When you consider that the cost of replacing a lost employee is around 150% of that person’s annual salary (Columbia University) and each year the average company loses 20-50% of its employee base (Bain & Company), it’s clear that retaining quality staff should be a priority for any business, big or small.
As an employer you must prove your workplace is adapting to the changing expectations of employees, that you recognise and appreciate their hard work and, importantly, show that there is ample opportunity for growth and development.
As well as a competitive salary and benefits package, there are a number of ways to increase the loyalty of your organisation’s biggest asset.
1. First thing’s first - hire well.
Loyalty begins at the point of hiring an employee. Employing staff that share the ideals of the company and mesh well with the already established staff members, is a key first step in guaranteeing committed and loyal employees.
2. Measure employee engagement.
Engaged employees - that is employees who are enthusiastic and emotionally connected to their work – are the most productive and most loyal.
A good way to start improving the loyalty of staff is to measure how engaged employees are. Consider a survey that includes scaled questions about job satisfaction, quality of peers, likelihood to change jobs and satisfaction with compensation and benefits. Surveys like this can express quantitative measurements of employee engagement.
Gathering such data as well as open comments can provide a number of opportunities to make employees happier. – like introducing new employee benefit services like Work In Your Work Out, an on-site service that delivers 30-minute fitness sessions from qualified personal trainers.
3. Be open about growth opportunities and fill training gaps.
It is much easier for an employee to envision a future at your company if they are aware that the company would like to include them in the plan. Try to include employees in succession planning discussions and assess employees’ skills honestly. Ideally there should be no training gaps within your organisation; however if something arises, actively fill the gaps.
Including employees in future plans and helping them achieve their goals in professional development is an important step in encouraging long-term loyalty of staff members.
In a survey conducted by Sodexo Engage, more than half (58%) of employee respondents cited flexible-working hours as the benefit they value as the most important.
The opportunity to work from home or work flexible hours is not only convenient for staff but shows a level of care for the wellbeing of the employee as a person. Employees that feel well looked after are much more likely to be engaged and loyal.
5. Personal as well as professional development.
Introducing benefits like gym memberships or exercise classes is also a great way to show employees that you care for their wellbeing and adds to a their feelings of being valued at work.
There are also many benefits to a healthy workforce. Not only are they less likely to have sick days, but it has been shown that 75% of employees who exercise in the working week demonstrate improved concentration and productivity.
At Work In Your Workout we offer exercise programmes of ultimate convenience and maximum results for employees, through 30-minute sessions delivered by professional trainers.
6. Recognise and appreciate your employees.
A recent study conducted by TINYpulse found when people feel valued they are more likely to rate their colleagues highly and that 70% of employees felt their peers were the most important factor in creating "an engaging environment”.
In short, when an appropriate amount of recognition is bestowed on employees a ripple effect of recognition and appreciation can pass through a workplace and improve employment engagement profoundly.
How can you expect employees to remain loyal when they don’t get the appreciation they deserve?
If you’re interested in getting your workforce energised and engaged with minimal fuss, then give us a call. At Work In Your Workout we bring the gym to you with exercise programs made available in your own workspace. We offer 30-minute sessions with professional trainers that can easily fit into your lunch break.