A large majority of today’s employees are currently looking for a better job opportunity. Recent studies show that this is true for more than half of the workers in a typical company. On average, companies tend to lose a third of their employee base annually. Based on these statistics, employee loyalty seems to be non-existent these days. But the good news is it doesn’t have to be.
What Does Employee Loyalty Mean?
Employee loyalty can be described as a worker who remains dedicated to their current employer. And has no desire to look for a different job that offers better pay or benefits. Employers must do whatever they can to increase employee loyalty throughout their company. Ensuring their workers remain with them for as long as possible. Doing so guarantees that the company will not lose money or waste time hiring recruits after losing several employees due to a lack of loyalty.
To increase employee loyalty, a company needs to improve its positivity and decrease or eliminate all the negativity that would drive someone away. Learning more about what causes positive and negative emotions for employees is the best way for company owners to find out how to improve their employee loyalty.
Ways to Boost Employee Retention With Your Company
Based on information from the Center for American Progress, it costs about 20% of an average worker’s salary to hire a new employee to replace them. That is a high price to pay to replace a worker. Therefore taking the time to invest in employee loyalty is something you could benefit from in more ways than one. Here are a few employee retention strategy suggestions for company owners who want to boost their employee loyalty.
Offer Fair and Competitive Compensation
Your employees expect to be compensated the same amount they could earn if they performed the same tasks at another job. If they are paid less, it will cause them to feel underappreciated. By offering competitive compensation, you will have a better chance of maintaining your current employees loyalty.
Hire More Referrals
One of the best ways to guarantee a strong connection between your employees is to create a referral bonus program. Having your employees refer their friends for a job position can help ensure you will see a much lower turnover rate. That’s because employees will want to work with others whom they already know and trust.
Allow Employees to Have More Control
Many years ago, the key to good company management was to delegate tasks to others. Today it is recommended that companies have workers who are more engaged. This means that they have the power to make decisions instead of always taking orders from others. Giving workers more control over how they perform their daily tasks can significantly improve your employee loyalty and provide you with a lower turnover rate.
Remove Uncertainty From the Workplace
These days, the average workplace is filled with uncertainties. With the rapidly changing economy and high tech innovations eliminating the need for many human workers, many people are left wondering if they should stay with their current employer or leave before their job disappears. While it’s impossible to diminish all uncertainties, keeping your employees informed of changes. And giving warnings in advance when changes are on the horizon can be helpful.
Learn Employee Retention Strategies with Help from Inospire
If you would like to learn new strategies to improve employee loyalty in your business, get in touch with Inospire today. We have the solutions you need to help save your business money while retaining employees.