Employee loyalty is at the lowest rates in recent memory. According to a recent CareerBuilder survey one in three currently employed individuals plans to leave their job by the end of the year. 76% of current employed people would leave their job if the right opportunity presented itself, although they are not actively looking for a new job. Other studies have also shown staggering turn-over rates, showing that the average company loses 20-50% of its workforce each year. These numbers show employees are disconnected to their jobs, and that employers are not showing reciprocal loyalty to their workers. As the recession still continues to affect the economy and the job market employees see down-sized benefits packages, cut backs on organizational spending that was previously invested in professional growth and training opportunities, and a lack of demonstrated commitment to employees. Employee loyalty has declined, because if employees don't feel that their organization has invested in them, they will not invest their longterm professional commitment in the organization. Investing in employees, whether it is giving a small denomination restaurant gift card for a one year anniversary, or ensuring that employees continue learning and growing through professional development training, it is important to show employees that their organization cares about them.
How will you use loyalty rewards to improve your retention rate this year? For more information and ideas on how to show loyalty to your employees check out this Forbes article.
