In the modern business world loyalty is often looked at as a lost trait. For better or worse, employees just don’t stay with companies as long as they used to. The proof is in the statistics.
One study by the Associated Press uncovered that 40 per cent of professionals born between 1946 and 1964 on average stayed with their companies for more than 20 years.
In contrast, research from LinkedIn found that professionals who graduated university from 1980-1986 generally changed jobs twice every ten years, graduates from the years 2006-2010 are predicted to change jobs four times before they turn 32.
Modern employees change jobs much more frequently than past generations.
Generating loyalty as a leader
The bottom line is that loyalty is a precious commodity in businesses today. Leaders that can actively cultivate a more committed team of employees are invaluable.
So, how can you as a leader work to generate loyalty in your organisation? Let’s a take a look.
1. Commit to being open and honest
Creating an environment of honesty and transparency has a very positive effect on employee loyalty. This manifests itself in two ways, according to Entrepreneur. First, leaders are demonstrating their trust in their team by sharing company information (both good and bad). This display of openness generates trust towards you as a leader. Second, complete honesty creates an inclusive culture throughout the office – employees feel closely connected to company changes and news. This combination of trust and inclusion results in strong levels of loyalty among team members.
Professional development is increasingly cited as the number one desire of modern workers.
2. Invest in the growth of your employees
Professional development is increasingly cited as the number one desire of modern workers. People want to work for companies and leaders that value their growth. According to Fast Company, a lack of advancement and growth opportunities is the number one reason for high turnover rates in organisations. To gain loyalty you need to demonstrate that you understand what your team wants and then deliver on it. Offering development programmes or training courses is a great start.
3. Lead by example
Workers crave authentic leadership. They want to be led by executives that not only talk the talk but walk the walk. You shouldn’t take advantage of your position by holding yourself to different standards. If you want your team to show up on time, then you need to do the same. If your company goals involve better inter-office communications, adhere to these rules. This kind of authentic and genuine leadership can prompt loyalty throughout the office.