A 2010 survey by the Society for Human Resource Management shows that job security is what matters most to employees. And, having that job security helps to keep employees loyal. Okay, that’s really not too surprising during these times of high unemployment.
Next on the list is benefits. The unstable economy, coupled with rising health care costs, make employer offered benefits more important than ever.
Third on the top five list is an employee’s opportunity to use his/her skills. When employees feel good about their jobs and their abilities, and clearly know they are contributing to their organization they remain engaged and loyal.
In fourth place is an organization’s financial stability.
Compensation came in fifth on the top five list. Employee pay often is not the most important driver for employee retention. Despite study after study that shows pay is not the top reason employees stay with a company, research results like these often surprise workplace leaders.
In summary, the top five employee loyalty drivers are:
- Job Security
- Opportunities To Use Skills
- Organization’s Financial Stability
Leaders, be sure you are doing everything possible to let your employees have opportunities to use their skills to make a meaningful difference. This is a key factor that drives employee loyalty, and it’s one you may have the most control over in a tough economy!
To learn more about employee retention and the reasons employees decide to leave an organization, read Overland Park, KS author Leigh Branham’s book, The 7 Hidden Reasons Employees Leave.