Loyal employees can be vital for helping businesses to grow and succeed in uncertain times. Loyalty is not simply a measure of tenure but involves cultivating a positive outlook where employees are invested in their roles and care about the organisation they work for.
Loyalty is important for more than just staff retention, and it can't be assumed or taken for granted, especially at a time when many in the workforce are reconsidering their careers and work-life balance. If you want your staff to truly care about your company, the feeling must be mutual.
Why is employee loyalty important?
There are obvious and more subtle benefits of encouraging loyalty in your workforce. These include:
Recruitment and retention
Employees who are happy with their job and their employers are less likely to seek greener pastures elsewhere. This helps to reduce staff turnover and the expense and hassle of hiring and training replacements.
Loyal employees can also spread their positivity about working in your organisation and refer other talents to aid with recruitment.
Productivity and teamwork
Employees who are engaged with their role and feel positively about their employer will do what it takes to help the company succeed.
Loyalty also encourages collaboration between employees and departments who understand they are working towards mutually beneficial goals.
The attitude of employees reflects on their employer. Not only in customer-facing roles, but also in employees' daily and online interactions as brand ambassadors, where attitudes about their employer can make or break the company's reputation.
Ways to improve employee loyalty
Loyalty must be earned and involves long-term commitments from employers and employees alike. Some of the most effective ways to build loyalty are:
Keep employees informed about any changes in your business that will affect them to reduce uncertainty. Asking for feedback and responding to complaints promptly will help to build a positive workplace culture.
Show employees that you value their efforts and treat them as individuals by giving them a say in how their work is structured. Offering options such as remote working or flexible hours can make workers more productive and engaged.
Rewards and recognition
Going above and beyond on benefits and rewards shows you are committed to your employees and can make them feel appreciated and motivated to succeed, but only when these incentives are truly appealing.
My Rewards International (ASX:MRI) is a global leader in fintech by providing white-labelled loyalty, reward and engagement programs for businesses and consumers.
They serve more than 100 leading corporate clients with Employee Engagement and Customer loyalty programs to help them retain, engage, and attract employees and customers. Since its incorporation in 2000, My Rewards has steadily grown to connect over 5.8 million members with more than 4,500 global, national and local suppliers.
To keep up to date with their news and progress, and for more information about loyalty and reward programs as a whole, subscribe to the My Rewards International Limited Chairman's List.