5 Simple Steps To Increase Employee Loyalty
Cultivating employee loyalty is critical for the long-term success of any business. It not only decreases turnover costs, it can boost productivity, efficiency, and provide stability for employees. When employees feel a sense of loyalty, they begin to see the business’s priorities as their own, leading to better results and increased satisfaction.
There must be a near-equal exchange of information in order to achieve the highest levels of loyalty and engagement in the workplace. This is a top-down approach and requires all parties.
Below are five steps that help build employee loyalty.
Be open and honest
An often over-looked characteristic of a great leader is sharing and openness. At times, information is (un)intentionally withheld from employees. Consider information that could help improve performance or provide the team with a greater understanding of the strategies direction of the company. A great business leader who shares information openly eradicates the fear of mistrust, confusion, and termination, enabling employees to work productively and efficiently.
Make promotion achievable
Employees’ needs are constantly evolving. Leaders can help them grow by offering advancement opportunities that are tailored to their skills and goals. Some employees may seek an opportunity to move up but may not be keen on the idea of jumping into management. If employees are able to have their job match their needs, they’re less likely to leave to find what they need.
Trust and loyalty is a two-way street and the best way to earn them is to demonstrate them. There is no better sure-fire way to alienate employees than to constantly be looking over their shoulder. Micromanagement doesn’t promote growth; it can promote feelings of animosity and anxiety in employees.
An employee’s relationship with their leader generally serves as the greatest predictor of whether or not they will stay in their job. This is not a mandate that leaders become best friends with every employee; it’s about creating an environment that puts a value on relationships in the workforce. This can be done through various activities and ongoing personal development opportunities. This shows employees that their leader understands and appreciates them, which is a fundamental aspect of them staying.
Invest in employees
Many leaders believe that employees are stagnant, but do little to help them grow. Leaders who budget resources toward management and personal development training see the benefits almost immediately. Helping employees set a plan for growth – with rewards built-in – provides a long-term investment in employees and business.
Loyalty builds cumulatively over time. Employees will gradually respond to changes in behavior, management style, and the overall performance of the company. If you’d like to discuss more steps to increase your employee loyalty, contact me for a free, no-obligation consultation.