Employee loyalty is an important but often under-appreciated part of any workplace. The more an employee feels that they are valued and that their employer has their best interests in mind, the more likely they are to remain with the employer.
However, many employees find themselves frustrated with their current positions and begin looking for work somewhere else. According to the US Bureau of Labor Statistics, in 2022 the average tenure for employees aged 25 to 34 was only 2.8 years. All too often, employers end up losing skilled and capable workers without knowing why.
At ResourceTek, we know that our employees are our most important asset. We listen to their concerns and their feedback, and have found the most common areas that affect employee loyalty.
1. Career Advancement
According to a recent report from Statista, 41% of employees leave their jobs because of a lack of potential career advancement. The feeling of being stuck in a “dead end” job can be demoralizing, and can cause good workers to look elsewhere for a path forward.
The best way to foster employee loyalty, then, is to always make sure there are opportunities for career growth. Employers should provide the chance for internal promotions, mentoring and coaching, or training and development programs so employees can further their own career goals within the company.
Employees who feel that they are being fairly rewarded for their work are generally more motivated and productive, and more likely to stay with their employer. On the other hand, over 40% of Americans admit that financial strain affects their productivity at work. As financial stress becomes more common, it becomes more likely that workers will leave their position for higher pay.
Of course, wages aren’t the only way to compensate employees for their work. Often, employees will also look for insurance benefits, personal days, and perks like stock options. Many employers now also offer vouchers for services like babysitting to improve work-life balance, or access to financial wellness programs for those struggling with money issues.
It’s a well-known saying that “employees don’t quit their jobs; they quit their bosses.” Problems in management can occur on multiple levels, ranging from micromanagement to overly bureaucratic company policies.
Quality leadership, on the other hand, can grow loyalty and keep employees satisfied even if the work itself is difficult or unpleasant. Creating a comfortable workplace, keeping open lines of communication, being willing to give and receive constructive feedback, and making sure employees have the tools and resources they need are all important factors in developing a healthy relationship between employees and management.
4. Employee Engagement
Most employees tend to be more satisfied with their work when they feel that their time is being well spent on the job. According to a study by Mental Health America, a lack of engagement at the workplace leads to a more negative outlook toward the employer. Feeling they are being taken for granted can cause employees to mentally ‘check out’ while at work, and ultimately cause them to leave altogether.
Making sure good work is recognized and rewarded is key to keeping up employees’ engagement. As well, it’s important to keep work expectations reasonable and promote a safe workplace. Fostering a positive corporate culture, one that brings team members together and encourages career growth, can also go a long way to make sure employees are engaged at work and want to stay.
5. Work-Life Balance
One of the most cited reasons behind the Great Resignation in the wake of the pandemic was employees struggling to maintain a healthy work-life balance. Many workers still find themselves having to work long hours, or being called in to work on their days off. Even employees with remote jobs can experience stress from work imposing on their personal lives, as some employers will call or message them at irregular hours.
It’s important to set clear boundaries between employees’ work and personal lives. Off-time should be respected, and remote employees should know they don’t have to worry about being contacted at inappropriate times. Easing unnecessary stress is one of the most effective ways of fostering loyalty.
Loyalty Works Both Ways
Ultimately, all the above issues tie into one fact: the best way to win an employee’s loyalty is to be loyal to them. Making sure they are treated fairly, giving them the resources and the opportunities to succeed, looking after their mental health, and investing in their future will lead to employees being more satisfied, more motivated, and more productive. And having more loyal employees leads to a healthier workplace, increased revenue, and better relationships with customers.
At ResourceTek, we know the importance of loyalty to our employees. That’s why we offer strong compensation packages, engaging projects, and opportunities for career advancement. This lets us enjoy strong, lasting relationships with our employees and partner companies alike.
Our employees are our greatest assets, and we treat them that way. Contact us today and see for yourself!