Employee loyalty is one of the most sought-after traits in the modern workplace. It refers to the state of staff members feeling genuinely dedicated to, passionate about and satisfied with the company they work for. Employee loyalty takes time and effort to cultivate, but is proved to be crucial to a business’ success.
Why is employee loyalty important?
Every company should take steps to create a culture of mutual respect and loyalty between employer and employee, because this kind of relationship can have a significantly positive impact on the growth and success of a company. When a company can truly rely on its employees, there are countless business benefits to be reaped in the long term.
What are the benefits of employee loyalty?
The more satisfied a company’s employees feel with their employer, the more that company has to gain. Here are some examples of what loyal employees bring to a business:
Reduced turn-over rate
A high turn-over rate is bad news for any business. Recruitment is a costly and timely process that requires research, advertising, interviews, training. By incentivising employees to be loyal, you increase employee retention rates, reduce turn-over rates allowing you to avoid recruitment hassles and costs.
Increased profits
Satisfied employees display higher levels of performance at work and increased productivity. Engaged and enthusiastic staff are more likely to go the extra mile for your business and customers, which can enhance customer satisfaction and encourage repeat business.
Enhanced company image
Your employees are your company’s first brand ambassadors. When they feel job satisfaction working for you, they spread free, positive word of mouth advertising about your business.
Top talent attraction
When loyal employees get the word out about how well your company treats them, more talent will come knocking. A high-quality work environment attracts high quality prospective employees.
So, how do you earn employee loyalty?
Cultivating employee loyalty at your company will take time. Generally, employees are more likely to feel loyal to a company that shows long term loyalty to them first. Most frequently you’ll see provisions like competitive salaries, promises of promotions and employee recognition, but there’s a way to go further.
As an employer it’s also important to bring tangible rewards that bring genuine value to your employees’ lives, and consistently meet their needs and wants in both a personal and professional capacity. This is where Randgo comes in, with the offering of tailored employee loyalty programs. Earn your staff’s loyalty by bringing benefits to different areas of their lives, simply for being your employees.
Who wouldn’t form loyalty towards a company that significantly improves their quality of life? Consider these examples of different solutions you can offer employees through Randgo to garner their loyalty:
Rewards
Trade employees’ exceptional work performance with rewards customised to their needs or wants.
Wellbeing benefits
Empower employees to be happier and healthier at work, with the kind of support they need the most.
Assistance benefits
Offer your employees the help they need when they need to show them how much you care.
Rewarding employees is key in creating employee loyalty. When employees feel genuinely supported and valued for the work they do, they come to genuinely support and value their work and employer. Cultivating a culture of loyalty creates a mutually beneficial relationship where both employer and employee can grow together and drive a business’s long term success.
With loyal employees on its side a business can increase profits, improve employee retention, create positive brand association, attract top talent and more. Create a customised employee loyalty program today to drive your business’s success. Ultimately, businesses that reward their employees to incentivise loyalty are rewarded themselves in the long term.
