With all the talk of “The Great Resignation” and “Quiet Quitting,” employers could be forgiven for thinking the workforce has turned into a band of mercenaries ready to abandon a job the second a better opportunity comes along. And while it’s true we’re in a jobseeker’s market, and candidates are in a position to be more discriminating in their choices, employee loyalty isn’t dead – it’s just evolving.
What Modern Job Loyalty Looks Like
People Are No Longer Defined by Their Job
For some, “work-life balance” is just a meaningless bit of HR jargon. Most of us, though, have become keenly aware that it’s critical to establish an equilibrium between job responsibilities and personal fulfillment. In its truest form, work-life balance acknowledges that each individual is much more than what they do for a living. That’s a significant pivot for a society that used to assign people surnames based on their profession (think “Baker,” “Shoemaker,” and so on).
Does this mean employees have no allegiance to their employers? Absolutely not! It just means that the factors that engender loyalty have changed. For one thing, employers who are dedicated to helping their teams maintain that work-life balance are much more likely to retain their employees. Corporate Wellness Magazine reports that “employees who experience a healthy work-life balance are more likely to feel satisfied with their jobs, resulting in a stronger commitment to the organization.”
Recognition Fosters Retention
As much as work-life balance factors in retention, recognition is just as important. Knowing their company values their work keeps employees loyal to their company. Some numbers to consider:
- A survey by Gallup-Workhuman showed that people working for companies that prioritize recognition are 56% less likely to seek work elsewhere.
- Glassdoor found that 53% of employees surveyed would stay in a job longer if they felt appreciated.
- And Deloitte’s research indicates regular recognition lowers resignations by 31%.
One more thing: Recognition doesn’t just help retention; it also boosts engagement and productivity.
What About Salary?
Remember that view of job seekers offering their services to the highest bidder? There’s much more to employee loyalty than salary. Yes, compensation is important, and yes, new jobseekers are asking a higher salary than ever before. But while higher income is a powerful attractor, its importance in retention recedes behind not only work-life balance and recognition but also:
- company culture;
- corporate citizenship, and
- the opportunity to make a difference.
So don’t give up on the idea of building loyalty among your employees. Rather, recognize that what feeds that loyalty is, perhaps, a combination of factors you hadn’t considered.
Mega Force Can Help You Recruit and Retain
Need help getting talent for your North Carolina company? We’re the area’s staffing expert. Contact Mega Force to request an employee.
