4 Reasons Why Company Loyalty is Essential to the Success of Your Business
[This article was written by Dawn Castell.]
Every business, regardless of the company’s size or specific industry, should prioritize building a sense of company loyalty among their employees. Companies with loyal employees will always fare better than businesses with a high rate of attrition. Maintaining a stable team of employees helps to minimize the costs of recruitment while strengthening the company overall and boosting profits.
No company wants their employees to be disloyal, but employee loyalty isn’t guaranteed. While some companies may think of having loyal employees as an added bonus, it is something that every business owner should strive for. Read on to better understand why company loyalty is so essential to the growth of a company.
1. Recruitment Costs Money and Time
Every business should expect some level of employee turnover, but it shouldn’t be excessive. When team members feel a sense of company loyalty, they are more likely to stay on at their job, rather than leaving when any new opportunity becomes available. With a team of dedicated and passionate individuals, a company can save a significant amount of time and money by investing in employees rather than their recruitment process.
2. Loyal Employees Work Well
Employees that believe in and are committed to their company work harder. This is because they have aligned themselves with the ethos of their company, rather than simply working for a paycheck. Employees that are loyal are happy to work for their employers, resulting in an increase in profits.
Similarly, satisfied employees are inherently more productive. Business owners searching for ways to keep their employees happy should use a get to know your employees form. This will help employers better understand the interests and needs of their team members.
3. Disloyal Employees May Leave Your Company for Your Competitors
Businesses that fail to take their company loyalty seriously will find themselves in the same recruitment cycle of hiring and training an employee, only to watch them quit and take their talents to a competing company. In order to combat this type of problem, it is important for employers to give their new employees a reason to remain at their company. Offering team members benefits, future promotions, and the like are great motivators to keep employees excited about their new positions within your company.
4. Millennial Workers Search for Companies with a Strong Work/Life Balance
Businesses that are hoping to add a set of talented millennials to their team would do well to learn the ins and outs of building company loyalty. Millennials are a different breed of workers that will quit a job if it doesn’t align with their idea of the ideal work/life balance. In order to keep millennials on staff, companies must invest time in giving their employees the benefits they want.
Moreover, millennials are more likely to stay on at a company if they truly believe in what the company is doing. Employees that truly feel like a part of the family at their place of business tend to be the most loyal. This is why so many companies that believe in giving back to the community, offering perks like meditation classes during working hours or allowing employees to create the own schedules have better success with their millennial employees.
Employees are far more than individuals working day in and day out for a company–employees are the company itself. Business owners that realize this will do everything they can to foster a sense of loyalty in the workplace and amongst their team members.