Employee Loyalty And Ways To Promote It In The Times Of Moonlighting
During the current times of uncertainty in the business world, maintaining and building a loyal workforce is one of the prime needs of the hour. According to research conducted by LinkedIn, 82% of Indian employees are not satisfied with their jobs and are considering reshuffling in 2022.
In such times, it has become more crucial than ever to promote employee loyalty to reduce attrition and create a stable business environment.
Importance of Employee Loyalty
Employee loyalty and Customer Loyalty share a direct relationship. An employee who is loyal to their company resonate with the brand's values and mission while giving their best to convey these values to the customer. The process facilitates customer satisfaction which in turn, increases profitability and revenue.
These reasons justify the utmost importance of employee loyalty in the workforce -
1. Loyal employees are more productive
A loyal employee is motivated by self-drive and determined to pursue improvement to reach new heights in their workplace. They are open to accepting challenging tasks while simultaneously influencing other employees to walk on the same path.
2. Loyal employees upgrade the business's image
Employees are the flag-bearers of an organization. A loyal employee is equivalent to a satisfied employee. The satisfaction range of your employees plays a major role in improving your brand image.
3. Loyal employees stay longer and increase production
An organization's long-term relationship with a dedicated employee cuts down the extra expenses required for the strenuous process of hiring, training, and promoting. Such employees are also eager to work under pressure and bring results during high production.
4. Loyal employees simplify hiring new talents
A satisfied employee who feels valued in an organization is inclined towards encouraging new talents to join your workforce. The referrals make the recruitment process easier and faster.
“In post pandemic times, with increase in moonlighting, the importance and significance of innovating newer ways to promote employee loyalty is a need of an hour. I personally feel, if as an employer one thinks of overall wellbeing of employee in addition to a merit driven reward culture, has boosted employee loyalty in my case” says Neha Bahri, Founder, Bconnect Communications
Tips for promoting Employee Loyalty and satisfaction
1. A Competitive Offer along with Additional Perks
The number one criterion which keep employees hooked and loyal to your business is a competitive package. A tempting yet justified wage is a must if you want to retain employees and stop them from working for your competitors.
The salary appointed for each employee should be by the market conditions. Along with a charming wage, add some additional perks like special memberships and discounts to make your employees feel valued and appreciated.
2. Employee Referral Programs
Having a proper Employee Referral Program in hand is going to give you a lot of extra benefits. Firstly, it makes a huge impact on employee retention. Employees hired via referrals stay longer than those hired from other means.
Secondly, it creates a healthy work environment where employees connect and work with each other freely. Thirdly, it makes hiring trustworthy talents faster and cheaper.
3. Employee Appreciation and Recognition
A workforce can still feel demotivated even after a good salary if their work gets no recognition and appreciation. Make their efforts count by showing appreciation when they surpass expectations, hit a goal, or achieve an accomplishment.
Holding a service awards program to celebrate an employee's corporate anniversary should be on your list. Besides, there are a lot of low-cost and also zero-cost ways to provide employee recognition and appreciation on recurring and short intervals.
4. Proactive Employee Wellness and Engagement
According to a 2019 State of Employee Communication and Engagement study conducted by Dynamic Signal, 63% of the US workforce is ready to quit their job because of stress. This makes it high time for businesses to encourage proactive employee wellness and engagement programs to offer them solutions and assist them with ideas to combat their stress and anxiety.
Hosting regular workshops for the following subjects will not only give them transformative viewpoints but also bring them close as a team -
a. Sound Therapy: Sound Therapy is a proven method to reduce stress and anxiety levels. In certain cases, it has also been proved to provide relief from the symptoms of depression.
The appropriate choice of music is powerful in impacting working professionals positively and encouraging them to achieve their best potential.
b. Numerology: From the most suitable launch dates to the appropriate costs and targets - numbers hold great importance in the business world.
The correct arrangement of numbers carries great informational energetic fields which can be used to heal the mind and body.
c. Yoga: Long hours behind the desk without any physical activity can easily squeeze the life out of your physical and mental well-being.
Breath new life into your workforce with yoga workshops where they practice rejuvenating yoga postures together.
d. Meditation: Regular practice of meditation has proven to reduce anxiety, insomnia, stress, and melancholy.
Apart from the several mental health benefits, it also helps in lowering the risks of coronary diseases and blood pressure ensuring proactive wellness.
5. Adopting Spiritual Wellbeing to Promote Conducive Work Environment
Spiritual health at work means feeling connected with the organization. This also promotes bonding between team members and let everyone supporting one another in all situations.
A research paper published in ‘International Journal of Jyotish Research’ concluded that spiritual wellbeing measures implemented effectively boosts employee productivity.
Conclusion
It is vital to understand that gaining loyal employees is a long-term process. It requires patience and consistent measures. In the end, building employee loyalty is worth all of your efforts.
Follow the tips mentioned in this article and create a workforce where your employees are happy to grow with you and for you.
