Strengthening employee loyalty is essential for the long-term success of any business. Not only will it decrease turnover costs, but it can also boost productivity, increase efficiency, and provide a much more stable work environment. In today’s workplaces, employee turnover is at an all-time high. It’s important that businesses think outside of the box to retain the best talent.
The workplace has become transactional for many employees. Once they feel they have mastered this role, they will seek out a new opportunity to have more responsibility and/or higher wages. Many employees are also influenced to seek new job opportunities if their current workplace lacks an engaging company culture. According to a Glassdoor survey, 77% of respondents said that a company’s culture is an important factor when applying for a position.
Adapt to the changing times
There is no escaping the fact that the last two years have changed the expectations of what employers are seeking in the workplace. To receive employee loyalty, employer’s need to change with the changing times. Here are 5 keyways to increase employee loyalty for your business.
1. Empower your team
While many businesses promote their businesses values, it’s important to ensure that business practices align with those values that are being prompted. Embracing technology to help adoption and execution is essential to ensure your efforts aren’t fleeting and can be scaled across the organisation.
MicroGifts empowers your team by enabling instant, personalised digital rewards the recognises the individual. As an online platform, your business can have 24/7 access to send MicroGifts that really make an impact.
2. Provide opportunities to grow
Offering your employees growth opportunities is more likely to retain top talent than drive them away. Employee loyalty increases the more you invest in the people who work for you. If you’re not already prioritising growth opportunities in your talent management strategy, you should be.
3. Recognise employees in an impactful way
80% of employees believe that recognition improves their workplace experience and engagement. However it’s important that the recognition practices introduced to your business reflect how employees want to be rewarded. Recent studies reveal that the most effective recognition is honest, authentic and individualised to how each employee wants to be recognised.
MicroGift digital gift cards are instant rewards that can be personalised to suit every team member and leave an impact.
4. Be proactive and listen to your team
Instead of always finding ideas, suggestions and feedback from top-down processes, the power of crowd sourcing can be particularly effective in understanding what is truly important to employees. With the right tools, letting employees themselves ask and engage can bring issues that you need to be solving to the forefront.
5. Don't forget to celebrate the small wins
When we think about progress, we often imagine how good it feels to achieve a long-term goal or experience a breakthrough. These big wins are great—but it’s often the small wins that make up those big achievements. The good news is that even celebrating the small wins can boost inner work life tremendously.
The desire for more real-time feedback and recognition is one of the major reasons annual performance reviews have been on the decline, replaced by more frequent check-ins, like weekly one-on-ones between managers and reports. By some accounts, 60% of millennials want to hear from their managers at least once a day.
Get in contact with us today to elevate how your business rewards and recognises staff.