Employee turnover in Australia is increasing, but this doesn't have to be the case. Here's how to improve employee loyalty at your organisation.
One in seven Australians are likely to seek a new job this year, according to a survey released by Robert Half. That's over 1.8 million people. Meanwhile, 67 per cent of respondents to the same survey claimed they have seen an increase in employee turnover over the past three years.
Put simply, employee loyalty is becoming increasingly hard to come by. This is despite the fact that there are some relatively easy measures businesses can take to ensure employee loyalty at their organisation:
1) Take the time to understand the root emotions that determine loyalty
Whether an employee remains loyal to an organisation is determined by a big mix of emotions. In order to improve loyalty at your company, therefore, it's important you take the time to understand which positive and negative feelings impact how team members view your business.
For example, one of the most common attributes employees that leave a company share is that they feel under appreciated. Others include a lack of job satisfaction or belief that they are having a direct impact on the success of your organisation. Stress and over-working are also significant factors contributing to loyalty.
Take the time to see whether these emotions are present among employees in your organisation. If they are, review each separately and investigate what is causing them. Then you can put a plan of action into place to address each negative feeling.
Often, employees look for a job elsewhere because they don't feel proud of the company they work for.
2) Make your business a place to be proud of
Often, employees look for a job elsewhere because they don't feel proud of the company they work for. Normally this is because they feel the business doesn't have a positive impact on the world or people around them. This is especially the case as more millennials enter the workforce. A recent Deloitte millennial survey found that one of the most common feelings among this age group is that they are disappointed in a business as its organisational priorities do not match their own.
It's up to you to show your employees what their purpose is. Do this by either directly aligning your organisational goals with having a positive environmental and social impact, or by introducing Corporate Social Responsibility efforts such as CSR days or office-wide eco-friendly initiatives.
3) Show greater appreciation
Employees have always wanted their managers and leaders to show appreciation for the tasks they complete. This helps add to their sense of purpose and reassures them that their hard work is having a positive impact on their organisation.
Employees have always wanted managers and leaders to show appreciation for the tasks they complete.
You must ensure you have mechanisms in place throughout your whole business to show employees appreciation. This should include regular communication of achievements and shout outs, as well as celebrations.
4) Introduce employee recognition and rewards
One of the best ways to show employees you appreciate them is through an Employee Recognition and Rewards Program. At Power2Motivate, our program offers employees points for completing certain KPIs and other tasks. Each team member can also nominate others for their hard work. They can then spend these points on a reward of their choice, choosing from thousands of different prizes as part of our global rewards gallery. In addition, we run Years of Service Programs to recognise those employees that have remained loyal to your organisation for a significant period of time.
To find out more about recognising your employees and increasing loyalty in your business, contact the team at Power2Motivate today or request a demo.