These findings highlight the need to keep employees engaged in the business, in order to improve their loyalty. The recent turbulent economic situation has seen a focus on cost-cutting, and as a result employees have been treated as an expensive overhead. They’ve been asked to work longer, take on extra responsibility, and, more often, without receiving any additional pay or reward.
No wonder it takes such a small increase in salary to encourage an employee to change companies.
What can employers do to help retain their staff?
Although the economic situation is improving, many businesses still can’t afford to give their employees large pay rises. However, there are alternatives for employers…
The alternative pay rise
Cashback cards, such as the MySpree card, enable you to offer your staff savings without it hitting your bottom line. These cashback cards are neither a debit nor credit card; instead employees load cash onto the card before using it as a cash alternative on-line, or in participating retailers.
But the key benefit of these cards is the cashback element. When employees use the card at selected retailers, they earn cashback, which is credited directly back to their card, the next time your employee top ups. Employees can then use the credited cashback to spend in any way they choose.
The MySpree Card enables your employees to get cashback from high street retailers such as Argos, Sainsbury’s, M&S, Boots, Debenhams, B&Q, Pizza Express, Toys R Us, River Island, Waterstones, Marriott, Zizzis plus many more.
Savings earned through the MySpree cashback can equal a 2% pay rise alone, for a employee who is earning the average wage.
Loyalty with total rewards
The term ‘total rewards’ refers to the employees’ total package which includes pay, benefits and career development opportunities. By finding out what motivates and engages your employees, and offering employee benefits and rewards that appeal to them and their individual circumstances, you can encourage employee loyalty.
Employee benefit schemes can go a long way to helping you recruit, and retain, top performing staff. Through voluntary benefits schemes, employers are able to offer total reward packages that include staff discounts and savings on a range of everyday high street items; lifestyle benefits such as childcare vouchers, gym membership, health programmes; as well as buying and selling holidays.
After all employee benefits are one of the main reasons employees choose to stay with an organisation.
Loyalty through communication
Effectively communicating with your employees about the value of your employee benefits is essential if you want the scheme to be a success. It will also have the added benefit of making your employees think twice about leaving.
To encourage employee loyalty, your employees need to understand how the scheme works and what they could gain from it, which means you need to communicate the scheme simply and effectively. After all, if you’re investing in an employee benefits scheme why wouldn’t you shout about it from the roof tops?
Salary and benefits aren’t the only factors
Of course, salary, benefits and communication aren’t the only factors in moving jobs, and to assume so would be very short-sighted. Employers also need to consider the impact on employee loyalty of other elements such as training and development, recognition, working hours, team structure, working environment and the brand.
