There is no question that a high employee turnover only hurts a business. Why? Because training new employees takes time and money. Not to mention finding the right people to fill the necessary position. So, it is definitely better to prevent a high turnover altogether. One way to do that is by inspiring loyalty in all your employees. Here we have 10 tips how you can do just that.
1. Show Loyalty to Your Team
Loyalty and respect need to be mutual; they are earned and felt from both sides. In other words, the best place to start building loyalty with your employees is to show it to them. Be an example of what loyalty means and you’ll quickly start to take control of employee turnover rates.
2. Reach Out to Employees
Nobody is expecting you to set aside official time to every day to address employee concerns. But reassuring them every once in a while that they serve a valuable purpose can maintain and build motivation. In fact, just asking about their current situation and if they are happy will show you actually care about their well-being.
3. Use Effective Incentives
Another good way to build loyalty is to show recognition for a job well done and appreciate loyalty. If you don’t make it a point to recognise how loyal your employees really are, you are going to lose them very quickly. But small incentives that show management appreciates every bit of loyalty from team members can make all the difference for the company. For instance, simply doing something like using your childcare tax allowances to help your nanny with nanny tax may seem small but could make a world of difference to them. Not only will employees have something to look forward to, but they won’t be motivated to search for something else.
4. Trust the People You Lead
You will be very surprised at how much loyalty you can gain from your employees by simply trusting them in their responsibilities. This means not checking up on them every five minutes, but also, emphasise that you are depending on their distinct skills. This will no doubt inspire them to go the extra mile when you need it.
5. Keep Communication Flowing and Honest
Communication is vital for all areas of business. For instance, your team members should feel free to air their opinions and ideas. And if you don’t agree, provide solid reasons to keep communication flowing instead of just shooting down suggestions. Additionally, promote honest communication, whether it applies to co-workers, clients or customers.
6. Get with the Times
Young people who are just entering employment are very likely to look for socially pleasant circumstances, compared to simply going for better money. This means adapting to modern ways of getting things done and giving employees a reason to stick around, even if they can get a higher salary somewhere else.
7. Establish Foundations in Difficult Times
Everyone can agree that the economy has never really been a stable area particularly in recent times, which makes it difficult to create reassurance that employees will have work years from now. And this is a real issue when looking at reasons why employees start scouting around. Well, you can’t create stability in the economy, but you can share your plans for handling any challenges. You can also keep employees up to date about future plans, when people are involved in decisions they have more of a vested interest in success.
8. Always Stay Objective
It’s unfortunate, but sometimes employers hang on to individuals that don’t really add to a positive work environment. Instead, they ruin it for everyone else. But this is where employers should be tough and fair. That means always approaching the situation objectively.
9. Show Support and Encouragement
Employees are going to make mistakes. This is part of life. But they will only learn from their mistakes if they are allowed to properly assess what they did wrong. So, create an environment where mistakes are handled with calm and clear solutions, instead of making employees panicked and fearful.
10. Allow Employees to Take the Next Step
Just like you moved up in the world, most of your employees are hoping to do the same. This is why you should offer development and training courses. This way, employees won’t feel like they are falling behind, even if they are not moving into another position. Let’s face it, not every employee can be a manager. But if they have the training, they might stick around and wait for the opportunity.