Even though we’re living in a world with low unemployment levels, it’s expected that a lot of people may leave their jobs this year. It’s time that you learned what investments to make to retain your best talent. Here are three things to invest in to build employee loyalty.
The Employee Experience
Companies often attempt to buy the satisfaction of employees through perks. They should aim to get employees engaged rather than just being satisfied. An employee can be happy doing nothing, but engaged employees care about their organization. Engaged employees drive profitability, improve customer satisfaction, and reduce turnover and accidents.
The employee experience begins with effective managers. The relationship employees have with their supervisors is an important part of engaging employees. Invest in managers and develop dynamic leaders.
Train them in properly communicating with employees, giving effective feedback, and ensuring employees are working on things they should be.
Be gracious when employees approach you asking for a career change. Help them make the transition, even though they are likely to be leaving your company.
Even if they leave, they will have a positive experience and encourage others to work with you. No one wants to work for an employer that treats employees badly, so invest in that employee experience.
Give Them a Way to the Top
Employers have to include employee priorities as a priority. The buyers’ market of talent is over. These days you need to ensure employees grow alongside the business.
Ask employees where they want to be in three to five years because not everyone is set on their path. Give employees the chance to work where they want to and help them progress into managerial positions and other positions they want.
People need to see where they can – and will – go within an organization. Give employees a chance to move up and work with them to keep them working for you. If you can’t give them a way to where they want to be, they’ll find an employer that will.
Let Them Contribute
Over half of employees say that getting the chance to show their abilities and skills was a major contributor to their overall job satisfaction. Employees that feel valued and have a sense of purpose are always going to give their all.
Research has shown that they get this sense of purpose and pride by focusing on what they can do for their team rather than what the organization can do for them. Employees should be encouraged to share their ideas. You have no idea what great idea might be hidden away.
Foster employees to become “intraprenerus” that are thinking of what they can do for the business. Reward them for their great ideas and nurture their professional and personal development. Encourage employees to act like owners themselves and let them develop their careers.
Letting employees contribute and know how valuable you find their insight is a great way to reduce employee turnover. It can even do wonders for your bottom line! So it’s a win-win situation.
Investing in employees is always a worthwhile thing to do, but it only matters if you do it strategically. Invest in areas that have been proven to increase employee engagement and loyalty.
The more engaged and invested an employee gets, the more they want to stick around and continue working for you and your business.
Employee happiness is also important, but it shouldn’t be confused with engagement. A happy employee is not necessarily a productive one that will stick around. An engaged employee is.