Employee loyalty can be defined as employees dedicated to the success of the organization. Unfortunately, too many people go to work to simply earn a wage and care about little else. Using the right strategies with your employees will encourage loyalty, dedication, and a pride in one's work. Conversely, if your company lacks employee loyalty, it can result in lost money, time, and customers. If your employees are already receiving competitive pay and benefits, what's left to keep them faithful to your business? This is where you can get creative and come up with ideas that will really show your employees that they are valuable and that you care about their happiness.
Here are just a few ideas to get your brain going:
" Develop an employee emergency fund that will be used to help employees and their families in times of need. Unforeseen circumstances happen, such as a house fire, robbery, or severe illness. Ask that all employees donate to this fund if they can.
" Reward achievements. Consider an award for employees that reach their 5, 10, and 20-year mark with the company. If employees take it upon themselves to earn a certification or receive additional training that will help them function better in their position, recognized them with a formal award. Of hundreds of employees polled, most said they would love to see a rewards program that goes beyond a simple boost in pay.
" Flexible work hours are often a Godsend for certain employees, especially those with children. Every employee has different needs, so if one prefers to work 7am to 4pm rather than 8am to 5pm, allow them to do so.
" Create a Performance Appraisal method that allows both you and the employee to evaluate their production, aim for goals, and track achievements.
" Have an open door policy. Sometimes employees have concerns to address and they need to know you are open to hearing them out. However, be careful not to assume that just because you're friendly your employees will eagerly walk through your "open door." Go around occasionally and check in with them as well.
" Offer fair compensation for the position with regular raises and evaluations.
" Offer benefits to employees such as health-care and vacation time.
" Implement an employee suggestion process.
" Encourage team-building activities among employee groups to create trust and acceptance and boost morale.