Whether your role falls within human resources management or
as a department or business unit manager, you know how important employee
loyalty is. It’s the cornerstone of retention, a top concern when statistics
from a number of sources indicate that as many as 60
percent of workers are on the lookout for other opportunities and half “who
love their job would make the switch,” according to 2016 research from Adobe.
Having a recognition program in place that delivers timely,
personalized rewards is a critical piece of building workforce loyalty. In
addition, we’ve seen some trends that can add punch to your rewards and
recognition program. Here are four trends that top our list of employee loyalty
- Greater attention to millennials. Smart employers are paying more attention to millennials. Why? Data shows that 60 percent of millennials leave a company in less than three years, and replacing them is expensive. You’ll build their loyalty and increase your odds of keeping them by developing a culture of mentoring, especially from senior management. Millennials want to develop their skills, they crave regular feedback, and they need to see clear-cut opportunities. Whether they do that within your organization or someplace else could depend on your company’s commitment to mentoring.
- Growing opportunities for collaboration. We see this as partly due to the growing influx of millennials into the workplace. Many took part in team sports, so collaboration is in their DNA. But we also see that when employees collaborate, bonds between them grow, strengthening loyalty to each other and to their organization.
- Increased use of predictive analytics. From hiring the best fit, to retaining top talent, using predictive analytics organizations maximize their opportunities for creating a more loyal workforce. Harvard Business Review cites heavy investments by Korn Ferry, McKinsey and even Google in “analysis of performance metrics.”
If you think your organization is ready to expand its use of predictive analytics, or poised to take an initial leap into the process, you might want to go slow to ensure buy-in. Even hiring managers who give a nod to analytics tend to put more trust in their gut feel. Take the time to pull real-world data on the positive outcomes of using predictive analytics for hiring and developing talent, ultimately increasing employee loyalty.
Align the data with your rewards and recognition program and you’ve got a loyalty-building powerhouse.
- Tapping into
virtual reality. Virtual reality (VR) has jumped from being a novelty to
becoming a valuable tool in workplaces across industries. Architecture and
engineering are naturals for applying the possibilities virtual reality
creates. VR is also used in training, especially for jobs that require
particular motor skills or involve potentially dangerous tasks.
But VR has even wider utility in the workplace, like
creating opportunities for collaboration, which we mentioned earlier as a
strong contributor to building workplace loyalty. Workflowmax.com suggests that VR can take the place of a conference call or
Skyping. We see this as raising the act of communication to the level of a collaboration,
a far richer and more lasting experience.
Would you like to
explore new ways to build employee loyalty? Contact a Marketing
Innovators solutions expert to begin a conversation today.