When you’re building a successful business, you need to take a lot of things into consideration. But as you are meticulously planning every aspect of your company and how to ensure it’s profitable, you should also remember who is helping you reach your goals. It’s your employees.
Without adequate employee loyalty and retention, it would be much harder, if not impossible, to achieve all of your business goals. So if you truly want your company to grow and reach its full potential, you need to work on creating a better workplace for your employees.
And here is how you can do exactly that.
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4 Proven Ways of Maximizing Employee Loyalty and Retention
For a long time, companies and businesses are striving hard to make their employees feel valued. Down below are some of the best methods to achieve this goal:
1. Organize Interesting Team-Building Activities
Through team-building activities, you can create a team that works together cohesively and without a hitch. If you choose the right activities, your employees can form connections and bonds that aren’t easily broken, which will make them much better employees and coworkers.
Whatever activity you choose, it needs to be motivational and fun at the same time. Throughout your outings, you and your employees need to work on developing communication, problem-solving, planning, and conflict resolution skills.
Creating a close-knit team isn’t something that happens overnight. Rather, it requires a lot of work. But in the end, this work pays off because it creates a sense of community, and over 50% of employees have stayed at a company because they felt like part of a team.
The activities you choose to do can be almost anything, but it’s important that it’s something your employees will enjoy doing. For instance, something that might appeal to you is organizing a lunch and learn activity.
During lunch and learn, colleagues and their superiors have a meal together and talk about both personal and professional topics. If you’re interested in trying it out, Hoppier has some great lunch and learn ideas that can help your employees bond as a team.
2. Pay Them What They Deserve
There are many ways a company can show its employees that they’re valued and appreciated, but if that isn’t followed by a fair paycheck, those other perks don’t mean anything.
There are a lot of factors that you need to take into consideration when calculating salary, but at the end of the day, you need to make sure it’s a fair one. If possible, try to pay them competitive wages because it will pay off in the long run.
When trying to decide what to take into account when calculating an employee’s salary, you need to follow trends and learn how high the salaries in your sector are. For example, if your company is in the learning and development sector, researching learning and development salary examples will help you determine the right range.
When you create a well-compensated culture, your employees will be more likely to stick around long term. It’s not rare to see employees in companies of all sizes and niches leave their positions because they got offered a better-paying job, so don’t let that happen to you.
And don’t forget that if you lose an employee who has been with your company for years, you will spend a lot of money finding someone to replace them. But if your employees are properly compensated, this isn’t something you need to worry about.
3. Make Recognition a Part of Your Company Culture
Whenever your employees do something that deserves praise, do you point that out to them? If not, it’s time to change that because recognition is one of the best ways you can retain employees. In fact, 44% of employees switch jobs because of not get adequate recognition for their efforts.
If you want to foster loyalty among your employees, you need to show appreciation. While it may sound simple, recognition and appreciation are something a lot of business owners and managers struggle with.
It’s easy to become used to an employee doing a good job, which is why workers more often hear criticism for their mistakes rather than congratulations for a job well done. Try to change that around and find little ways to show recognition every day.
4. Stay Connected Even in the Virtual World
In 2020, the world as we knew it changed, and remote work became a part of our everyday lives. Even today, a lot of companies offer either fully remote or hybrid positions. And while this brings a lot of benefits, it can also cause your employees to feel isolated.
As we already mentioned, it’s very important everyone in your company feels as if they’re working together towards the same goal, as a team. This can be harder to achieve if you’re not all working under the same roof, but it’s not impossible.
If you have a remote team of employees, you should try to give them any help and support they need while working from outside of the office. Show them how to manage time, avoid stress, and stay focused while working from home.
Just because you’re not connected physically, that doesn’t mean you can’t be connected virtually.
Final thoughts
As a business owner, if you don’t have loyal employees, you don’t have anything. A part of building a successful business is creating a company everyone is happy to work for every day. If you foster employee loyalty and retention, your business will bloom like never before.
