Did you know that some studies show that less than half of employees are happy in their current role and 81 percent of people are willing to leave their current position for the right job offer?
“Workers today expect more than just a paycheck from their jobs, and they are willing to compromise on base salary to find the right fit,” said Dan Rodriguez, US President at recruitment firm Hays. “We hear every day from candidates looking for a company culture that fits with their core values. Strong leadership, open communication, work-life balance and career development are only going to become more important for attraction and retention.”
This is becoming a greater challenge in 2022, as organizations around the world deal with the workforce shortage - which is being dubbed the “Great Resignation”. In Canada and the US, organizations are struggling to acquire and retain talented workers.
In Canada, 84 percent of companies say they expect to face problems hiring this year, with almost one-third reporting they currently have open positions they can’t find anyone to fill. Meanwhile, in the US, some 55 percent of people in the workforce (meaning that they’re currently working or actively looking for employment) said they are likely to look for a new job in the next 12 months.
Because of this struggle to acquire talent in the current market, employee engagement and retention has become more important than it ever was before. So, with that in mind, we’ve listed 10 effective ways you can improve employee loyalty.
#1 - Focus on employee engagement
Engaged employees produce better outcomes than other employees, and are more likely to be loyal to an organization. Yet, despite this, Gallup suggests that only 15 percent of employees worldwide and 35 percent in the US fall in the engaged category. Find both small and large ways, such as daily meetings or regular team building activities, that keep your employees engaged with your values and your management team.
#2 - Provide a flexible place to work
The new employee craves flexibility and independence at work, and this is being driven by remote work environments. Employees want to be able to choose their own hours, work from where they want and self-determine when they work best. Providing your employees with a flexible work environment can help you to better retain younger workers.
#3 - Host team building events
Team building events can be hosted both in-person or virtually for your remote team. Team building activities can help you improve employee morale, build stronger relationships within your team, increase employee productivity, enhance your company culture and promote better workplace collaboration. Learn more about how your business can benefit from team building events here.
#4 - Show your appreciation for good work
Your employees want to know that the work they are doing for your company matters, and that they are helping your organization achieve its goals. A great way to build loyalty among your team is to simply show appreciation when they deliver good work. Managers and supervisors should build employee recognition ideas that boost team morale.
#5 - Provide opportunities for growth
Employees want more than just a paycheque. They want an environment that rewards good quality work and initiative. They want to work in an environment that helps them to grow both in their careers, and personally. Providing training, education and growth opportunities to your employees is a great way to build a more loyal team.
#6 - Build a positive work environment
To effectively retain top talent, your organization should focus on creating a positive work environment that promotes teamwork, inclusivity, collaboration, innovation, creative thinking and development. When employees like spending time with the people they work with, they’ll be significantly less likely to want to leave the organization for a different opportunity.
#7 - Provide constructive feedback
It’s important to provide your employees with both positive and constructive feedback. This all ties into giving your team the opportunity to develop and grow in their roles. Ensure your management team has a feedback mechanism in which they can provide constructive feedback to employees that helps them develop and improve on their skills and abilities.
#8 - Offer employee benefits
Employee benefits can make your organization stand out above its competitors. Perks such as gym memberships, vacation days, flexible scheduling, stock options and healthcare can all help your organization better retain its existing employees and attract new talent as well.
#9 - Celebrate Milestones
If you want your employees to remain loyal to your company, then it’s crucial that you celebrate them when they do. Take the time to celebrate employee milestones, such as work anniversaries, new qualifications and other achievements that come with employee development.
#10 - Set your employees up for success from the start
All employees should be ready for success when they first start with your organization, that’s why your onboarding and orientation is so important. Teach new staff about the job, but also about the company culture, how they can contribute to success and what they need to do to thrive in their role. The support you provide them from day one will set the tone for the tenure with your business.
Interested in learning more about how team building events can help your business improve employee loyalty and engagement? Get in touch with Teambonders today. Our team of experts would love to recommend a program for you.
