Loyalty is, arguably, the glue that holds businesses together. It is the key to keeping talent within your organization and it’s also what keeps customers and clients returning time and again rather than going to your competition.
Companies usually put considerable effort into rewarding the loyalty of customers, but does your business actually reward employee loyalty too? All-too-often, businesses demand loyalty from their workforce, but they aren’t so good at recognizing it in return.
Your employees are dedicating significant amounts of their lives to your business. So, shouldn’t they feel supported and secure in their jobs? Recruitment and retention are major issues that face every business, especially in today’s highly competitive workplace, so it couldn’t be more important to consider how your staff is treated. Could attrition in your organization all be down to your lack of loyalty and respect?
Could showing greater loyalty to your team really have an impact on the success of your company? Here, we take a closer look at why it could be so important to retain the best talent in your organization.
Boosting Your Reputation
Your employees are delivering your services or products to your clients and customers. Therefore, your business’ reputation is also carried on their shoulders. If your workforce is disengaged, their performance will suffer, their customer service will drop and, ultimately, your business will develop a poor reputation. Remember that your workforce is your competitive advantage over your rivals. Meeting their needs means that your brand image can remain a positive one.
It stands to reason that if your employees are satisfied, they will be more efficient and productive. Happy employees who feel appreciated and supported will work harder and contribute more. They’ll also take less time off work for sick days. In organizations where employees feel valued, productivity can increase by as much as 25%. Engaged employees have a 27% greater chance of reporting excellent performance. Yet almost 60% of workers who feel stressed in the workplace feel less engaged and non-productive. Evidence shows that companies that have engaged employees can outperform those which don’t by a massive 202%. Meanwhile, disengaged workers have a 37% greater chance of taking time off work for sickness, are almost twice as likely to be involved in an accident and are 60% more likely to make a mistake. It stands to reason that supporting your workers can make an enormous difference to productivity and, thus, the profitability of your business.
Better Staff Retention
Perhaps the biggest benefit of showing loyalty to your employees is staff retention. If your team feels appreciated, they’ll be increasingly loyal themselves, staying with your company for longer and, most importantly, speaking positively to others about their work, which attracts more new talent.
It’s clear to see why showing increased loyalty and support for your workforce could save your business a lot of money and could also help to improve your overall brand’s reputation. If you need more advice about how to recruit and retain the top talent to your organization, take the time to read out Global Resources LLC reviews. As expert business consultants, we can offer you all the help you need to grow your business and help it thrive.