More often than ever before, employees expect more than a paycheck from their place of work. In addition, they want affordable healthcare, reasonable hours, tuition reimbursement, training assistance, and (above all else) a solid company culture.
Why has company culture become so important over the last decade? Below are six paramount reasons.
Companies that value their workers and place an emphasis on company culture often have lower turnover rates. A low turnover rate means less expenses in the form of recruitment, hiring and training fees.
When you emphasize culture in your business, you can encourage high morale and positive attitudes in the workplace, thus helping your business retain valuable workers and improving your bottom line.
Engagement and Productivity
Did you know a healthy corporate culture can increase productivity? When workers feel comfortable and needed at work, the financial health of your business improves. Employees become more involved in day-to-day operations, going above and beyond the expectations of their contract.
Both employees and employers can enjoy boosted productivity, since businesses with a higher bottom line can offer salary increases and improved benefits for workers.
When you establish a company culture, you contribute to the way employees and customers identify with your business and its values. For example, if one branch of your culture focuses on casual Fridays, your employees and customers will see you clearly value the comfort of your workers. This can help you maintain direction and keep the vision of your brand coherent.
Companies that focus on culture are often idolized by potential workers, giving your reputation a serious boost. This can attract more talented and skilled workers to your business, in addition to improving the retention of current employees.
A strong business reputation can make all the difference. Not only can businesses with glowing reputations charge more for their services without customer complaint, but they have an easier time hiring new workers, and are often rewarded with community interest.
If your company has a healthy culture, your employees may be encouraged to focus on quality products and services, rather than quantity. Too often, workers punch in, do the bare minimum, and punch out. Imagine how much your company could improve if your employees showed a distinct interest in improvement and higher standards.
Do you want young workers to invest their time and energy in your company? By far, the best way to retain millennial employees is through a strong company culture.
More than anything else, the culture of your workplace determines whether a young adult is willing to work for you – even if you offer pay incentives or reasonable benefits. If your culture isn’t appealing, you’ll be ignored or simply used as a stepping stone to something better.
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