A rewarding work culture is just as essential as compensation – if not more so.
Our business success requires myriad elements supporting and executing a company’s mission and vision. Our employees are perhaps the most vital element of a company’s operations and growth, providing a face to customers and an essential backbone supporting all its endeavors.
Attracting and retaining top talent is a top priority us. Every organization can shore up its workplace culture to create a positive, supportive atmosphere that can mean as much – or more than – money.
We’ll look at the importance of our company culture in hiring and retaining excellent employees and share tips on creating a positive culture where your team will thrive.
Why company culture matters
There’s been a shift away from employees accepting a less-than-stellar workplace culture even if compensation is adequate. If you want to attract and keep excellent employees, you must create and maintain a positive company culture.
Here’s why our company culture matters:
- Potential employees strongly consider workplace culture. A landmark 2019 Glassdoor survey that polled over 5,000 workers from the United States, United Kingdom, France and Germany found that 77 percent would “consider a company’s culture” before seeking a job there. Another 56 percent said a good workplace culture was “more important than salary” for job satisfaction. Additionally, 73 percent of respondents from four countries said they “would not apply to a company unless its values align with [their] own personal values.”
- Toxic work environments drive overall turnover. Today’s employees won’t stand for a toxic work environment. Amid the pandemic-induced Great Resignation – which saw record employment turnover – workers seemed to reevaluate their priorities. MIT Sloan research revealed that toxic work environment complaints are the No. 1 reason driving turnover in various industries, drastically overshadowing other issues.
- Employee retention is more challenging than ever. In the aftermath of the Great Resignation, it’s been crucial for companies to find ways to retain employees and bring in new talent. We view employees as investments – but our employees also view us as an investment. We prioritize flexibility and employee happiness in their cultures seem to improve retention rates and can draw new prospects.
How to create a positive company culture
Our company culture is a vital element of growing our business and team. If we create a culture that offers personal and professional growth, that will attract employees that want to be challenged and invested in their jobs.
Here’s how we’ve built a better, more positive work culture:
- Hold performance assessments to improve company culture. Performance reviews can seem like a chore, but they can significantly impact our team’s growth when done thoughtfully and with care. Reviewing our employees’ progress and welcoming their feedback can improve relationships and boost productivity. Regular reviews can foster a culture of support and improvement.
- Conduct employee surveys to improve company culture. Proactively seeking feedback via employee surveys can helps us grow and improve while demonstrating to employees how valuable they are. Soliciting employee input gives management and owners a chance to view their organization from different perspectives. When we implement employee suggestions, everyone wins.
- Flexible work schedules improve culture. Flexible schedule options are a creative way for us to show employees they’re valued. Company cultures that accept various work schedules are more likely to appeal to new candidates. Businesses with strong post-pandemic “return to office” mandates have been met with resistance from people accustomed to working from home and benefiting from flexible work policies.
- Career development opportunities improve culture. Organizations that encourage professional growth and offer a career trajectory tend to retain employees. When we offer new hire training programs, mentorship programs and promotion paths, we foster a workplace culture of support and ensure better long-term employment rates.
- Stress-reduction measures improve culture. Work is often a source of stress for many employees, whether or not they love their job. Deadlines, pressure and multitasking can lead to employee burnout. If you find ways to create a stress-free work environment, you can help keep top-tier talent and appeal to excellent candidates.
- Emphasizing your mission improves culture. People want to work for companies they believe in, so it’s crucial that we have a clear and defined mission statement and vision statement that jive with current employees’ and potential applicants’ views.
What else contributes to employee happiness?
A positive company culture contributes to happy employees, but there are other factors. Here are a few additional ways we’ve ensured a satisfied workforce.
- Offer fair and competitive compensation. The easiest way to make an employee happy, outside of a strong culture, is to provide fair and competitive compensation. If you understand the market and your industry’s demands, that gives you an advantage in maintaining and growing a workforce. The costs of hiring employees are significant, so landing and keeping the right candidates is critical. Routinely improve wages as much as possible, and promote from within. Keeping our wages competitive and anticipating the market is part of building a great culture that boosts employee engagement.
- Trust employees. Employees value feeling trusted at work. Typically, trust is built over time, so longer-term employees should be able to reap the benefits of trust and respect. Our culture of trust also helps in the hiring process. Seeing employees with autonomy and freedom will appeal to job candidates who want that level of trust in their careers.
- Offer the best benefits possible. Creating a great employee benefits plan that includes a paid time off (PTO) policy can go a long way toward attracting new hires and keeping excellent current employees, even if your pay isn’t as high as some competitors.
A good company culture reaps rewards
In today’s employment climate, companies face the challenge of finding the right candidates as they expand. To attract the best talent, we consider various structures, including on-site, hybrid and remote, as well as attractive employee perks like flexible schedules and paid time off.
While everyone wants high pay, there’s a limit on what employees are willing to sacrifice to get it. A strong company culture can safeguard your business by fostering employee happiness and long-term goodwill.
If you’re looking to join a competitive team with forward thinking culture; look no further than BeMobile!