How to Foster Employee Loyalty
Compensation: Compensating employees can take many forms, and in order to foster employee loyalty compensation should extend beyond a paycheck. Standard payment is important, however finding innovative ways to compensate employees will help maintain loyalty among your workforce. Using spot rewards, like small denomination gift cards to popular retailers like
CVS/Pharmacy,
The Cheesecake Factory and
The Limited is a great way to show employees you noticed extra effort on a specific project, or appreciated them staying late one night.
Environment: Creating a comfortable environment where goals are clearly stated and communication is clear between peers and from managers to their team is key in creating a culture of loyalty. Working hard and having fun as a team will form relationships and camaraderie that foster loyalty, job satisfaction and improved productivity.
Combat Workplace Stress with Health and Wellness Programs
Workplace stress is an increasingly common issue, affecting both employee well-being and company performance. According to the American Institute of Stress, job-related stress is the primary source of stress for American adults, with 83% of U.S. workers reporting stress-related symptoms. This stress not only impacts individual health but also costs American businesses a staggering $300 billion annually due to absenteeism, turnover, and reduced productivity.
Employee Recognition the Right Way
Everyone knows how valuable it can be to practice employee recognition across an organization. The key is to execute an employee recognition program the right way, if your employees don't feel recognized or are not comfortable with the recognition method, your organization is not going to get the ROI it is looking for by way of increased productivity, increased job satisfaction and high retention rates. Here are 3 key ways to make sure your employee recognition program is working for your organization and its employees.
Employees Wellness Programs Pay for Themselves
By now you are probably familiar with the new laws that took effect as part of the Affordable Care Act earlier this summer. Employers can now offer incentives totaling 30% of total plan cost (they used to only be able to offer 20%) to employees who are healthy, taking preventative measures to stay healthy, or meeting goals to get healthier. The idea is that employers should encourage wellness (not just for the greater good of society) because it cuts down on absenteeism and the cost of health care benefits for the employer…and the benefits keep coming. A review of 72 studies in the American Journal of Health Promotion revealed these staggering figures:
Employee Praise Raises Revenue
Employee praise can actually raise your organization's revenue, so make sure your managers are like good coaches, cheering on players at all times. When managers support their teams and recognize a job well done with public praise, productivity increases and employees get more motivated to contribute to organizational success. There is nothing better for company morale, and peer education, than managers teaching teams and providing positive reinforcement. So start at the top and empower your managers, the effect will trickle down to the rest of your organization. Check out this infographic below to see how much potential there is for improvement with managing employees, and to see how to educate your managers to cheer on their team.
