Regardless of what type of business you are running, it is in your interest to cultivate the right culture. Doing so brings many benefits for your employees, your clients, and ultimately you, as the business owners. In time you will find it easier to attract and retain the right people. They will be happier, more engaged, and, in many cases, more productive. Which means that your customers will be better served.
It also plays a big role in improving the culture of the society that we live in. Studies show that people who are happy and fulfilled at work are also happier and more settled in their personal lives.
Evidence that company culture boosts retention
Let’s start by looking at a few statistics. Facts that help to underline the importance of developing a healthy company culture.
Job seekers want to work for companies that have the right culture
Top of the list is that potential employees value good company culture. As you can see from this study 46% of people will only apply if the culture is right. Surprisingly, this is even more important for those candidates that are in a long-term relationship or married. Fifty percent of people in that category evaluate company culture before applying for a job.
The impact it has on productivity
According to a survey conducted by The Alternative Board (TAB), 86% of business owners had noticed that company culture has a significant impact on productivity. When employees are happier and not put under unnecessary stress, they are far more engaged. That in turn improves the quality of their work.
How company culture impacts turnover
A study that was conducted by Columbia University also showed that firms that cultivate the right company culture find it easier to retain their staff. They found that those firms who do so only have turnover rates of 13.9%, whereas those that have a poor culture lose 48.4% of their staff.
As you can see, the statistics are pretty compelling. Now let’s look at some fairly easy ways companies can improve their company culture.
Keep everyone connected
Providing your employees with plenty of ways to connect is especially important. It fosters an understanding of each other’s roles, encourages empathy and teamwork. Many firms do this by providing opportunities for employees to socialize with each other, maybe by setting up company sports teams, or by running team building days. This works well, but so does encouraging cross-departmental working. For example, getting head office staff to work in a store for a couple of weeks during busy periods.
Provide plenty of opportunity for advancement
People appreciate being invested in. So, as much as possible provide training opportunities. But it is important to make sure that it truly adds value and will help them to advance their career. It cannot be a tick-box exercise that leads nowhere. That kind of training will have the opposite effect.
Get your induction process right
When you take on staff, invest time into the induction process. It is not enough to simply sit them in front of an ancient, boring video. Or have them go through a manual and fill out a quiz at the end of it.
Instead, assign someone to sit down with them and explain the company’s purpose, mission, goals, and values. Providing examples of how this is done that are relevant to the role that they are taking on. That person should also make sure that they complete any training before starting work. Then, over the course of the next few months, that same person can check in with the new employee to see how they are settling in and provide additional support and training if needed.
Tap into the power of motivational posters
Studies show that those firms who regularly touch base with their employees and encourage them are up to thirty-three% more productive. One of the easiest ways to do this is to use motivational posters. Displaying them on digital screens that have been set up in strategic places enables employees to change the messages that they share so that it stays relevant and has more impact. There are many ways to use digital signage in the workplace. If it is still not clear how digital signs can enhance company culture, just click the link to see more examples and learn more. As you will see they can also play an important role in keeping everyone organized. Employees like to have a clear direction. It reduces stress and helps them to do their job better.
These are just a few examples of how you can improve company culture. There are many more approaches that can be used. Which you choose to utilize is up to you but neglecting your company culture is not something that any firm can afford to do.