Employees are the backbone of your business, without them there is no company! That’s why it is vital you ensure you employees are healthy, engaged, satisfied and properly compensated. Each of these things is a small cog in a much larger wheel: employee loyalty in business.
What is Employee Loyalty in Business?
Employee loyalty is one of the most needed traits in any business. It shows how an employee has genuine love, honesty and support for the company he/she is working for which gives a sense of reliability that a company can count on its employees for their support in achieving success.
In larger companies, employee loyalty is easy to obtain, thanks to big pay checks and a variety of perks like group health insurance. However, if you are an SME or start-up, chances are you won’t be able to afford both of those. That’s why it is vital you find other ways to maintain employee loyalty in business.
The more loyal your employees, the longer they are bound to stick around and work harder. After all, as a small business, you really cannot afford to spend too much time on hiring and training new employees. A high employee turnover is also not good for your reputation.
With that in mind, we are sure you must be thinking “how can I create adequate employee loyalty in business?” If so, here are some useful tips.
Ensure Two-Way Communication
One-way communication focuses on telling employees what needs to be done. Two-way communication means building a relationship by listening to employees, as well as giving them feedback. That way, you build an engaged workforce who knows that they are being valued. The 2020 Engagement and Retention Report found that “90% of employees say they’re more likely to stay at a company that takes and acts on feedback.”
Give and ask for feedback that enables both you and your employees to grow personally and professionally. Your business isn’t just about monetary gain- it’s about building a community. As the Success Factory put it: “When employees care about each other, they, in turn, care more about the team and business they are a part of.”
Stop Micromanaging Employees
Micromanagement, especially when working from home is a big no. It is normal to be worried about employee productivity, but as we have previously covered, with the right strategies you can maximize remote working productivity. Of course, remote working isn’t easy for anyone, but micromanaging does more harm than good as Slate found out.
If employees feel like they can’t use their creativity or be trusted in a company, they won’t enjoy their work. Unhappy employees aren’t good for employee loyalty in business. Give employees the freedom to work at their own pace. If you want to know how not to micromanage your employees, this Forbes article is a good place to start.
Employee Loyalty Awards
Employee loyalty in business is best achieved through recognition. According to Socialcast, 69% of employees believe that they will work harder if their efforts are appreciated. As an SME or start-up, we know that you won’t be able to afford some of the fancy perks other companies give, but did you know you don’t have to?
As our previous blog covered, win your employees hearts through virtual awards like LinkedIn certificates and badges on Microsoft Teams. These don’t cost anything and can be great for employee motivation. You could also offer loyalty rewards in the form of extra time off.
Organize Virtual Events for Employees
When working at different times and in different cities, it can be hard to build a team spirit. That’s why you must take time off for virtual events. Employee loyalty in business is highly dependent on employee engagement, which shouldn’t just be work related. Take time off to engage in some virtual events – it is a good way to relive stress!
Get your HR department to organize events like karaoke, stand-up comedy or even just a game night. Make it a regular part of your schedule, that way your team will not only have fun but also bond better. Events like these are vital to attracting new talent as well.
Get Your Team the Best Possible Employee Healthcare
Everyone is worried about their health, which is why as an employer you need to help. Ensure you have the best possible employee healthcare benefits, and no we don’t mean just an insurance plan. For a post-COVID world, you need a healthcare plan that also provides preventive care, mental health support and other features.
Having such an employee healthcare plan will no doubt make your company attractive, thereby ensuring employee loyalty in business. It is a simple step, with a wide-reaching effect. That way, your employees will feel valued and protected, knowing that their health is taken care of.
If you want the best possible healthcare for your team, why not check out Onsurity? Onsurity has designed an employee healthcare plan specially for SMEs and start-ups. Our business health plans merge value-added services like doctor teleconsultations and discounted medicine ordering with group health insurance for MSMEs and startups.
A subscription to Onsurity is the best way to show your team you care. Not only will it help with employee loyalty in business, but also to attract new talent. Head over to the website and sign up now.