Employee loyalty is vital in any organisation. It helps foster a positive work environment with the people who do the most to elevate your company. The more loyalty you can inspire from your team, the more benefits your business will enjoy. Loyal employees contribute to your organisation’s productivity and revenue stream. They play a role in achieving customer satisfaction that easily translates to increased sales. Employee loyalty is arguably just as important as customer loyalty, so let’s explore the business factors most likely to inspire greater investment from your team.
1. Management style
Your management or leadership style may affect your team’s output. Micromanaging your employees may inspire animosity, while a lack of supervision can lead to bad habits and a shortfall of accountability. Always looking over your employees’ shoulders sends a message of distrust and lack of empathy. Never looking over their shoulder sends one of apathy and neglect. As a manager, you’re responsible for establishing positive energy within the workplace. Offering constructive feedback to your team and setting attainable goals are great qualities, but they should be balanced with a level of trust that inspires confidence and a healthy sense of responsibility.
2. Training and development
Employees are always looking for new things to learn so they can grow and develop their skills. When an organisation can’t provide a conducive learning environment, employees won’t be afraid to leave for a job that invests more heavily in their personal development. If you want to boost confidence within your team, offer platforms where they can deepen their knowledge, and broaden their skillset. This also creates a healthy level of competition within your team, as employees see training and development as opportunities to get a leg up on their peers. Your business can only benefit from a more dynamic and educated workforce.
3. Employee engagement
Employees can get bored with routine work. It’s good to change things up once in a while to increase employee engagement. Initiate and conceptualise employee programs or host events that will make every employee feel seen and appreciated on an individual—or even personal—level.
4. Growth opportunities
Employees stay with an organisation when they see room for growth. It’s important to consistently communicate with your workforce and talk about future plans for advancement. Hiring from within when upper-level positions open is a great way to increase retention and incentivise personal development. Remember to develop your employees so that they are equipped to leave while giving them good reasons not to. Everyone wants to grow. If you place a ceiling over your employees’ potential, don’t be surprised when they leave to find a higher one.
Recognising the hard work and efforts of your employees is always important. Incentives are a great way to boost employee morale and instill a sense of belonging. Bartercard’s trade dollars are a unique way to show your appreciation to your best-performing employees because they can spend them how they choose.
Loyalty is not a one-way street
Naturally, employers want loyal workers who will labour out of love and grow alongside you. That said, employee loyalty begins with employer loyalty. Focus on people more than numbers. Employee loyalty must be earned, not commanded. Bartercard is a great tool to inspire greater employee loyalty. Using trade dollars as an incentive can help you increase your employees’ productivity and provide a platform where your team can engage in social networking events. What’s more, they can enjoy all the great products and services available through Bartercard’s online exchange. Reward your team with the freedom to spend their trade dollars however they like. Contact Bartercard today to learn more!