I recently read an intriguing post on Bnet on the difference between customer loyalty and customer retention:
The same logic applies to employee retention and loyalty as well. Are you simply trying to retain employees (relying on pay and benefits as your key factors)? Or are you working to foster employee loyalty among those who are “emotionally bonded” to your organization?
Am I just splitting hairs? Why does this matter? Look to a recent article in the Economist citing this research:
If you’re not working to create loyal employees, then you might as well kiss your best competitive advantage goodbye. How do you help foster loyalty? Give employees a stake in the outcome – ask their opinions, really listen to them, implement what you can. In their daily jobs, take the time to specifically, authentically appreciate what they do that helps make your organization a success.
What are your suggestions for making loyal employees, not just retaining them?