Employee Loyalty: Less Than a Quarter of Staff Plan to Stay With Employer Long-term

Only 23% of workers aged 42 years or younger are interested in remaining with their current employers long term, revealed a new study. This further declines to a mere 18% for workers aged 30 years or younger, according to a study conducted by WorkProud.

Even more alarming is the revelation that only 16% of workers aged 42 or younger would choose to remain loyal to their companies, even if presented with better compensation for the same job elsewhere. This number again declines to 11% for workers aged 30 or younger, underscoring the challenges companies face in retaining young talent.

Talent retention is a top priority for companies worldwide, revealed the white paper written by Dr Rick Garlick, which sheds light on concerning trends regarding the loyalty of younger employees. “These findings underscore the evolving nature of workplace loyalty, particularly among younger employees,” said Lead Researcher Dr Garlick. “As the younger workforce continues to prioritise factors such as work-life balance and company culture, employers must adapt their retention strategies to meet the evolving needs and expectations of this demographic.”

Interestingly, the study found that employees 30 years or younger with ‘High Company Pride’ are 6 times more likely to stay with their current company for their career. Employees 30 years or younger with ‘High Company Pride’ are 8 times more likely to stay with their current company if offered more money somewhere else.

EMPLOYEE LOYALTY MATTERS

The research, which surveyed 1,000 full-time employees across various industries, provides valuable insights into the shifting dynamics of employee loyalty in the modern workplace. It serves as a wake-up call for companies to reevaluate their approaches to talent management and employee engagement to foster a more loyal and committed workforce.

HOW TO FOSTER EMPLOYEE LOYALTY & WORK PRIDE

The study offers practical approaches to enhancing work pride, such as:

• Formally recognise and appreciate valuable contributions by employees towards organisational goals, such as implementing processes, resolving issues, or contributing to revenue growth.
• Emphasise the importance of customer satisfaction and community impact and recognise employees who excel in providing excellent service or contributing positively to the community through charity work or support for local businesses.
• Acknowledge and celebrate employees’ unexpected or unique achievements, such as handling challenging situations creatively or preventing crises effectively.
• Ensure that challenging projects are successfully completed and acknowledge employees’ achievements with accolades, awards, or positive feedback from superiors, peers, or clients.
• Encourage employees to demonstrate efficiency, problem-solving skills, and adaptability by streamlining processes, handling emergency situations effectively, and successfully managing challenges like system upgrades.
• Support employees’ personal growth and continuous learning by providing opportunities for skill development, overcoming challenges, and achieving personal milestones, while acknowledging their contributions to the company’s success.
• Foster a culture of teamwork and collaboration by recognising team achievements, promoting effective communication and cooperation among team members, and providing opportunities for leadership and mentorship.
• Encourage employees to make positive contributions to the community through volunteer work or supporting social causes and recognise their efforts in making a difference in the lives of others.
• Provide opportunities for coaching, mentoring, and teaching within the organisation, and celebrate employees’ successes in helping others develop new skills or overcome challenges.
• Encourage employees to innovate and take initiative by recognising and supporting their efforts to develop new products, processes, or initiatives that contribute to the organisation’s success and enhance their sense of pride in their work.

Find out more here.

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