According to the latest New York Times survey of New York-area hiring managers and job seekers, just over half of respondents said a loyal employee is better off. Meanwhile, 49% of applicants said loyalty either made no difference or actually worked against the employee.
At the same time, 97% of hiring managers and 87% of applicants agreed that a loyal worker is generally more productive.
The hiring executives said there is a good reason to foster employee loyalty – a loyal worker is more likely to stick around longer than a disaffected one.
Some 67% of hiring managers said it would cost them more to bring on a new worker than to keep their current employee. Hiring managers estimate that on average it costs $10,350 to replace an employee.
Asked how a company can foster workforce loyalty, respondents most often mentioned the following attributes:
- 90% of job seekers and 94% of managers mentioned employees’ perception about workplace fairness,
- 90% of managers and 81% of applicants mentioned a company’s ethics,
- 89% of hiring executives and 85% of job seekers listed employees’ satisfaction with their daily responsibilities, and
- 87% of hiring managers and 83% of employees talked about a company’s concern for the mental and physical health of its workforce