How to Build a Company Culture that impacts Employee Retention

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How to Build a Company Culture that impacts Employee Retention
According to a study, over 50% of executives state that corporate culture has a direct impact on productivity, firm value, creativity, profitability, and growth rates.

Appropriate hiring, rewards & recognition, and lucrative employee benefits all play a crucial role in employee retention. But is all this enough to retain your A-players? No, it isn’t as long as you don’t have a positive work culture. Work culture is one of the most overlooked factors when it comes to employee retention. 

According to a study, over 50% of executives state that corporate culture has a direct impact on productivity, firm value, creativity, profitability, and growth rates. These studies have highlighted the significance of company culture on retention. Therefore, fostering a work culture that stands out from the pack is the main ingredient to attract and retain top talent. 

So, how can you discard toxicity from your workplace and build a winning work culture? Worry not, here are a few tips that can help you build a work culture that boosts employee engagement, improves retention rate, and ensures high productivity. 

Focus on Output, Not on Clock 

The first step to creating a culture of trust and transparency is to build a culture that is output-focused and not clock-focused. However, this doesn’t mean you should not keep track of your employee activities, you definitely need some structure to define office hours.

But you shouldn’t expect your employees to strictly follow the defined schedule. You should eliminate micromanaging from your system and need to offer them some flexibility. Your focus should be on the work done not on when and where it is getting done. 

Constant Communication

Interactive one-on-ones can help you build a positive work environment. Constantly checking up on your team members or other members in the organization can help foster healthy work relationships. As stated in a McKinsey report, well-connected teams see a productivity increase of 20-25%, which is quite great.

Make communication a part of your regular schedule, make frequent phone calls to know how they are doing. Frequent communication with team members can help you identify issues both professional and personal that might be impacting your team’s performance. It also helps you connect with your team members on a personal level. 

Always be There 

When you say your employees are your family, you need to stand true to your words. Make employees feel at home. Always be available to your team members not only professionally but also personally. You need to support your employees during times of need and offer them the help they need- be it emotional, financial, mental help. 

Rejig your office spaces into more casual, personalized, and comfortable places. Developing a culture where employees don’t hesitate to reach out to any person in the organization should be your end goal. Keep your communication channels open and try to make your employees feel more comfortable and connected in the organization. 

Plan Events Often 

Some people think that weekly team activities are nothing more than a waste of time. According to researchers at MIT’s Human Dynamics Laboratory, conversations outside of formal meetings are crucial to team success.

So why not build more opportunities to build strong bonds with our team members. Organize fun activities, healthcare sessions, plan team outings or short trips, organize town hall meetings, and make your employees feel more close to each other. If you are working remotely, you can connect with your team virtually. 

Rewards and Recognition

Imagine if you have been working tirelessly on a particular project or task and it has produced the desired results and now it’s time to celebrate your success. But what if nobody appreciates what you did? You will feel disheartened, won’t you? Awards and recognition play an important role in creating a culture of appreciation.

You should celebrate the wins of your employees no matter how big or small they are. Acknowledge their hard work, recognize and reward them publicly, or you can send personal appreciation mails. 

Encourage Frequent Feedback 

Taking frequent feedback from employees can help you build your dream work culture. When you take feedback from your employees and act on it to make necessary changes, your employees feel more involved in the organization. It will make them feel valued and appreciated in the organization.

When your employees get the idea that their voices are heard, they are more likely to give honest feedback which eventually will improve your work culture. Take your employees’ opinions into consideration and improve company culture. 

Befriend Right Technology

You can improve your company culture by investing in the right technology. For example, a human resource management system helps in the automation of mundane day-to-day tasks that save a lot of time which can be utilized in improving employee experience.

You can opt for a performance management system to take continuous feedback, encourage peer-to-peer recognition and self-assessment, you can also invest in communication tools such as Slack or Zoom that allow for improved communication and collaboration among employees. 

Final Words -Following the above-mentioned tips, you can build a culture of positivity, inclusiveness, and belonging. Keeping employees happy doesn’t necessarily require a raise, there are several other ways that keep your employees engaged and motivated in the workplace.

If you offer a healthy work environment to your employees, they will offer you great performance in return

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