Index Shows Confidence Down, Loyalty Up
The Indiana Business Confidence Index is near its lowest level since the measurement began almost three years ago, but also suggests an uptick in employee loyalty. Walker Senior Vice President Bruce Kidd says the vast majority of survey respondents are proud to work for their company. However, many say they have been asked to take on additional work with no extra pay and do not believe they are receiving the training necessary for long-term careers with their employers. In an interview to air this weekend on Inside INdiana Business Television, Kidd says research suggests a lack of loyalty could cost companies $10,000 per employee. The INdiana Business Council is a partnership between Inside INdiana Business and Indianapolis-based Walker. The Business Confidence Index is a measure of the overall confidence Indiana business leaders and employees have in their company's opportunity for growth and success in the coming six months.
The index dropped to 58 percent in the latest report, which is just above its lowest point since it began in December 2010.
Some of the survey's findings about employee loyalty are below:
87 percent are proud to work for their company
92 percent are willing to go above and beyond in their job
77 percent would recommend the company as a good place to work
66 percent have been asked to take on additional work with no additional compensation
50 percent believe the company cares about their long-term careers
53 percent have the training necessary to do their work effectively
Kidd says employers can increase loyalty by identifying top performers and making sure they are receiving training for long-term opportunities. In addition, he says companies should seek out workers producing at average levels and identify ways to re-engage them.
Sources: Walker, Inside INdiana Business