Building Company Loyalty To Decrease Turnover

March 06, 2020 by First Federal Bank

Two employees fist bump in an officeYour hard-working employees are instrumental in your business’s present profitability and future growth, so it is imperative to establish a company culture that makes your employees want to work for you for many years.

As a business owner, a big part of your success is due to the people you trust to implement your vision. Your hard-working employees are instrumental in your business’ present profitability and future growth, so it’s imperative to establish a company culture that makes your employees want to work for you for many years.

Reward high performers

Employees want to know and feel that their work matters and that you appreciate their efforts. Rewarding your employees for good work and praising their accomplishments will help you foster a sense of comradery and loyalty within your staff. High performance should be compensated with a bonus or pay increase. This will show all your employees that going above and beyond at work is a worthy pursuit.

Invest in professional development

Employees want the opportunity to grow and advance in their careers. They want a clear set of goals they need to work toward and a clear path that outlines promotion in your company. The opportunity to sharpen or learn new skills or aspects of your business is important, too. Allow your employees to attend classes, conferences or instruction that will help them be more engaged with and effective at their jobs. And in some cases, let them take the lead.

“Provide opportunities for people to share their knowledge on-the-job via training sessions, presentations, mentoring others and team assignments,” advises The Balance writer Susan M. Heathfield. “Employees like to share what they know; the act of teaching others ensures the employee’s own learning. Training others is the best indicator of learning.”

If your employees are interested in earning a degree, propose tuition assistance and encourage them to share their hard-earned knowledge at work.

Offer flexible hours

In a world where staying connected 24/7 is possible, it’s not detrimental if your employees are given some control and flexibility over their schedules. In fact, a flexible schedule that allows your employees to find a better work/life balance with working from home opportunities, later or earlier starts or hours that are more conducive to family life can go a long way in fostering employee retention and satisfaction.

Deliver comprehensive benefits

Employees appreciate being compensated well for their work, but their satisfaction with their job goes beyond a paycheck. Insurance plans that cover health, dental, vision, life and disability are essential tools in fostering employee retention. An attractive 401(k) matching program can be the reason an employee accepts an offer to work for you or continues to look elsewhere, notes Heathfield.

Have fun

Only focusing on work will burn out your employees, and overwhelmed, exhausted employees tend to look for new opportunities. Take some time and allow your employees to have some fun and burn off steam. Celebrate the holidays with an event or special lunch and start establishing company traditions.

“Have a costume party every Halloween. Run a food collection drive every November. Pick a monthly charity to help,” Heathfield suggests.

Schedule yearly or quarterly team-building days that encourage your team to work together outside of their day jobs.

By implementing these suggestions, you’ll demonstrate how much you value your employees.

Categories: Small Business