Articles From the Team
Why is it important to have loyal employees?
Loyal employees are a major asset to the success of any company. What’s interesting, is I often find businesses assume their employees’ loyalty; a belief this comes automatically because the employee is in a steady job. This couldn’t be further from the truth. Loyalty isn’t for sale. It has to be earned and the easiest way to earn it is in the way you treat your employees.
The main reason employees leave
Unfortunately, I find more regularly than not, that poor management lies at the heart of many employee departures. It’s a far too common occurrence that people don’t leave jobs, they leave managers. A manager is the company’s first point of contact for its employees and if this contact is negative, the employees’ relationship with the company is tarnished.
If you want to have a high performing business, you need two things: loyal employees and loyal customers. Funnily enough, there’s a direct link between employee satisfaction and productivity. Research reveals happy workers are 12% more productive than their less satisfied counterparts. And if your employees are more productive, it’s no surprise you’ll find yourself with highly satisfied clients. The moral of the story is that loyal employees are worth more than their weight in gold.
How do I nurture employee loyalty?
A loyal employee will uphold your brand and ensure your business is sustainable for the long-term because they’ll go the extra mile.
In the current work environment, where top quality candidates are in short supply, if you don’t look after your employees they’ll find someone who will, which means it’s a necessity to have a strategy for retaining your best employees.
If you’re treating employees like they’re easily replaceable, you’ll pay the price for it. When an employee leaves, it’ll cost your business at least 20% of their salary. These costs reflect the loss of productivity from the departure; the cost of finding a replacement; and reduced productivity whilst new employees get up to speed.
Beyond the more tangible losses, it will also impact your team’s stability and cause other employees to reconsider their loyalty towards the organisation.
Current employees are easier to retain and cheaper than finding a replacement. But you have to make them feel wanted. Act before it’s too late.