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Money Management (Distributed by the New Jersey Society of Certified Public Accountants)

Five Ways to Earn Employee Loyalty


More than 60 percent of employees surveyed said they plan to look for a new job in the next three months, according to a salary.com poll. Many companies are struggling to retain qualified staff, but due to historically low unemployment rates and a strong economy, turnover remains high nationwide. How can businesses keep their best people? The New Jersey Society of Certified Public Accountants (NJSCPA) recommends these steps:

1. Adjust Your Expectations
First, recognize that loyalty has a new definition. In years past, workers took a job in their 20s and remained with that company until retirement. Today, due to the rapid pace of change in the economy, employees can no longer rely on having a job for life, so their attitudes about employers have changed. Many workers believe that loyalty means doing a good job and keeping their employers’ best interests in mind. But that doesn’t mean they feel duty bound to stay with one organization forever. It is commonplace for workers to regularly seek out ways to advance their own careers.

2. Make It Worth Their While
As a result, employers need to highlight their company as the one with the most advantages — to both new and existing staff. Employees stay with companies that give them the best professional opportunities, including training and the ability to enhance their knowledge. The chance to take on more responsibility and have a hand in decision making is also appreciated. Of course, competitive salary and benefits will also give you an advantage in recruitment and retention. To put your company in the best light, use employee newsletters, meetings or informal discussions to communicate all you have to offer.

3. Be the Best
Staff members take pride in working for an organization they respect. When you give people the chance to do well in a stimulating environment, they’ll be more likely to stay. In addition, when employees find it difficult to explain the company’s mission — and their part in it — they are unlikely to feel deeply connected to the organization. It’s important to communicate with all staff members about what your company does, your successes, the challenges you face and how they can contribute to the effort. As part of this process, link employee performance review goals to overall company goals to provide a strong sense of purpose and connection.

4. Recognize the Importance of Personal Lives
Balancing personal and professional responsibilities has become a top priority for workers of all ages. They expect companies to acknowledge that they have active personal lives. The good news is that technology and changing attitudes about flexibility have made it easier for companies to offer options such as flextime, telecommuting or part-time positions. Introducing or strengthening these options will definitely enhance your recruiting and retention prospects.

5. Create Team Spirit
Mentoring programs and team-building initiatives inspire a sense of belonging that can help make staff think twice when considering a new position. Companies also improve retention by recognizing great achievements and celebrating staff members’ accomplishments.

CPAs work with a variety of businesses in their communities and consult with them on a wide range of challenges. Turn to your CPA for advice on any business concern, including ways to help you retain your most talented staff.

If you would like to receive more information on various financial matters, subscribe to E-CPA, the NJSCPA's free, monthly email newsletter. To subscribe, visit www.njscpa.org/finances or email a subscription request to e-cpa@njscpa.org.

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Money Management is a weekly column on personal finance distributed by the NJSCPA.

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