Corporate Cars Helping To Increase Employee Loyalty
With so many changes in the global economy, companies are struggling to retain skilled and talented employees. Employee loyalty and retention not only stem from ensuring employees do not sell corporate secrets to competitors but also from having a good time and speaking positively about the business. While most people are quick to criticize a company, it’s pretty challenging to have people simply talk about their experiences.
Before we delve into the whole aspect of employee loyalty, you should assess what employee loyalty means to you and the company on a broader scope. For many, employee loyalty directly equates to a lower attrition rate, while it implies employee job satisfaction for others. Some companies reward senior staff members and high performers with corporate cars like the new Kia EV6, while others prefer a paid holiday or a cash bonus.
What is Employee Loyalty?
There’s no singular definition of employee loyalty. It’s rather tricky, yet extremely obvious when it’s present. Unfortunately, there are no strict parameters to gauge employee loyalty, unlike many KPIs and quantifiable goals. Loosely put, employee loyalty is an attachment employees feel towards employers because of a belief that the employer has the best interests at heart.
Loyal employees tend to stick around in the same company and don’t usually actively job hunt for other opportunities. This can be further controlled if employers take an active interest and pay attention to the excellent work done by employees. As we mentioned earlier, a sizeable annual gift like the Model 3 would go a long way in ensuring the employee understands that the employer recognizes and rewards their hard work and is looking out for them.
Why do Employees Leave?
There are several reasons why employees want to jump ship. The most common among these reasons are:
Disloyal Employers:
Most employees feel insecure about their jobs due to the focus on bottom lines and downsizing. Since employers can downsize and lay off a chunk of the workforce, employees have stopped feeling loyal to employers. The days of ‘lifetime loyalty’ are long gone.
Staff can feel the pressure in the company to perform better each day without any sort of recognition or security. They don’t always feel guilty about leaving their current employer when they sense this.
Horrid Managers:
Most employees will feel loyal to the company but not their immediate managers. Unfortunately, many managers do not have great leadership qualities, making staff members feel like inferiors instead of team players.
Most employees who are yelled at, scolded like children, or made to feel inferior prefer leaving their current company for better prospects elsewhere.
No Growth:
Many employees start actively looking for other jobs to further their career growth. When the current company does not recognize and promote staff members, there is a high possibility that employees will start looking elsewhere for jobs that help them further their careers and help with better recognition.
While no one wants to be stuck in the same job their whole life, employers need to figure out a better way to ensure that employees are recognized and rewarded for their loyalty in staying with the company.
Unfair Compensation:
A dismal annual increment will lead to an increase in feelings of resentment towards the employer. Employees who feel underpaid will start looking for better prospects, even if they have a good manager, and enjoy working at the company.
Employees expect a pay raise each year, and when they don’t get it, there is a chance they will leave and join another company.
How to Increase Employee Loyalty?
Employee Loyalty helps in multiple ways. Just as the employee works well with others, the business can also benefit from loyalty besides just decreasing attrition rates.
Feedback:
Employees like to believe they are being heard in the company and that their voice matters. Constructive criticism about processes, feedback, positive mindsets, and proactive measures help build excellent rapport between employer and employee. While no one expects a business to work on each input, a few major ones should be noticed for employee happiness and satisfaction.
Appreciation and Recognition:
Employees that are recognized and appreciated do not jump ship quickly. In fact, they spread the word about how their company appreciates them, which increases the brand value and image of the company. Businesses that treat employees like humans and not machines see better results than those that only consider numbers.
Regular appreciation and annual recognition increase motivation, thereby making huge differences in the bottom line. Publicly acknowledged appreciation messages via email, company newsletter, or social media work wonders for employee loyalty and overall satisfaction.