Making Your Employees Part of the Team - Instil Confidence in Employees
The secret to long-term employee retention and loyalty is to understand basic human behaviour and psychology. For employees to decide whether they would like to work with an organization, they have to look at both the intrinsic meaning and the extrinsic reward. After all the former drives people to work more effectively and the latter is the practical reason why people work.
Apart from extrinsic rewards like stock options, money and other benefits, it is also important to give employees meaningful roles in the organization that provide them fulfilment and a sense of purpose beyond the job. Very often people have to make a difficult choice between intrinsic meaning and extrinsic rewards (though the linked article is about classroom training, it gives you an idea of how to implement a reward system for your team). Organizations and business managers can do much to minimize the effect of this trade-off by balancing both.
The first thing for all business managers to remember is to take steps to build trust, confidence, loyalty, and goodwill among all their employees. This would lead the organization on the path of long-term success.
Very simply put, if an employee likes and respects what he or she is doing, he or she would be interested in the overall success of the organization. If not, he or she would not care much about the success of the organization. Thus, for the overall growth of the organization, it is important to make employees happy at their jobs. This would also inculcate assurance and increase employee retention in the organization.