Employee Loyalty: The Key to Running a Successful Business

In almost every industry, to build a stable business you need a reliable workforce. There is nothing more important than having loyal and committed employees – if they believe in you, they’re likely to work harder and stay longer in the company.

The business evolves with its people. A high turnover of staff negatively impacts the level of performance and productivity. But loyalty and devotion don’t come as easily as you may think, they need to be earned. 

Here are some of the ways that, as a business owner, you can gain that essential loyalty from the people who make your business work. 

You Get What You Give

Show them that you care. It’s extremely important to let your employees know that you value their rights and safety more than the company itself. After all, they are a big part of the success and the foundation of the company itself.

Ensure that you properly protect your staff’s health and safety. Also prioritise their health and wellbeing. Your people are human and during many years employment they will face many challenges, including sickness, bereavement, childcare and elder care and so on. Make sure that you have policies that support them through those difficulties in a manner that goes beyond the legal minimum. 

If you are based in a country like the USA that has limited public health and other insurance, offer your staff different kinds of insurance coverage options. By expanding the benefits offered to them, you’ll ensure their trust and tighten the bond between the company and its workers. Not only is this a morally good thing to do, but it will also increase the level of trust and respect your employees have for you. 

A good leader is someone who is willing to help and be there for their workers. A good workplace will prioritise their employees’ needs and benefits above all.

Inclusivity Matters a Lot

The workplace needs to feel like a safe and respectful place for everyone who works there.  Diversity is important. You need to ensure that everyone is treated with respect and not discriminated against, especially with regard to the characteristics protected by law: age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, and sexual orientation

Respect for diversity is important both for staff and customers. Allowing harmful behaviors towards your staff needs to be unacceptable. You should set certain boundaries even before hiring someone, check their background, and overall see who they are as a person. This way, you’ll protect your employees and prevent them from possibly getting discriminated against, creating a free and safe space for everyone!

Rewards and Being Fair to Everyone

As long as you are paying your people a decent salary, the most important form of recognition is acknowledgment and thanks. It costs nothing and goes such a long way.

If bonuses are the norm in your industry then you will need to offer them. But be careful. This is the number one area of perceived and actual unfairness. For example, while the gender pay gap is reducing, it is still burgeoning when it comes to bonuses. Make sure that your bonus system is not only fair, but also seen to be fair.

Gifts and tokens of gratitude are also important. Companies often hand out corporate glass awards to employees for their outstanding efforts and as a way to show how much you appreciate their work. It can be anything from a small token of appreciation to something bigger, like electronics or tickets for events.

Quality of the Workspace

Give your team the tools and support that they need to do their job. Without those basics, people feel undermined and frustrated. So make sure you get everything they need, from the essentials like a good office space that can fit everyone comfortably to small details like stationery and office supplies. Remember to always have a backup plan when it comes to tech, you never know what could happen! The details matter, make sure that the employees don’t have to think about them too much and provide the best possible, high functioning space you can.

Friendly Environment 

A sense of camaraderie and belonging are also important. This doesn’t always happen by chance, more often than not, leaders need to make it happen, with effective processes, support and training and development. 

There are fun ways to tighten the bonds between the employees, this will, in the long run, further the performance levels of the company. This way, you’ll create a fun and friendly environment where colleagues value each order and want to work harder – thus wanting to stay in the company longer. 

All of the Above

You need to understand that if you want to own a happy, healthy business that’s also successful, you need to consider all of the above. Owning a company is like building a house, if you misplace a brick, the whole house might fall apart. You need to incorporate every aspect that will ensure the best for both your business and your employees.