For employees to remain loyal to an organization, they must have a sense of fulfillment that goes beyond a paycheck. Happiness at work is found through social acceptance, loyal relationships with co-workers, recognition/praise and advancement opportunities.
Helping your employees find joy and meaning in what they’re doing definitely benefits your profit margin. To do this, you need to support them, appreciate them, listen to them, and empower them to use their innate strengths. – Ariana Ayu
Money is merely part of the contract when employees sign on to work. The underlying agreement is that an employer will help the individual to develop the skills necessary to enhance their career in exchange for their commitment and work. This form of commitment is in essence the building of mutual trust between an employer and employee.
Now don’t get me wrong – money is important, but it is not the essential driver necessary to keep employees loyal. Loyalty is earned and is the direct result of authentic communication and trust, only proven through consistency in action.
Keeping your promises. If you promise them the lead on a special project, then give it to them. If you promise them a raise, give them a raise. But the moment you fail to keep your promises, you lose the trust of your employees along with their productivity.
Relationships Rule. There must be a positive bond between immediate supervisors/managers and employees on a day to day basis for employees to stay loyal. I mention this in my article Here’s Why Good Employees Quit.
Gallup’s study showed that only 29% of workers in the US & Canada are engaged; while 54% are disengaged and 18% are actively disengaged. What does this mean? It means only about 30% of employees are giving their full potential at work and the rest often go to work just for the paycheck if they show up at all.
Money provides motivation to do the job but it does not motivate employees to do the job right.
Money will not motivate employees to go above and beyond job requirements or share the kind of innovative thinking an organization needs to sustain. When people love what they do, getting a good paycheck for that is a perk. It’s in excess of the joy they already get from doing the job.
To gain the intellectual capital you need from employees, you must think beyond money.
To keep workers loyal they need:
To see firsthand how their work helps others
They need to feel part of a team
To feel valued (recognition and reward)
To be challenged
People will make sacrifices to be happy. When it comes to being happy at work, many workers will sacrifice higher wages if their work environment gives them the kind of satisfaction money simply cannot buy.
*This post is also featured on LinkedIn Pulse