Building Employee Loyalty in A Tight Job Market

LAS VEGAS–(BUSINESS WIRE)–This is a commentary on the U.S. employee job market.

By Michael Shustek

The latest Gallup report on the American Workplace details how more than
half of employees (51%) are searching for new jobs or keeping an eye out
for employment openings. I’ve personally always been a strong believer
that for sustaining success, building loyalty with employees is the most
important part of our business plans.

The reason I’ve been blessed with employee anniversaries that include 21
years and 26 years, among several others, relates to three key values:

#1: Pay well. Financial security can afford employees peace of mind to
focus on quality work. Once I find the right employee for the team, I
want that employee to do as well as possible to stay as long as
possible. Often in small businesses each employee wears multiple hats,
so paying a star employee well can offset hiring multiple lesser – and
less loyal – employees. Additionally, think about the total compensation
package. Health benefits, retirement plans, paid holidays, even
memorable experiences can foster loyalty and motivate employees. As Bill
Belichick says, everything matters.

#2: Share success. To me, sharing success takes two forms – financial
and emotional. When possible, incentivise employees with profit sharing,
stock grants, and performance-based bonuses to get everyone pulling in
the same direction. Emotionally, sometimes success is finishing a
challenging project or meeting a deadline. As a manager, I try hard to
praise publicly, bring joy to the office, and leave room for silliness
when appropriate. This attitude can be contagious, as staff members will
often bring treats for the office when we hit a milestone. Keeping a
positive attitude will go a long way when the company faces a challenge.

#3: Family is always first. As a boss, I understand that most people
work to live, they don’t live to work. Life is messy and unpredictable,
and when family needs us we must act. When the unexpected happens for an
employee, executives should always offer support. If there is ever an
illness in the family, an important school activity for a child, make a
point of communicating this time is important and the rest of the team
can pull together to pick up the slack.

Employees are much more likely to be passionate about their work and
exercise pride when they share a higher goal. The ultimate value is
meaningful work, so work hard to communicate why your work is
meaningful, and why your employees’ contributions matter. If you can’t
articulate a clear ‘why’, go back to the drawing board and figure one
out. I’ve seen how our employees are more productive, become great brand
ambassadors, and have driven innovation as a result of their loyalty to
the higher goal.

Michael Shustek is an author, thought leader and real estate investor.
He is CEO of The Parking REIT and for more information, visit www.michaelshustek.com

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