Employee turnover is costly and time-consuming, but building employee loyalty can help, according to the U.S. Chamber of Commerce. A loyal employee is unlikely to look somewhere else for employment and is committed to the company’s success.
Increasing employee loyalty involves increasing the positive emotions your team members experience while at work; this can be challenging but worth the effort.
Following are three steps your company can take to improve employee loyalty.
- Invest in professional training and development. Research from McKinsey shows 35% of employees quit their jobs because of a lack of professional development opportunities. Of the employees who left, 59% said it was because their employers did not invest in their skills and abilities. Top performers want to continue growing and learning, so look for opportunities such as conferences and continuing education. You also can give senior employees a chance to mentor new staff members.
- Provide the tools and resources employees need. Employees often say they do not have the tools needed to do their jobs effectively, and it can be frustrating trying to complete your work with inadequate resources. Ask employees what resources would help make their jobs easier and strive to meet their needs.
- Improve workplace communication. McKinsey reports 35% of employees quit their jobs because of uncaring leaders, and another 35% left because of unrealistic work expectations. This highlights how crucial it is for management to better foster communication at work. Stay in touch with employees, promote positive communication and encourage employees to communicate with each other.
