40% of employees want to quit their jobs.
Attrition is at an all-time high today. Mckinsey’s research says that 40% of employees globally want to quit their jobs. In such an environment, creating a sense of loyalty among employees is not just difficult; it has become more of an aspiration for organizations. But still, it is possible. Brands like Tata and Unilever are known as employers where employees spend long tenures. Not just that, employees tend to spend their entire careers in name-brand companies.
We need to understand that the era in which we work is an era of immense opportunities. Earlier in the industrial age, jobs were fewer, and people would still be working in a standard routine simply because they did not have anywhere else to go. Then we entered the information age when the IT services sector emerged and boomed. The services sector in India created many opportunities that allowed people to hop between jobs. Apart from other sectors, emerging startups offer exciting job opportunities with attractive work cultures. Today’s workforce has a lot of options and freedom to choose their careers. So, it is challenging to create stickiness at work.
Apart from the above reasons, there could be other causes that can create discernment in the workplace. One could be the attitude of leaders. Some leaders talk well but cannot demonstrate those same behaviours, leading to a lack of trust among employees.Sometimes, employees cannot align with the organization’s vision and mission. As a result, employees lack faith in the product and services of the company and look at other options to switch.
The attitude of the boss is another crucial factor. If the manager is supportive and invests in the growth of the individual, the employees are likely to stay for long. Moreover, meritocracy has to be an integral part of the company culture. Managers need to display genuine leadership qualities to nurture employee loyalty.
Creating an employee experience and a workplace where employees foresee a long-term career is essential. Organizations must work on multiple aspects such as career development, employee well-being, flexibility, work-life balance, and creating a sense of purpose to win employee loyalty.
Employees want to work for an organization that invests in their growth. The logic is very simple. When a company spends time and effort nurturing its employees, then the employees also try to go above and beyond for the brand. Moreover, it helps create a sense of loyalty, and employees spend more time with their employers if they see growth in their careers. Companies can achieve this by implementing robust learning and development programs and having a coaching and training mindset as part of the company culture.
Empowering employees creates a sense of ownership in them. Managers who give complete freedom to make decisions and trust their team members’ knowledge and competence can develop better-managed teams. On the other hand, resorting to micromanagement can hamper an employee’s performance. This can result in higher attrition, and the employee will never find purpose in his work.
Recognizing good work is the bedrock of creating a positive work culture. Every recognition cannot be in monetary terms. Even a small act of ‘pat on the back’ or appreciating good work through saying a ‘Thank you or a Great Job’ by a manager can mean a lot to the employee. Adopting recognition platforms that allow peer-to-peer recognition and instant appreciation can be a good idea.
Companies should create forums where employees can raise their concerns to top management. Also, having an open communication policy where people have easy access to top leadership is necessary, where management and the employees can have two-way communication. Platforms like town halls, an open door policy, and easy access to leadership can make this possible. In addition, employees tend to spend more time at a workplace where their feedback and suggestions are valued.
Being fair to all employees is a basic hygiene factor. Youth values honesty and meritocracy in the workplace. Being unjust to someone can demotivate employees, and this may develop doubts in the mind of other employees too. People do not aspire to be a part of organizations that can not be honest and fair with their people.
Since millennials and GenZs have occupied the most significant chunk of today’s workforce, we must understand their psyche. What they want and what will help create a sense of purpose and loyalty. We are aware that flexibility at work is a necessity now. Let youngsters set their own work time instead of being rigid about the same. Also, please support them in pursuing their higher education through study leaves or giving higher education opportunities to employees through internally developed education programs.
Developing a sense of employee loyalty goes a long way. Looking at present times, where youngsters are seen hopping jobs frequently, retaining talent seems complicated. But it is about giving a career to people. Creating a sense of loyalty is possible if employees find an employer in you which can provide them with a career, learning, pay, and culture better than others.