Loyalty helps retain employees by driving positive work cultures, elevating work quality, and increasing productivity. Having loyal employees could also indicate a satisfied workforce. This makes them a valuable resource, giving you confidence that they’ll stay with your organization for a long time.

As an employer, you can create a loyal workforce by simply focusing more on their job security. First, let’s understand what job security is.

 

Understanding Job Security

Job security is achieved when employees are confident about their job status. It’s a work environment without fear and anxiety about losing work.

Let’s face it: job security is not a priority and is often neglected. However, its profound impact on an employee’s well-being is critical to their engagement and the company’s success.

 

Why Should You Foster Job Security

Job security is not just for your employees. At first glance, yes. But in the long run, it will either help you succeed or damage your reputation. By creating long-term commitment and dedication among your employees, you can benefit from the following:

  • Lower turnover rates
  • Improved work culture
  • Increased engagement
  • Reduced costs
  • Less absenteeism

Job security is about creating stability and trust within your organization. By creating a positive company culture, you can foster employee loyalty. This will allow them to strive for better results, focus on their responsibilities, and align their long-term career goals with yours.

 

1. Secured employees create a healthier company.

In today’s competitive job market, offering job security can be a powerful tool for employee retention. Your employees will be more committed when you prioritize their well-being by giving assurance about their job security.

With less stress and anxiety within the workplace, you can promote trust within the organization. This further motivates your employees to contribute their best efforts to drive the company towards growth. The key is to provide employee satisfaction through a simple initiative of prioritizing job security.

This also means reducing your turnover rates, hiring costs, and hiring time. Further, it reduces training costs, productivity loss, and turnover. In essence, focusing on job security is not just for the benefit of your employees but an initiative that improves the company’s overall health.

Read more: 9 Essential Traits of a Strong and Healthy Team Culture

 

2. Trust can foster employee loyalty and engagement.

Trust and confidence play pivotal roles in fostering engagement through job security. When employees know their jobs are secure, they feel more confident in their organization. This trust is built on transparent communication and effective leadership.

You can build trust by simply informing employees about the company’s performance, client prospects, and potential challenges. This will help align them with the organization’s goals and keep them in the loop of what’s happening within. When you’re honest and direct about the organization’s state, your employees are more secure and assured that everything is within your control.

Confidence in job security allows employees to invest themselves fully in their work, knowing that their contributions are valued and they have a future within the organization. This sense of security enables employees to focus on their tasks without worrying about their job status, leading to higher engagement, productivity, and commitment to the organization’s goals.

Read more: Putting People First: Why Prioritizing the Employee Experience is Key to Long-Term Business Success

 

How Can Disengagement Impact Your Company

According to a study by the Centers for Disease Control and Prevention in 2019, job insecurity can be associated with decreased employee engagement.¹ This means stability is vital in fostering stronger employee commitment. It allows them to fully invest their time, energy, and skills for the company’s goals.

 

1. The Cost of Disengagement

Imagine a disengaged employee: They work daily but only provide the bare minimum of their responsibilities. You might be lucky if that was the case, but what if they don’t? According to Gallup, disengagement can cost up to $8.8 billion worldwide.² Aside from creating an insecure space, you’re also risking your company from losing productivity, efficiency, and profit. This is why creating a safe space for your workforce is essential.

 

2. The Risks of Employee Turnover

Losing an employee can be a financial burden, including recruitment, advertising, onboarding, and training costs. Moreover, you also lose precious intangible things. These could be harder to track, and you might often miss them as they’re not easily identified.

  • Productivity loss
  • Institutional knowledge loss
  • Decreased morale
  • Team dynamic disruptions
  • Damage to reputation

So, it’s not just financial costs that you have to worry about. Losing employees can heavily impact your business productivity and operational capacity.

 

3. Job Insecurity and It’s Psychological Damage

The mental impact of job security employee experience is immense. Uncertainty can lead to heightened stress, anxiety, and fear about one’s job. This fear can creep into their daily tasks, reducing their performance and ability to connect with their work.

 

Effects on Confidence and Self-Worth

As employees, not knowing whether they still have a job and a secure future will eventually take its toll on their well-being. They might lose motivation and productivity, which can lead them to the unfortunate consequence of losing their job.

Aside from work performance, this might even affect their social life. It can strain their personal and professional relationships, further isolating them. This creates further uncertainty and fear among your workers. As a result, they might constantly look for other opportunities.

Read more: Addressing Employee Burnout: Strategies for Workforce Management

 

How Can You Promote a Loyal Workforce Through Job Security

Creating a company culture centered on job security is not easy. In fact, it’s something that you should focus on. The impacts of job security on engagement and retention can help boost your company as a whole.

Investing in job security measures might require more resources, but it will provide long-term benefits that far outweigh the costs. This is the road to a more sustainable and successful organization.

Here are a few things you can do to foster employee loyalty within your organization:

 

1. Clear and Honest Communication

Create transparency by regularly updating your employees on company progress, goals, and challenges. This also includes their professional journey.

Listen to your employees and give constructive feedback to help them improve. This goes both ways. As managers and leaders, be open to their suggestions and provide open channels where they can submit their concerns or ask questions.

 

2. Offer Opportunities for Learning and Growth

Focus on providing development opportunities to equip your employees and help them succeed in their roles. To show commitment to your employees; success, invest in their professional development through:

  • Training and skills development
  • Mentorship and coaching
  • Equal advancement opportunities

You can also encourage skill acquisition through workshops, technical courses, or job rotations. This will benefit their growth, ensuring you care about their development and commitment to their career success.

Besides employee development, this will also benefit your company. By empowering your employees to adapt and grow, it maximizes their capacity and capabilities. This ensures that you have the teams you need, allowing your company to grow together with your employees as you both achieve success.

 

3. Recognize and Applaud Hard Work

Hard work should be recognized. This will empower your employees to do better and apply the same commitment they put into their previous work. You can motivate them through:

  • Verbal praises and casual conversations
  • Offering awards and bonuses
  • Providing promotions and employment plans

 

4. Share Your Long-Term Plans

Your future plans will affect your employees no matter how small they are. Demonstrate stability by sharing your vision and goals. This goes beyond discussing your plans for the year. It involves overseeing where you want your company to be in the coming years.

  • Are you generating more leads?
  • Do you want to be the best in the industry?
  • What actions are you taking to be competitive?
  • Which companies are you competing with?
  • Are there any companywide initiatives that you need to emphasize?

This will help your employees align their aspirations with your company’s objectives and solidify their commitment toward the same goals.

 

5. Fair Treatment of Employees

Provide equal compensation, advancement opportunities, and manageable workload distribution. Let your employees know they’re equal and the only thing that sets them apart is their unique individual contributions.

Often, leaders neglect these things in hopes of reducing salary costs or unintentionally prioritizing performing employees. This usually leads to ignoring the needs of those who might perform better. Instead, try to be intentional in providing job security through fairness.

 

FIND LONG-TERM TALENT COMMITTED TO YOUR BUSINESS

Unlock the potential of your team with ACS Professional Staffing. Discover committed, long-term talent that aligns perfectly with your organization’s goals and culture. Let us streamline your search for excellence and help you elevate your workforce. Let us know how we can help!

 

References

  1. “Employee Engagement Strategies: Fixing the World’s $8.8 Trillion Problem.” Gallup, Jun. 14, 2022, https://www.gallup.com/workplace/393497/world-trillion-workplace-problem.aspx
  2. “The Association Between Job Insecurity and Engagement of Employees At Work.” Centers for Disease Control and Prevention, 2019, https://stacks.cdc.gov/view/cdc/93298