When employee loyalty and performance are improved, you can ensure your company retains its top talent and productivity remains high.
If you are unsure about how to go about making such improvements, you will want to check out the following six insightful ways.
1. Offer Perks and Incentives
Monetary incentives like end-of-year bonuses and stock options can certainly help employees to perform better and be more loyal. But there are plenty of other incentives and perks you can offer your employees.
Providing flexible working options is one surefire way of encouraging your workers to be more productive and loyal.
You could also offer things like gym memberships and wellness programs.
The more incentives and perks you give your employees, and the more you ensure those incentives and perks are ones that your staff members will actually appreciate, the more you can retain loyal employees, generate a feeling of positivity in the workplace, and improve the performance of your workers
2. Adopt High-Performance Working by Shifting to a Less Hierarchical Structure
If you are not aware, high-performance working is becoming all the rage, and it can undoubtedly lead to better performance and greater loyalty among your employees.
High-performance working is about allowing your employees to become more involved.
Rather than employees feeling like they are subordinates, with a high-performance working structure, which involves more equality and more evenly distributed responsibilities, your employees are regarded more as valued partners.
In turn, that means your workers can be more motivated, engaged, loyal, and productive.
3. Provide Training and Growth Opportunities
One thing that can lead to lower performance and non-loyalty is not providing opportunities for growth.
Therefore, you should look at ways in which you can support employee growth within your company, such as offering more opportunities for promotions and sideways moves, as well as providing training opportunities so that employees can grow more easily.
If you do not, your workers could soon feel stagnant and frustrated, and when that happens, they are likely to perform less well and eventually jump ship.
So, to retain loyal employees and improve their performance, you should definitely consider implementing more training and growth opportunities.
Suggested Read: Why Corporate Businesses Are Shifting Their Business Processes To Automation
4. Gather Employee Feedback and Act on it
Often, to improve employee loyalty and performance, all it takes is a high level of communication. That includes listening to your employees’ concerns and ideas.
When workers do not feel as though they are being heard by the management, they are less likely to perform well and be loyal to the company.
So, ensure you have a system in place that enables employees to provide feedback. That could be as simple as having a box in which workers can post suggestions anonymously. You could also use surveys.
The key is to ensure that you encourage your employees to provide ideas and talk about issues. But even more importantly, it is essential that you act on the feedback you are given.
There is no point in encouraging employee feedback if you simply ignore it. Indeed, if you do, it will cause more disloyalty and make workers less productive.
On the other hand, if you always demonstrate that you take employee suggestions and issues seriously, your workers are sure to be happier, as they will know that the management cares and listens. In turn, the employees will perform better and remain loyal to your company.
5. Show Your Appreciation
The more that employees feel as though they are appreciated, the more committed they will be to your company and the harder they will work.
When managers and team leaders simply say “well done” and “thank you” to employees on a regular basis, it will go a long way.
But managers should also look at other ways to recognize the hard work and effort that their workers do.
So, consider doing something like handing out recognition awards and gifts at the end of each month to those employees who go above and beyond the call of duty.
You could also set up an online recognition system in which employees nominate their colleagues for recognition.
6. Offer a Competitive Wage
At the end of the day, people primarily work to make money. Therefore, if your company is paying less than a fair wage by current industry standards, you could soon find employees leaving to work for a competitor that offers a better salary and other incentives.
And if your company has a high turnover, it will be challenging to maintain a positive vibe in the workplace and retain top talent. Indeed, your company will even have to pay out more, for things like job postings and training.
In this digital age, it is easy for employees to look up the average salaries for their specific industry and positions. So, if you want your employees to be loyal and perform well, make sure you offer a competitive wage.
