What impact does company culture really have on your bottom line?
As a successful employer, you’re always looking for ways to improve the growth and productivity of your company. You want your staff to be engaged, friendly with each other, and dedicated to your brand. The personality of your business not only sets the tone for your employees in the office, it defines your company culture.
Why focus on culture – what impact does it have on your team?
According to Forbes, “Culture-conscious companies rise above industry benchmarks and they out-earn and outperform their competition.” Employees who are invested and engaged in their companies have higher productivity rates. They are more likely to stick with your company and align their goals with your own. The task of creating a positive environment is no small feat, and many companies have a difficult time overcoming negative culture.
If you’re unsure about the climate in your office, let Benovate help with a more advanced and proactive approach to an employee satisfaction survey. It’s no surprise that employees need to feel valued at their jobs to be successful, but defining specific weak points can help you target your efforts where it will make the most impact.
It Starts With Who You Hire
First, hire employees who resonate with your mission statement, your values, and your goals. In the long run, taking it slow to find someone who fits both the talent requirements and the company culture is going to pay off. Studies have shown that employees who have a good cultural fit within their organization tend to have higher job satisfaction, commitment, performance, and retention. Even high performing team members can be toxic to your workplace well-being if they aren’t the right fit, so it’s not worth rushing the process.
Better Environment = Lower Turnover
Negative culture can have a detrimental financial impact on a business by leading to higher employee turnover. Consider the costs of posting a job, vetting candidates, multiple interviews, and the overall training process. This can take a lot of manpower, let alone the time it takes for a new employee to become successful and productive in their field. Hold onto the qualified team members that you have on staff by enhancing your company culture.
Build a Positive, Cohesive Relationship with Your Employees
What kind of relationship do you currently maintain with your employees? Assess how your team members interact with one another and their direct supervisors. Ensure that they feel comfortable approaching other colleagues and empowered to bring new ideas to the table. A thriving work environment includes encouragement to grow and share thoughts, and acknowledgements for those intentions.
Recognizing the Excellence of Employees
“Employees who do not feel adequately recognized are twice as likely to say they’ll quit in the next year. This element of engagement and performance might be one of the greatest missed opportunities for leaders and managers.” (Gallup, 2016). The ability to honestly address employee weaknesses — while supporting their strengths — or doing annual check-ins to focus on how well aligned employees are with the company values, can have a direct correlation with employee’s engagement at work, and therefore boost their productivity.
Attract The Best of The Best
As you have a healthy culture that promotes a positive workplace well-being, you will begin to attract top talent. Networking occurs at all levels and happy, satisfied employees are more likely to recommend their company to others. Through the power of the internet, qualified candidates may know more about your culture before they even apply or go through the interview process. This new level of transparency means businesses need to put more effort into their employees happiness or they may have a tough time recruiting.
How can you grow your company culture and focus on corporate health and wellbeing?
Benovate’s Living Growth Assessment provides a benchmark for how employees view their workplace, and then regularly administers pulse surveys so aggregate changes can be addressed quickly. Individuals receive targeted information and action items based on their results, keeping employees engaged in their work and dedicated to your company.
Request a demo today to get an inside look at how Benovate can help enhance your company culture.