Loyal employees are worth WAY MORE than their weight in gold.
By Unknown - September 26, 2018
Loyal employees are worth WAY MORE than their weight in gold.
The long-term success of any company depends heavily upon the commitment of its employees. Sadly, most companies don’t think critically about how to increase employee retention. They think a paycheck with a few perks is sufficient.
The link between employee loyalty and profitability is long-established. Loyal employees = Loyal customers. Loyal employees are worth much more than their weight in gold. They uphold your brand and ensure the sustainability of your business. They make it possible for you to win.
When a loyal employee leaves, it costs the company. The impact on the organization's culture is also severe. Beyond the more tangible losses as cost of hiring and training, and time with unfilled role, it affects team morale and causes other employees to reconsider their loyalty towards the organization. Additionally, poor employee loyalty can damage a company’s image. Sites like Glassdoor and Indeed offer employees a platform on which to air their true feelings about their employer. Fortune bases its "100 Best Companies to Work For" ranking on employee reviews of company culture.
"Employees don't need ping pong tables or beer fridges at work. Employees need flexibility to do their best work and enjoy life. For instance, working remotely. Offer trust, not toys." -Rodolphe Dutel
Companies need to be more strategic about how they think about employee retention to remain competitive. It's important that managers focus on relationship building and encourage a family atmosphere at work. Get to know your employees, meet them where they are and be flexible. Many organizations treat their employees as if they are a commodity. They use them until they can get no more out of them, and then cast them aside. This leads to poor morale, lower productivity, and higher turnover.
A paycheck alone is not sufficient. People need to feel appreciated and valued. What do employees want? Autonomy, flexibility, appreciation and opportunities for growth and development. When people feel undervalued, they leave at the first opportunity that comes their way. The ones with the most marketable skills and talents — a company’s best people — and the ones that companies can least afford to lose.
Your employees are your most valuable asset. Years of experience is hard to replace. Don't take your employees for granted or treat them poorly. They use your internal tools and systems and interact with customers. They are your best brand ambassadors. Loyalty is a two-way street. You can't buy loyalty, but you can certainly foster and nurture it. Employees who have been pushed to the point where they no longer care, will not go the extra mile. They will not take the initiative to solve problems. They will end up treating customers the same way you treat them. Employees are the heart beat of the company. And if the heart stops beating...What will happen?
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