What is Company Loyalty? Why is it important?
You may be thinking, “Is building company loyalty really that important?” or, “Will it be beneficial to my business?” In short, yes and yes.
Loyalty is important in every relationship, whether it is personal or professional. In a company setting, loyalty means your team takes pride in their work and are willing to go the extra mile. At the same time, cultivating your employee loyalty builds up your employees’ satisfaction and devotion elevates your business simultaneously.
Regardless of your current status, it’s never too late to develop stronger relationships with your employees. To establish trust and inspire dedication, go the extra mile to show that your team has your support. Here are five simple steps to take the initiative.
Steps to Building Company Loyalty
Step 1: Establish the mission of your company
Make known what is important to your company. Being transparent when properly defining your company’s purpose and values allows you to find employees whose ideals properly align with your vision.
Some businesses participate in service or activities that are beneficial for their staff and community, which is known as corporate social responsibility (CSR). Share with the public if your company incorporates CSR into your mission to find like minded employees. In a research article by Ante Glavas, studies show, “that employees are increasingly engaged at work due to corporate social responsibility.”
Step 2: Offer fair compensation
Fair compensation means your employees feel good about exchanging their time and skills for the compensation plan you have put together. A well-designed compensation plan ensures equity but is not solely focused on the salary for a position. Compensation plans typically include things like commissions, bonuses, stock options and a desirable benefits package that complement a base salary.
Step 3: Loosen your reins of control
Delegating more responsibilities to your employees can increase employee engagement. At the same time, find ways to offer support without micromanaging. By giving your employees the opportunity to make their own decisions and actively communicate with you, the trust in your relationship is strengthened. One way more employers are loosening the reins is to give their employees the freedom to set their own work hours and/or to work in the office or in a remote location.
Step 4: Develop your employees
People follow where opportunities lie, especially opportunities for growth. Give your employees room to refine their skills and achieve success in their career goals. In addition, make clear what opportunities are available so that your employees are more inclined to stay with your company for a longer period of time.
Step 5: Invest in your employees
Whether you want to improve your team’s connection with each other or want to battle against burnout, finding creative ways to invest in your team is essential. We’ve all heard the phrase, “Actions speak louder than words.” It’s one thing to tell your team that you care about their well-being, but you can take it a step further and make your concern about them known. There are a lot of options from a day of team building, social connections or an annual corporate retreat focused on employee wellness.
Loyalty isn’t simply formed by association, it’s built. With the correct tools in hand, creating a foundation of trust, aligned visions, and room for growth produces a healthy relationship with your employees. Your team is your greatest asset, invest today.