The business world has changed drastically over the last few decades. It used to be that, after school (whether high school or college), someone entering the workforce would find a reputable company to work for, work there for their entire career, and then retire with a company pension.
Today, pensions are largely unheard of in almost any business setting; promotions and raises happen by job-hopping; and employees feel like a commodity, rather than an asset. In some fields, employees have to go through months of paperwork and HR meetings just to get a raise that keeps their pay on par with new hires.
The biggest issue with these rapidly expanding trends is this: employees still want to feel a two-way sense of loyalty to the company they work for. People want to know that their work is valued, that it is making a positive difference in the lives of others, and that they’re appreciated by their employers for their contribution to the team.
How to value employee loyalty without breaking the bank
Employee motivation, loyalty, and recognition are hot topics, especially in politics this year with regard to raising the minimum wage.
The good news is, there’s a way to show your team that you value employee loyalty without taking your team on an all-expenses paid cruise, significantly raising everyone’s salary, or implementing other cost-prohibitive options that could break the bank.
Here’s a few things you can do:
- Remember that employee loyalty doesn’t need to be bought: it can be acquired by giving thanks.
- A token of gratitude can be as simple as a note or as complex as a retirement gift.
- Recognize goals and milestones; it will only further incentivize additional achievements.
- Award employee loyalty, protecting your company’s investments in staffing.
The trick is to remember that your team is one of your greatest assets and investments. Yes, there will always be some employee turnover. But when you can shift your focus towards showing your team that they’re a valued part of your program or company, they’re going to want to stick around. In turn, employees will mentor each other, create a positive and inviting company culture, and extend an even greater sense of customer service to your client base. And that’s a solid win-win for everyone involved.
Are you ready to recognize your employees but need some direction or help? We’re here to help: just click here to contact us now.
Photo Credit: © ave_mario / Adobe Stock