Employers know their star employees. They’re the ones who exceed expectations more often than not, the ones you’d struggle to do without. Well, when you consider the stat from Columbia University that says replacing a lost employee costs 150 percent of that person’s annual salary, it makes as much financial sense as personal sense to keep an outstanding employee. But how?
We’ve put together a list on how to increase your employee’s loyalty without breaking the bank.
Get and keep employees engaged. An employee that loves their job understands where they fit in the success of the business and have a willingness to promote the business. Engaged employees are motivated by traditional rewards, like pay and other compensation, but are also driven by personal growth and being part of a high-performance team.
Don’t always search for the negative. It’s easy to survey employees and ask what they think can be improved, but also ask what you’re doing right. Engaged employees may have very positive things to say. Asking those employees for constructive criticism may cause them to dig deeper and realize that not everyone is as content and happy as they.
It’s not always about the money. A lot of owners think that the more money an employee makes, the more loyal they are, but some experts’ say that’s not the case. Dr. Emma Seppälä, the author of the new book The Happiness Track, said in a recent interview with the Huffington Post that this isn't always true if employees are happy and feel a sense of purpose.
In her interview, she went on to say, “I would encourage employers to cultivate values like kindness, trust and respect in the office as a norm. I would also encourage employers to include opportunities for service. Or let their employees know how they're benefitting other people, because what we know from research is that people are happier when they feel like they're contributing to a greater cause.”
Learn from experience. A mentoring program can help connect novice employees with veteran employees. Interactions among employees help to build a sense of team and foster a relationship that’s beneficial for everyone in the workplace.