Do you hire employees with an expiry date?

Blog located in Hiring & Employment posted on October 28, 2016

A recent article in HRM revealed the results of a recent study on the loyalty of Canadian employees. 49% of those surveyed believed that 10 years is an appropriate length of time with an employer, while 57% said that the appropriate length of time with the same employer was 6 years or less.

The role of Human Resources

It’s certainly great news to employers that 74% of Canadian employees think staying loyal to an employer it is helpful for their career. However, you shouldn’t be taking these results for granted. You must have strategic pillars in place in order to be part of these statistics and retain your staff.

The overarching strategy is called “Employee Engagement,” However, stand-alone engagement programs will not contribute to your ROI. What will contribute to your ROI is the following:

–          Employee wellness plan:

Don’t let this plan be your best kept secret. If you want your employees to join in the plan, you must communicate it. The most effective way is to share it organically across your company. You must also market the incentives to participate.

–          Reward program:

I’m not thinking bonus or salary increases. I’m thinking “alternative” rewards that have 87% impact on your employee engagement. Make sure you have metrics in place to measure the performance. Your rewards will be much more meaningful. Get to know your employees better and reward them with things they would do with their friends (event tickets) or family (gift certificate).

–          Recognition program:

Make it consistent and across your organization. As opposed to sporadic and top-down. You want to able your peers to recognize each other. You want to bolster team work and minimize silos in your business.

–          Employer branding / Corporate Culture:

A recent study showed that an organization’s reputation is part of the top 10 drivers of employee engagement. Employer branding is about breathing your brand every step of your employee’s life cycle. From hiring, on-boarding, training, performance reviews, communication, rewards, etc. It’s about making sure you empower your employees, you appreciate their work, you lead them with integrity; it’s about making your place “A great place to work”.

Loyalty is a two-way street

I think it’s great to know about how Canadians define loyalty to the same employer. However, as an employer you also have a stake in retaining your employees. Be honest, fair, communicate consistently, reward organically and celebrate meaningfully. After all, your employees are only as loyal to your company as they believe the company is loyal to them.

 

 

 

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