The success and growth of a company are largely dependent on its employees and how happy or content they are in their roles. The human factor or resource is fast becoming one of the most studied and analyzed to help organizations achieve goals and enjoy enhanced work productivity. Some companies are successful in achieving these objectives while some are not. This raises the question- What steps should be taken to make employees more engaged and loyal. Here, in this content, we have tried to answer this question.
In the past few years, employee engagement has become one of the most researched topics. Studies conducted in this field reveal that almost 55 per cent workforce in an average company looks for better and more inspiring job opportunities. It is also one of the major reasons why many organizations lose approximately 33 per cent of its human resource base every year. These numbers reflect reducing employee loyalty towards the company where they are working. It is a matter of concern as every organization is dependent majorly on employees to achieve pre-determined goals and objectives.
Losing an employee base means a lot of cost and time to a company. They have to start the process of hiring again. It is approximately 20 per cent cost of the average salary of an employee. Thus, the need of the hour is to ensure and instil the sense of loyalty among employees. Here, we bring you a few steps that can help you succeed in this endeavour.
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There is no clear-cut definition of this concept, but it can be considered as an umbrella term for sentiments and emotions that makes employees feeling engaged and attached to the company that has employed them. These emotions will keep them anchored and the chances of them looking for a job elsewhere reduces.
If an organization wishes to increase employee loyalty, they need to reinforce positivity among the employees. At the same time, the companies must also work on reducing negative vibes or emotions running high in the company so that the employees do not have to make a decision to go to any other company. The need of the hour is to deal with root emotions so that they focus is on issues that really matter.
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One of the major reasons that force employees to look for a job elsewhere is the lack of fair compensation. If they feel that they are being shortchanged and the skills and qualifications matching theirs is getting more paid in other companies, they will feel devalued. This sense of feeling not valued enough is sure to lead them straight at the doors of the competitors resulting in a big jolt to their employer. It is thus important for the company to ensure the same pay for same work without having to renegotiate their salaries. It is for this reason, it is imperative for the companies to be fair and offer competitive salaries to their employees. They can also build the trust of their employees by publishing everyone’s compensation so that there is clarity and no reason to doubt.
It is important to understand that businesses usually wish to do business with people whom they can trust and vice-versa. Thus, people love working with people whom they can trust and do business with without any issue. Creating referral bonuses is one of the ways through which a connection can be ensured between the employees. Many organisations have started employee referral programs where current employees can refer their friends for a job opening. Studies have indicated that the use of the employee referral program has resulted in reducing employee turnover rate in a year to just a meagre 5 per cent. This number speaks volumes about the success of the program and why it is important for the organizations to have it in place.
Another way to gain the respect of your employees is by relying on their skills and experience and giving them freedom and flexibility complete a task or achieve a goal. The organisations where senior managers try micro-managing everything, the employees find it difficult to grow and some of them even start losing their confidence. They can also ensure employee engagement by allowing the employees to set their own work hours as long as they are able to achieve the target within the stipulated time.
Many companies have understood the significance of organizing corporate offsite activities. When the employees meet each other outside their office environment, they are more forthcoming. They start understanding each other, feelings of trust and respect amongst them also increases. It is, for this reason, many companies organise team-building activities like raft building, pyramid building, cook it up, triggertronics and more that brings team members closer to each other. They seem to shed their inhibitions and start having a lot of fun fulfilling a variety of tasks given to them. By the time these team building activities come to an end, a remarkable change is seen in their attitude towards each other. There is a sense of camaraderie among them and they also feel engaged.
Another thing that needs to be kept in mind is keeping to uncertainties to a minimum. In these modern times when the competition is high, jobs are uncertain, employees are always struggling with an innate fear of losing their jobs even if it is not the case. The reason behind this fear is uncertainties in working. If the top management can layout things clearly and precisely, it can help the employees understand what they are expected to do. The pervasive uncertainty, on the other hand, creates a climate of stress leaving the employees feeling miserable and such employees cannot contribute to workplace productivity. It will also make them feel disengaged. Thus, it is recommended to keep things as clear as possible with no chance of any ambiguity.
The above tips can help you make your employees loyal and engaged towards their employers and they will strive hard to give their best and bring a difference to the growth prospects of the company.