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5 Ways to Retain Loyal Employees

keep your loyal employees

By Nicky Tatley

When a company has a rapid employee turnover, it generally results in a negative effect on productivity as time is spent training new people, who then may leave before they have a complete understanding of the business.

Study after study has demonstrated that a contented workforce is more productive, less likely to take time away from work due to ill health and more likely to remain with the same company for longer periods.

There are several ways to create an environment that results in happier employees and, consequently, improves prospects for developing an enduring relationship with workers in all departments and at all levels. Here are five ways to keep your staff loyal:

Communicate

A good employer understands that the workforce needs to be kept informed of plans and developments, whether they are good or bad. Your employees don’t need to be sheltered; they need to be included and good communication does exactly that. Involving workers in this way creates a personal investment for them and allows a deeper level of satisfaction with company successes as well as a stronger determination to overcome problems. Always remember that communication is two-directional and listening to employee concerns and suggestions is as vital as being honest with them.

Positivity

Encourage a positive attitude by setting up a mentoring system which will allow good practice to become part of the culture of the workplace. As far as possible, highlight what’s done well and elicit suggestions from all parties as to what improvements can be made in other areas. Above all, set an example of the style of engagement you want to see; positivity should start at a management level in order for it to be accepted as a core concept.

Consistency

It’s important that people feel they are being treated fairly. Whatever your particular style of leadership, whether it’s relatively casual or a more formal approach, you must apply it consistently so that employees know what is expected of them. A combination of a consistent approach and transparency when dealing with others is the foundation of a sense of trust that is invaluable in creating a good work environment and retaining employees.

Opportunities

There are several ways that you can present opportunities to employees. For example, you can share the responsibility for more interesting aspects of the work rather than always doing those jobs yourself or restricting access to them. Additionally, it’s important to encourage workers to step outside of their comfort zones with challenging tasks or courses as long as they are fully supported. By doing this, you will be more likely to meet your business’ growing needs as well as engendering feelings of accomplishment in the workforce.

Reward

When we think of ‘reward’, we often assume it refers to bonus payments, which it can. While people appreciate receiving extra payments for particularly good work, other perks such as insurance cover, gym membership or additional time off are always welcome and a good reward system is one that is creative. Observing workers and recognising their achievements are the first steps to instigating a system of praise and reward that shows you appreciate the specific things they’re doing to make your business successful and this can only lead to greater levels of satisfaction.

Some employers seem to be under the impression that they have to choose between the workplace experience and profit, but research shows that the two are inextricably linked. By making the working environment a rewarding one, the smart employer can increase loyalty, leading to a longer-lasting relationship with the workers; this means there will be more people in the company who truly understand and value what you are trying to achieve.

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Nicky photoNicky Tatley is Content Editor at BusinessesForSale.com, the market-leading directory of business opportunities from Dynamis. Nicky writes for titles across the Dynamis stable, as well as a number of other industry publications, both print and online.

 

One Comment (Add Yours)

  1. Great article, Nicky. One of my best clients, a small business owner with 7 employees was struggling with cash flow, low morale and motivation on the team. I encouraged him to open the books, allow the team to see the reality of the company, ask for help in turning things around.

    He was afraid if they say the reality they would start looking for other jobs/opportunities. All but two had been long term employees 7 years or more, one as long as 14 years. I told him they all have a vested interest in their company’s success and it will motivate them to contribute at higher levels.

    It turned the company around, got people involved in solutions, created ideas for internal, positive, fun competition in identifying new markets, generating referrals, etc. and he gave out small bonuses each month to winning teams, $50 gift certificates, etc.

    After 3 years, he’s still ecstatic about the turn around and the company is a fun place to work again.

    Your ideas work, when done correctly, too many business owners don’t understand how to do this and when they try on their own, often make things worse!

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