Employers like to have loyal workers — the kind that will labor for love and stay when others quit. But almost all workers will leave for better opportunities.
Business managers call it an “employee loyalty” problem that they measure in turnover, recruiting, and training expenses. However, experts say that the real problem is when businesses are not loyal to employees.
The Bad News
Monster conducted a poll of employees and found that close to 76% of the respondents were looking for new jobs. That’s the bad news. The even worse news is that business managers don’t want to hear that they have a problem with loyalty. Many companies ignore it, focusing on numbers instead of people.
Timothy Keiningham and Lerzan Aksoy, leaders in the science of loyalty management, say it’s a challenge for companies around the world. “The reality is that employees are only as loyal to the company as they believe the company is loyal to them,” they say.
The Good News
The good news is that employee loyalty, when you have it, translates to improved company performance. In other good news, it’s also not that hard to turn around the turnover problem. Here are some straight-forward fixes:
- Make employee health and well-being a priority
- Promote from within whenever possible
- Rehire former staff when appropriate
- Invest in employee training
- Retain by rewarding
Employer loyalty can actually be a competitive advantage as devoted workers will stay with you longer and can serve as reliable sources of institutional knowledge. Retaining these employees increases productivity and reduces disruption. In a sense, they become advocates for the company, bringing in more potential workers and business.
Are You Facing the Bad News or the Good News?
So what’s the news at your company? Is employee defection so a problem? If so, you may be burdened with the increased costs of turnover. Or do you have a workforce of devoted employees who love their jobs? If so, it may not take much to recruit new talent on board.
Maybe it’s time to take a survey, hold stay interviews, and figure out how you can give and get loyalty back. Opening up those communication channels and, yes, asking the tough questions, are the first steps in igniting company loyalty among your employees.
Hire Top Performers and Keep Them With a Better Recruiting Strategy
The solution to the employee loyalty problem is pretty simple: give loyalty, get loyalty. It’s a two-way street, but employers need to go first by hiring the right people and taking care of them. Reach out to a broad community of job seekers and find the right fit with a free job posting at Monster.