Hoping your employees will stay with your organization out of sheer loyalty is no longer the key to retaining the vital leaders within your team. The days of the gold Rolex for 25 years of service have come to an end. The pendulum continuously swings back and forth from being a candidate-driven to an employee-driven marketplace. Despite the pendulum swings, many profitable organizations are able to retain the best and the brightest within their walls, leading to their continued success.
Since statistics show that only 40% of all businesses are profitable, that leaves a staggering 60% of companies that are missing the mark on employing and retaining high-performing employees.
Is the problem that people aren’t as loyal as they used to be or is there something companies could be doing better to retain their employees? Let’s find out!
Trust builds Loyalty
“Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish.” – Sam Walton, Walmart
Positive and strong leaders are the most important source of growth and long-term employee engagement. Start taking an active role in making sure that your managers are trained to inspire employees, share their expertise, and offer opportunities for growth.
Empowering employees and boosting their self-worth breeds trust, which in turn fosters loyalty to your company. Loyalty is earned and the best generator of that is genuine human connection. Improving the performance of others and giving meaningful tasks is the key to unlocking loyalty towards your business.
Give Your Employees a Voice
Technology is designed to increase communication within your organization, but it can also do the opposite. Out of touch leaders prefer to send emails and leave voicemails rather than actually talking to their team. In order to build a better culture, you must provide real-time communication with your employees. The “my company is too big” argument doesn’t fly here. Managers and department heads should consistently schedule virtual or in-person meetings with their staff in order to keep those windows of communication open.
During these times of interaction, this is a prime opportunity to ask how your employees feel. Do they feel like they are able to meaningfully contribute and grow professionally? Here are some questions you can ask to dig deeper with your team:
- Think back on a time in which you felt like you were the most fulfilled, really doing what you loved. Is that now? If not, what can we do to get you back in more of that element?
- How am I doing as your manager? What am I not doing that you wished I would?
- I know we are doing certain things well, but what is good that could be even better?
- What are you not doing right now that you wish you had the opportunity to do?
- What is the biggest obstacle that is keeping you from being most effective?
You might be asking, “Why bring up issues that may not need to be brought to the surface?” What this actually does is create an open and collaborative partnership between you and your employees. The stronger the trust, the more loyalty gets built. If people have the ability to provide open feedback related to the organization and their career, they are less likely to leave your company. Give employees a voice and watch their loyalty levels start to increase.
Identity is in Play
“Organizations are not a source of security but they are a source of identity.” – Bill Taylor, Fast Company
Deep down, people want a company that is attached to their identity. They WANT a company to be loyal towards that allows them to be a part of something bigger than themselves.
Give them what they need, and they will rarely leave. Through these tips, you’ll start to foster loyalty and lead to a better bottom line
With over 90 years of logistic experience, Top Talent has been committed to “Finding people who make a difference” for its clients. To learn more about successful strategies for getting those impact players and game-changers on your team, reach out to us today.
– Michael Monson
Top Talent LLC
President and CEO