There are dozens of practical ways to engender loyalty and trust in employees. Over the past few decades, as company structures and policies have morphed into hundreds of variant forms, owners have discovered that some techniques are better than others for building long-term loyalty. Consider the following approaches.
Help Them Get Approved for College Loans
Whether you run a micro sized partnership or a larger entity with a hundred or more employees, take their education needs into account. One of the most impactful policies is a loan cosigner arrangement in which select workers who need help with college financing can get the assistance they need. It’s not about offering money or scholarships to worthy recipients, but a matter of putting your name alongside theirs on an official college loan application. For diligent young adults aiming for degrees, private student loans with a cosigner give them a much greater probability of approval from a lender. But not only that, but your signature also gets them a shot at more advantageous interest rates. That translates to a significantly lower total cost over the lifetime of the loan.
Offer Smorgasbord Benefits
Several decades ago, entrepreneurs in the tech and financial sectors came up with the idea of benefit menus. It was and is a clever arrangement in which employers list a dozen or more perks from which new hires can choose. The concept saves money for smaller firms that can’t afford to give long lists of benefits to every newcomer. Plus, the tactic is financially sound because few workers want or need every item on the list. Employees who have young children tend to want benefits like family dental and eyecare plans, while younger, single adults might opt for travel vouchers and thrift savings plans. Smorgasbord benefit schemes are an imaginative, effective way to engender long-term loyalty in your workforce.
Cover Gym Membership Fees
In corporations, partnerships, non-profits, and every other type of business entity, one of the most popular stand-alone benefits is free or heavily subsidized health club membership. Pioneered by some of the largest companies in every industry, the offer is one that new hires value greatly and from which owners gain a subtle advantage. People who spend time working out and paying attention to their overall fitness levels have fewer illnesses and take less time off work due to sickness. Additionally exercise is linked to better mental health which should be a top concern in the workplace. Encouraging the long-term well-being of your team is a smart way to build loyalty, keep morale high, and contribute indirectly to the bottom line.
Pay for CEUs
In so many fields, entry-level and mid-level workers need to earn continuing education credits on a timely basis. The courses are usually weekend events that occupy about 16 hours of the attendees’ time. Many need the hours to keep licenses and certifications current for their jobs or for other reasons related directly to work. This is particularly true in the healthcare field, where nurses, techs, and medical assistants need to accrue a dozen or more credit hours every two years. By covering the fees in full, employers can take the financial burden off workers and help them achieve their educational and professional goals more easily.