When your turnover rate is high and morale is low, it's time to get serious about investing in employee loyalty.
The US Bureau of Labor Statistics reports that employees between the ages of 25 and 34 stay at a job, on average, for about three years, compared to nearly eight years for 45-to-54 year olds.
Read: How to Boost Engagement Using Employee Incentive Programs
Many companies attribute their diminishing employee loyalty to millennials and their need for better benefits and job perks.
In February, ReportLinker conducted an online survey of 500 US respondents.
The survey revealed 40 percent of millennials somewhat agree that they're highly dedicated to their employer.
Meanwhile, 66 percent of older workplace populations surveyed were committed to saying they were loyal to their present employer.
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Companies have taken notice of this change in workplace attitudes, doing their part to offer wide-ranging benefits to not only lure new employees, but keep the ones they already have.
With these tools in your office toolbox, you can worry less about younger employees departing and more about growing the company from within.
Don’t know how to get started? How about adding these three rewards:
1) Give Gift Cards Employees Care About
Would a solid pay increase make top-performing employees happy? Sure. However, many companies simply can't afford to give out raises or cash bonuses, so they have to find alternative solutions.
Gift cards may be the perfect incentive tool, especially if you give them out multiple times throughout the year when employees meet certain milestones or objectives. It's also important to select a gift card reward that matches the hobbies, interests, or needs of the employee.
"Companies are now looking at tapping into the emotions of their employees and what resonates on that level...to make them feel valued," Hillary Bamont, sales director for Bishop McCann, recently told Incentive Magazine.
"It's all about the experience and how you made them feel versus the actual object. Don't get me wrong; it's human nature to like gifts, but a gift that has thought behind it is even more impactful."
2) Take Your Team on an Outing
While it's thoughtful to give out gift cards in the workplace, getting your team out of the office to celebrate a major sale or successful project is equally important in your quest to improve worker loyalty.
Incentivizing your employees with trips to a local bowling alley, movie theater, or restaurant trivia night can be excellent team-building exercises. Introducing these moderately-priced activities should do wonders for your employees' overall perspective on the company and help retain them.
3) Bring Some Fun Activities to the Office
Each week, set a team goal and if it's reached, celebrate the achievement by giving your team a choice of in-office activities to participate in.
Here are several examples of on-site activities you can use to incentivize and keep your employees happy:
- Dedicate an afternoon to board and card games
- Host a craft beer (or Italian soda for non-drinkers) tasting
- Play corn hole, laser tag or another activity on the lawn (if you have one large enough to accommodate your team, of course)
- Put on an ice cream social
- Set up a breakfast bar
- Throw a pizza party
Offering any of these activities to your team can spark more employee loyalty, while also reducing the turnover rate. Creating a fun company culture also goes a long way toward improving employee retention.
Want to add brand-name gift cards to increase loyalty? You can buy gift cards at a bulk discount by filling out a brief form.
