Good employees are the backbone of every company. However, changing times and a stricter economy has made retaining them a tall order. Companies are waging salary wars, and head-hunting is an accepted norm. The companies with higher offers often get their men, but it’s not always the case. Cultivate loyalty in your employees, and you’ll find out that it’s not always about the money.
Reward Good Work
Your employees need to feel validated in whatever position they are holding. A simple “job well done” or “great job” – when they earn it – will uplift the morale of your employees. Of course, nothing validates a job well done over many months, like a pay raise or a higher position. Create incentives for excellent performance or a set goal. Sometimes, having a clear goal makes people more competitive and driven. Opt for an output-based instead of a scheduled workday.
If your employees finish their tasks for the day, they should be able to leave early. Otherwise, your non-performing employees will pass them work that they haven’t finished. Reward your over-achievers and punish your slackers. When it comes to promotions, take into account skill, knowledge, and experience over personality. Social skills should be the least important factor in getting a promotion – unless the post is in PR.
Create a Cohesive Work Environment
Workplace morale is often dictated by office hierarchy and relationships. Make sure all your employees feel safe and ensure the people in management positions don’t pass down work to their subordinates unless it’s official. No favors and no veiled threats. Office politics is toxic, especially when the higher-ups begin delegating unnecessary work to those under them. Office workers will often do favors out of fear or hope, but these favors are often detrimental to an employee’s morale. Make promotions and reviews under the sole control of HR and make sure the people in HR are of the highest integrity.
Once again, an output-based system should resolve any problems of non-performance and weed out the slackers in your company. While coworking spaces are often popular with large corporations, the almost structure-less approach is not so conducive to cultivating loyalty. However, you can emulate the feel of a coworking space by shifting to an output-based workday.
Pitch Non-monetary Incentives
Create programs that would motivate your employees to perform better. Set incentives for exceptional job performance, crossing a goal, or perfect attendance. Incentives can take the form of travel packages, extra time-off, the option to work from home one day a week, etc. Non-cash incentives are often perceived to be more valuable than their actual monetary value. Schedule company parties and outings 3-4 times a year. You can consult companies such as MTI Events. Organizing a significant event wherein everyone can have fun is an excellent way for everyone to bond and get to know each other.
Loyalty is easy to sow and cultivate. Proper validation, a pleasant workplace environment, and the right rewards can often tip the scale to your company’s favor, even when weighed against a higher-paying job at an unknown company.