When you think about the time spent hiring, training and working through the first year with a new employee, you realize how much money is spent on turnover. When this happens, business owners experience a shift in their thinking when it comes to their loyal employees. Many times loyal employees are the ones that are asking for raises, extra time off, or more PTO.
When employees are very loyalty, they sometimes get overlooked and taken for granted. Why does a business owner need to spend extra time and energy on someone that has already chosen to stay?
When employees are compensated fairly for their efforts and workload, they feel they are taken care of, however money isn’t the only factor in an employee becoming loyal to a company. Employees are looking to feel valued and appreciated in their work, beyond a monetary compensation. Knowing how to make your employees feel this way is the key to growing a business with loyal employees.
The opposite side of that is when a loyal employee feels undervalued and leaves the company. When this happens, other employees begin to wonder why and get concerned that maybe they, too, should be looking for another position.
A great way to show your employees value and appreciation is to listen to their wants and needs. If an employee is struggling with personal issues and needs time off, empathize with their situation. A valuable employee isn’t going to change to someone who slacks off. They may need a few weeks or a month to sort out a situation, maybe a parent passing away or a divorce, however once they are given the time and space to work through this issue, they will come back more appreciative than ever. Their work ethic will still be there and they will be even more loyal to the company.
In the end, a loyal employee is a huge value to the company and should be treated accordingly. If you feel they are feeling less than valued, find a way to show them your appreciation in a way that means the most to them.