Employee loyalty offers incalculable value to a company, yet most of the leaders literally struggle to earn it. They fail to understand that the employee loyalty can never be a given, it has to be earned. The main element of the problem is a basic misinterpretation of the mutual nature of exact loyalty. The leaders need to ask themselves honestly if they are as dedicated to their employees as they expect them to be to the organization and the supervisors or reporting managers. They need to analyze if they are as dedicated to them as they are at the bottom line.
Here we are sharing a quick listing of ways the corporate can start earning their team's loyalty. It's barely comprehensive — there are a lot of more things they can practice to earn employee loyalty, however, you can start with these simple steps.
Transparency: This is the basic step to have employee loyalty in the organization. You need to gain the trust of an employee to expect loyalty from him/ her. Forget that you can win trust simply on the basis of need-to-know. The organizations should make a clear list of things that they absolutely can’t share with the employees rather focusing on the things that can be shared. You need to maintain transparency in order to build trust and gain employee loyalty in return.
Professional Development: The organizations can make the best use of their investment when they consider the professional and educational development of the loyal employees. This will not only help you to provide a stronger team but also it would be a visible expression of your commitment to keep them around in the company. An unparalleled work environment and culture is often a more attractive offer as compared to a salary hike anyway.
Effective Employee Recognition: An employee works hard to help you in achieving your targets and desired goals. In return, they would definitely expect at least the appreciation and recognition from the management. You need to demonstrate your employees that you value the effort they are making to achieve the targets and be authentic about it. Recognizing the contributions that your employees are working hard to make the organization can prove to be your direct trail towards inspiring their loyalty.
Recognition should be frequent, timely, and specific: Just declaring an employee as ‘The Best Employee of the year’ would not be enough. Such recognition programs are considered to be the laziest ones where you just declare a name to rest of the employees. And even if you think the annual bonus would help, it won’t. It may give them motivation for a while, but it can never help you win employee loyalty.
Make sure you recognize the contributions irrespective of the size; it can be bigger or smaller. And the most important factor here is to recognize timely. There won’t be any point in showing the appreciation after a month of the work done. The organizations can also go for peer-to-peer recognition that can help you to provide impactful gratitude at scale, as well as it can have the multiplicative result of spreading loyalty amongst the other team members too.
You need to take care of your loyal employees and should not treat them as stepping stones; rather they are your precious stones. You need to understand how important it is to take care of your good and loyal people; else your competitors are there who can do the same. Bottom line is that if you want to build employee loyalty, you need to maintain a strong connection with employees. You have to take steps to build their trust in the company’s objectives.