How to cultivate employee loyalty in a post-coronavirus world
COVID-19 has changed the way we live and work. It has also led many to reevaluate their careers and reassess what they are looking for in a company. Managing human capital and communicating with employees in these unprecedented times has become more challenging than ever. As companies work to mitigate the impact of the pandemic, it is critical that they focus their energy on a key aspect that will determine their long-term success: employee loyalty.
Companies who seek to remain successful in this post-coronavirus world, need to view and value their employees as humans first. Reducing employees to numbers on a chart is a massive mistake. Due to the ongoing pandemic, people are experiencing hardships they had never encountered previously. Farzana Suri, an author and life coach, states that “consumers trust organizations that show concern towards their employees in the time of crisis.”
Shawn Cole, president and founding partner of Cowen Partners Executive Search, states that caring for employees as individuals will increase the likelihood that they will care about your company. Loyalty is what ultimately sets businesses apart and allows them to succeed in the economy. As Cole noted, “employees are looking for more intangible incentives -- like community, leadership, ethics, and a clear company mission -- than ever before.”
If companies want to increase employee loyalty, they need to improve their internal communication by being transparent and communicating more frequently. Not surprisingly, research has found that company transparency was the number-one factor in determining workplace happiness among employees. When companies are transparent with employees and share their vision, it helps increase employees’ connection to their work and their teams. Researchers have found that over 90% of personnel officials believe that strong communication skills are needed for success in the 21st century.
In these turbulent times, companies need to place a special emphasis on being fair with employees. People value equality and justice. According to Suri, “fair compensation is another pillar of company loyalty, and it goes beyond traditional notions of financial strategies to keep employees where they are.” Fair compensation is more than just giving employees the appropriate amount of pay according to their performance and job experience. It’s about taking that a step further and being fair in wage gaps and equality in the workplace. In today’s modern world, people know their value and worth based on their education level, achievements, skills, and experiences. It’s critical to establish a standard of fair compensation for employees to feel valued.
For people to commit and trust their employers, it’s vital that companies focus on increasing the quality of their internal communication. The way that employers care for their people in these challenging times will have long-term effects on their companies. As the world changes, organizations need to adapt and change the way they used to function.
By Britanny Lam
Brittany, a senior student at San Diego State University, is studying Journalism with an emphasis in Public Relations. Lam is double minoring in Communications and Counseling & Social Change. Currently, she is a Marketing Intern at Colorescience and hopes to work in the beauty or fashion industry after graduation.