How to Create a Sense of Loyalty to Retain Employees

Posted on

October 25th, 2022


Acquiring highly qualified candidates is an ongoing challenge for businesses across all industries. The competition between employers to entice talented applicants is fierce, as the job market leans much more in employees’ favor. Retaining those employees is an equally significant concern. Cultivating a strong sense of culture is crucial for developing a loyal workforce. Understanding employee motivations is also essential to retaining them. The following statistics provide several insights to achieve this goal:

  1. More than three-quarters of employees believe a strong company culture fosters their best work.
  2. Nearly three-quarters of millennials and 65% of Gen Z believe their job is integral to their identity.
  3. 70% of employees stay with their employer for the long term because they received excellent onboarding.
  4. Nearly 70% of employees indicate they would work harder at their job if their employer showed greater appreciation for their work.
  5. Businesses that cultivate a culture of learning enjoy a retention rate that’s 30-50% higher than those that don’t.
  6. Around 44% of employees will look for a new job if their employer doesn’t act on their feedback
  7. The odds of employees quitting rise 16% if they feel uneasy about providing feedback to their supervisors.
  8. Employees who rate their manager’s performance as poor are 4X more likely to quit
  9. Employees are 20% more likely to stay if they are advancing in their careers or believe they have career growth opportunities.
  10. Millennials are more loyal than many employers realize, as most intend to work for their organization for at least a decade.

Employee loyalty is critical for productivity and long-term success as a business. It typically costs around one-third of an employee’s salary to replace them, and it’s impossible to regain the time and productivity lost during their vacancy. Securing employee loyalty is a complex process, but employers can implement several simple changes to work toward that goal. Encouraging feedback, acting on it quickly and meaningfully, and recognizing their work often are good places to start.

However, it’s not always clear to company leadership why their turnover rate is so high. Tracking attendance data can help provide insights, such as identifying once-punctual employees that are now habitually late or a rising absenteeism trend within a specific team or department. A scheduling conflict or an under-performing manager may be the root of the problem. Collecting this data is crucial to untangling the salient details and implementing effective changes. Contact Actec to learn how our absence tracking mobile app can help your efforts to improve employee loyalty and absence reporting.