Employee loyalty and satisfaction are really important in any business or organization. The growth of a company largely depends on the loyalty, well-being, and high morale of employees. If the higher-ups don’t take proper initiatives to keep their employees satisfied with their workplace and reward their loyalty, the employees feel demotivated. Also, the workplace morale gets really low.
Rewarding the loyal employees of any organization or business can keep them highly productive in their work. It will also make them remain loyal to the workplace. It helps them to do even better in their jobs. If an employee feels valued and appreciated for the loyalty they show towards their company, they will put in even more effort to bring in better results for the company. It also radiates positive energy around the workplace.
If the loyalty of the employees gets appreciated and rewarded, the company experiences an increase in productivity, revenue, and growth. Employee engagement, employee retention, etc also goes up. Other crucial workplace metrics increase by a lot too. This is especially true when the employee retention rate gets higher as a result of rewarding loyal employees.
According to the Paylab Loyalty Report, loyal employees that are working in one workplace for more than 5 years are only 27.5% of the labor market. The majority of the labor market are the employees that work for a company for less than 2 years. While many factors work behind this, not appreciating and rewarding the loyalty of the employees properly is one of the biggest factors here.
What Does A Loyal Employee Mean?
Loyal employees are the ones that demonstrate resilience and commitment in their job. They continue to keep putting their best efforts into the company even during difficult times. Also, they are likely to stay in the company for a long period of time. Some of the attributes of loyal employees are-
Commitment through Adversity
There is no easy job out there. There will be periods of lower support, higher demand, and all kinds of other difficulties in every job. A loyal employee will stick it out in the workplace even during hard times.
Willingness to Sacrifice
There are some sacrifices an employee can make for the greater good of the company, like putting in extra hours at times, or temporarily letting go of their own goals to lift up other employees in the company. A loyal employee will make these sacrifices.
Years of Experience in the Company
One of the easiest ways to evaluate the loyalty of employees is to measure their time in the company. The longer an employee has stayed in the company, the more loyal they are to the company.
Advantages of Rewarding Loyal Employees
Here are the advantages that a company will experience if it rewards the loyalty of its employees-
The best strategy to get someone to continue showing a particular behavior is positive reinforcement. If you occasionally reward your employees who demonstrate loyalty and excellence, they’ll most likely keep being loyal in the future. They will feel highly motivated to do even better in their jobs, and the company will experience better results, profits, and growth in return.
Sets Examples for Others
When you’ll reward your loyal employees, it won’t only drive the rewarded ones to do better. It will also set examples for others. It drives other employees to follow the examples of the loyal ones and to show as much loyalty as them. Especially the new employees get highly motivated when the loyal and experienced employees get showered with rewards and appreciation.
Rewarding loyal employees can also help increase the reputation of the company. If a company rewards its most loyal and best employees consistently, it earns a better reputation with clients, partners, and customers.
Ways of Rewarding Loyal Employees
Here are some ways that you can resort to for rewarding the loyalty of your employees-
Employee Loyalty Programs
We’ve always heard about loyalty programs for clients and retail customers, but these days there is an increasing demand for loyalty programs for employees in the workplaces. This kind of program will show your employees that their loyalty towards the company is valued and appreciated. Their loyalty amounts to a lot to the higher-ups. A company must make its loyal employees feel that it cares about their loyalty. A survey published in the Paylab Loyalty Report says that 31.6% of employees that took part in the survey don’t think it’s worthwhile to be loyal to the employer.
It is because of the lack of loyalty programs in the workplaces. A company needs to introduce loyalty programs that will recognize the loyalty of the employees and will provide them with impressive rewards, such as-
- Above-Standard Healthcare
- Extra Days of Vacation
- Higher Contribution from the Company to Retirement Savings
- Vouchers for Leisure Time and Shopping
- More Flexible Working Hours
Even though sending written letters to the employees can seem like a really simple action, it is also a highly impactful one too. If the loyal employees are given handwritten letters from the higher-ups of the company, it will make them feel highly appreciated and valued. They will know how much they mean to the company and all praise will drive them to do better for the company. Make sure to write the letter from heart, don’t just send a generic templated letter.
Years of Service Awards
One of the best ways to reward loyal employees of a company is to present them with a “Years of Service” award. When employees reach major milestones, such as working for 5 years, 7 years, 10 years, 15 years, etc., a company can present them with a trophy, plaque, or a similar emblem to remind them of their accomplishments.
Increasing the pay of a loyal employee is a clear demonstration of how much a company values the loyalty of the employees. Even though it might not always be in your budget, issuing an annual raise or a merit-based raise can show your employees how much the company cares about them. Also, bonuses can be distributed based on reaching particular loyalty milestones and based on performances. Monetary rewards can be really impactful.
You can reward your loyal employees with a new setup or a room if you have the place and budget for it. You can provide your loyal and long-serving employees with the corner office of the building, or a place of their preference. You can also present them with new gadgets and resources that will help them do their job even more smoothly and conveniently.
You can recognize your loyal employees by bestowing them with special privileges from time to time. You can provide them with their own designated parking space. Or, you can provide them with the opportunity to work from home more often. They can get more time off based on the rush in the office, and additional paid vacation per year. They can also be rewarded with special mealtimes with the higher-ups, free lunch, or gift cards from their favorite restaurants or brands from time to time.
If a company introduces a loyal employee rewards program in the workplace, it does wonders in making the workforce more productive and engaged instantly. It’s really important for a business or an organization to nurture their highly talented and top-performing employees, and try to retain them for a long period of time. It helps the company to keep doing better and experience massive growth quickly. For doing so, a company needs to reward its loyal employees so that employee retention and engagement highly increase. As it doesn’t only keep the loyal employees happy and content, it also works as an example for the other employees of the office.