4 Employee Retention Ideas to Boost Company Loyalty
The pandemic has caused millions of people to reassess how, when and where they work. More than 4 million people quit their jobs in September 2021 alone, according to the US Bureau of Labor Statistics. With numbers like that, it's no wonder experts and pundits are calling this period the Great Resignation. As a result, businesses are now seeking new employee retention ideas.
Nurturing and strengthening employee loyalty is one way to keep your team intact and reduce the risk of losing high performers. This starts with the recognition that it's not all about money when it comes to inspiring loyalty.
Employee retention ideas to consider
In today's competitive job market, employers need to take meaningful action to retain talent. Here are four employee retention ideas you can use to build loyalty.
1 Show your appreciation
Employees, like all people, want to feel valued. Acknowledging their contributions regularly can go a long way to inspire pride and a sense of belonging. A kind word, simple thank you or other compliments are easy, quick and effective ways to show your appreciation.
Creating a formal employee recognition program can accomplish even more, and in a more visible way. You might offer employees weekly, monthly or quarterly rewards for their work. Or, perhaps you offer an official star employee or employee of the month award, a call-out in your company newsletter, a gift card to their favorite coffee shop or bakery, or even a paid day off.
2 Offer work flexibility
Companies had to quickly transition to remote work at the beginning of the pandemic, and now, many employees expect more of that flexibility going forward. In fact, an October 2021 Gallup poll showed 91% of US employees now working with at least some remote hours are hoping that continues after the pandemic. Furthermore, 3 in 10 remote employees say they would be "extremely likely" to look for a different job if their company eliminates remote work.
If it's feasible for your company, consider implementing a hybrid work model where employees work some days in the office and some at home. Talk to your employees about what kind of flexibility they value and then work collaboratively with your team to implement it.
3 Invest in training and career development
Industries are rapidly changing. Therefore, companies will need to keep on top of new trends and technologies to remain competitive. Investing in upgrading your employees' skills then serves two positive outcomes. Not only does doing so keep the business growing, it also provides employees with additional value to their jobs.
You might guide your team through targeted training and development opportunities, such as workshops, online training courses, industry conferences and mentorships. Furthermore, it may be valuable to pair experienced employees with newer ones to learn from each other.
4 Establish a clear mission
Employees not only want to do work that pays well and that they enjoy, but also that has meaning and a positive impact in their communities. Establishing and embedding an important, overarching mission into your business goals can continually connect employees' work back to this larger purpose. Make sure this message is repeated throughout your company communications and that projects have a clear link to your mission.
As part of your company's employee recognition or employee loyalty programs, you also could take the time to acknowledge employees who embody your mission. Offering paid volunteer time can also show additional support to a higher purpose.
Retaining your best employees
With more workers reassessing how they want to work and spend their time, it's critical that your company seek employee retention ideas that nurture greater loyalty. Small businesses can do this even with limited resources, and the effect may surprise you, or at least confirm the old maxim that good things can come in small packages.
Financial insights for your business
This information is provided for educational purposes only and should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. First Citizens Bank (or its affiliates) neither endorses nor guarantees this information, and encourages you to consult a professional for advice applicable to your specific situation.