How to Foster Employee Loyalty and Increase Retention Rates
If you are seeking loyal employees and higher retention rates, you might want to ask yourself "Are you loyal to your employees?" Ask not what your employees can do for you - ask what can you do for your employees.
It turns out, employees are loyal to companies that are loyal to them. When the Great Recession hit, Mayo Clinic committed to keeping every last one of their employees. And in return, their employees committed to working harder, and in most cases for less pay.
This week in review, we share a few articles on employee loyalty:
Forbes re-posted an article from Wharton that discussed Declining Employee Loyalty and the reasons behind it. The article cited a 2011 study conducted by Careerbuilder.com; 76% of full-time workers would leave their current workplace if the right opportunity came along.
In the business section of the Chicago Tribune, you will find an article on the benefits of employee loyalty. It is probably no big surprise that Maintaining happiness, loyalty among employees can lead to higher levels of success in the workplace. Communication and appreciation are just a few of the things needed to increase employee loyalty and overall retention rates.
Finally, Market Watch published a Worldwide Analysis that confirmed what Great Place to Work® has known all along- organizations with high levels of trust outpace on employee loyalty, customer satisfaction, and financial performance.
What does your company do to foster employee loyalty?
Tiffany Barber is the Associate Manager of Marketing and Communications and guest blogger for Great Place to Work®.