Building employee loyalty is worth the time and effort
Loyalty in the workplace looks different now than it did a generation ago. Staying at one job with one employer for your entire working life and retiring with a gold watch is far from today’s norm. While employees are more apt to change jobs after just a few years, creating a workplace where there is mutual respect and trust can bring out the best in all of your employees – from Millennial to Baby Boomers. Even if an employee doesn’t spend many years working for you, maximizing the relationship you have with them through engagement, appreciation and support is paramount to the success of your business.
How is loyalty viewed now?
In Peter K. Murdock’s blog post for Forbes, The New Reality Of Employee Loyalty, he cites stats which reveal that “Millennials were three times more likelythan non-millennials to change jobs in the last year, and 91% don’t expect to stay with their current organizations longer than three years.” Murdock went on to say “The mentality is, “You pay me to do X, I do X, and we are even…Hence, whether one works for a company 10 years or 10 months, they consider that ‘loyal.’” So, even though loyalty may not mean what it used to in terms of years of service, quality of service should be appreciated, recognized and celebrated.
Valued employees in turn offer value
In a DailyPay.com blog post, Will Employee Loyalty Behaviors Change in 2018? writer Megan Wells explores the idea that employers might not be doing enough to combat declining employee loyalty – which according to the American Management Association is the culprit of 80% of disengagement, 84% of low morale and 80% of turnover. Well indicates that HR leaders who claim that lack of budget is their biggest obstacle in improving retention are short-sighted. She shares research from the Aberdeen group indicating that companies with engaged employees experience 26% annual increase in revenue. When describing the perks that employees want in the workplace, the first listed was “reciprocate gratitude.”Job Applicator Center reveals that only 52% of employees feel confident their employee will replay them for their loyalty.
It’s more cost-effective to retain than hire
The Center for American Progress estimates that replacing a single employee can cost employers approximately 20% of that employee’s salary! And it’s not just the costs most often associated with turnover liked recruiting and training, you’re faced with lowered productivity and lost expertise. A Harvard Business Review article, Proof That Positive Work Cultures Are More Productive, points about that “lack of loyalty” caused by workplace stress leads to an increase of almost 50% in voluntary turnovers. To combat this, companies are offering more perks like flexible schedules, telecommuting and employee wellness plans as employees seem to value workplace wellbeing even more than material benefits.
HBR’s research identified the six essential characteristics of a positive workplace:
Caring for, being interested in, and maintaining responsibility for colleagues as friends.
Providing support for one another, including offering kindness and compassion when others are struggling.
Avoiding blame and forgive mistakes.
Inspiring one another at work.
Emphasizing the meaningfulness of the work.
Treating one another with respect, gratitude, trust, and integrity.
The article goes on to offer steps for bosses to try out that can help develop that type of workplace:
1.Foster social connections
3.Go out of your way to help
4.Encourage people to talk to you – especially about their problems
Specific examples and strategies under each heading are outlined, underscoring this principle in the article, “When you know a leader is committed to operating from a set of values based on interpersonal kindness, he or she sets the tone for the whole organization.”
Spring opportunities for building employee loyalty and happiness
As Megan Wells clearly stated in her article about loyalty in 2018, “Loyal employees are engaged employees. Engaged employees create better business outcomes than disengaged employees.” Take advantage of these upcoming events to engage and share your appreciation with colleagues.
National Nurses Week: May 6 – 12
National Teacher Appreciation Day: May 8
National Receptionists’ Day: May 9 (if National Administration Professionals Day on April 25th passed you by, you still have this opportunity to show and share your appreciation)
Building employee loyalty one day at a time
Building a loyal workforce is a long-term commitment that takes patience and creativity. gThankYou can help with our FREE“Day-to-Day Employee Celebration Calendar for 2018″. Our annual day-to-day appreciation calendar is jam-packed with insights into the latest HR trends, how-to tutorials for engaging and thanking employees, case studies to inspire you, examples of holidays to celebrate each month, and research statistics to help you make the business case for appreciation.
Download yours FREE today!
About gThankYou, LLC
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gThankYou, LLC provides company leaders with a variety of easy, meaningful and affordable ways to recognize and reward employees, holiday time or anytime. gThankYou! Certificates of Gratitude and our free Enclosure Cards are personalizable including incorporating your company logo. And, nearly all orders ship same day.