vision with employees
All of us like to be attached to a cause and feel pride in bettering things and helping people.
Every business also has its sets of goals and long-term vision to bring about a change for the better in some way whether you are into manufacturing clothes, shoes or machine tools or just offering a service.
When employees understand the broader vision of the company, they will channelize their energies towards realizing it. They will feel they are working to achieve something big and this will automatically build loyalty.
Show respect and recognize and laud contribution
Respect is probably the single most important factor in making people feel worthy in a workplace. Learn to respect everyone from your junior-most to senior-most employee.
When employees do well, recognize their contribution. Even the smallest of tasks executed well can matter in the long run. Celebrate employee milestones in a fun way. Foster mutual support and respect among teams. This will go a long way in making people happy.
Hire through referrals and foster friendships in the workplace
Friends are always happy to be working with each other. Hiring through referrals builds trust and improves business. Known people walking in through the door will make the hiring and training process straightforward and effective.
Also, keeping in mind organizational boundaries, encourage employees to build friendships in the workplace. This gives birth to happy and positive vibes and makes work fun.
Taking action on these tips will certainly stop your employees from thinking the grass is greener on the other side.