Maintaining employee loyalty is a crucial component of operating a business. A loyal worker means they will stay with your company longer with less chance of transitioning to a competitor company or quitting altogether because of dissatisfaction or another reason.
Here are five ways to increase employee loyalty for your company. Get creative in how you implement each of these employee loyalty tactics to make it your company’s unique pathway.
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1. Yearly Raises
Surprisingly, not every organization in America gives their employees a yearly raise. Thankfully, 92% of organizations now offer regular pay increases. This same statistic was 85% in 2021 and even lower 67% back in 2020.
Companies started to recognize the importance of giving pay raises perhaps because of how the COVID-19 pandemic was making job security so uncertain. Even if you give your employees a 50-cent to $1.00 raise each year, it will make a difference. Of course, raise rates will depend on how many employees you have and what your budget allows when it comes to delivering pay increases to employees.
Be sure to make it a competitive yearly raise. Base it on the employee’s performance in their position as well as what your budget can allow.
2. Competitive Pay
Speaking of competition, don’t forget to offer competitive pay to your employees during the onboarding process. For example, Aaron Smith may have five years of experience in your company’s field and is coming from a different company. Think about giving him $3 to $5 more on his pay rate commensurate to his experience and your discretion.
If Bruce Bailey is fresh in your company’s field and has never had experience, then he can start at the original agreed-upon pay highlighted in the position’s job description. Awarding pay based on one’s experience level will keep employees motivated to work hard for your company because you are showing your appreciation by paying well for what they already know.
3. Offer Various Incentives
Many types of employee incentives can enhance loyalty. Try a few of these out if your company hasn’t already:
- Profit sharing
- Employees purchasing stocks within the company
- Tuition reimbursement for collegiate studies
- Meaningful and useful gifts every Christmas
- Potluck parties on special holidays such as a few days before Thanksgiving or the week of Christmas
- Paid days off on national holidays
- Referral program to be awarded some money if an employee recommends someone to be onboarded and they become successfully hired
4. Build a Positive Work Environment
Employees will want to stick around if you enforce a positive work environment. Back in April 2022, a FlexJobs survey revealed that 33% of employees were considering quitting their jobs because of a negative work environment and poor company culture.
Ways that you can build a positive work environment include:
- Make the onboarding and training process a breeze for employees
- Have manager and employee one-on-one meetings regularly
- Help employees to collaborate as a team rather than work independently
- Harvest a positive workplace culture
- Discuss your organization’s core values
- Communicate what you expect from your employees
- Keep your employees always feeling valued
5. Employee Surveys to Influence Company Changes
During those regular one-on-one check-ins between the manager and each employee, have them take a survey at least once per quarter. Ask them questions such as what the company should change, or if they have any ideas for how the company can operate more smoothly. You can be as subjective with the survey questions as you would like to be.
What are some other ways that you like to enhance employee loyalty for your company besides what we highlighted above? Let us know in the comments!