Part 2: Employee Loyalty: The Perfect Storm of Worker Discontent
From Monster Intelligence
In the first part of this series on employee loyalty, we examined a few key factors of the “perfect storm” brewing around employee loyalty:
- More than 50% of workers are actively seeking to change jobs and have no allegiance to their employer.
- Companies are again growing their workforce as part of their recruiting strategy as the economy expands.
- To help compensate for renewed and increased worker demand, companies are increasing compensation and benefits.
- Workers are open and ready for new job opportunities.
- Higher salaries and better benefits often help in closing the deal with candidates.
The good news is, many companies are hiring at breakneck speed (86% of companies surveyed reported that they were currently recruiting for open positions) so job opportunities continue.
However, an interesting challenge has materialized. Companies will now be forced to defend their current workforce while attracting new workers — and as the intensity of this storm increases, employee loyalty will become a key advantage to their recruiting strategy.
Satisfaction Does Not Equal Employee Loyalty
On many levels, Monster research indicates that workers are generally satisfied with their work-life balance and feel challenged and interested in their work.
Most workers believe that they contribute to the success of the company; small company employees in particular have a stronger sense of accomplishment because they can see the immediate impact their work has on the bottom line.
While it’s clear that most workers see the positive impact their work has on the company, what is interesting is that only half of survey participants reported that they felt fairly treated by their supervisor and that they were personally fulfilled by the work that they do.
The lowest numbers reported were around an emotional connection — either to their boss, or to the company’s core goals and objectives. This is where the difference between employee satisfaction and the concept of worker loyalty becomes clear.
So What Does Create Loyalty?
The same things that make a workplace a great place to work are the same building blocks of employee loyalty.
Is your workplace full of nice people that you like spending time with? Does your company provide a service that you truly believe in and feel proud of? These types of emotional connections are the threads that hold a loyal staff together and make workers want to stay.
On the other hand, does your manager’s style make your life miserable? Are you just another head in a sea of cubicles? Hardly ever talk to any of your coworkers? The lack of emotional connection to people within an organization is almost always a sign of an uninterested, and ultimately disloyal, workforce.
On the topic of what keeps people loyal, a worker at a large company, who asked to remain anonymous, replied, “It’s the people that keep me here. I’m not particularly moved by the work, but I love the people.”
Another surveyed respondent, as an example of loyalty, said that she had been offered a promotion but she declined it. She said, “I get along so well with my current boss and I don’t know what would happen with the new boss. I wouldn’t want that relationship to change, even if it meant better opportunities — it’s important to me.”
So now that we understand the emotional motivations of a great team, it’s time to put that knowledge to use.
The upcoming third and final part of this series will look at how to energize employee loyalty.