Secrets to Business Growth: Employee Retention and Company Culture
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Secrets to Business Growth: Employee Retention and Company Culture
These days, employees are more likely to leave a company that doesn’t suit their personal or career aspirations. That means for business owners and managers, employee retention requires an active approach.
A significant part of improving employee satisfaction is developing a healthy company culture where employees feel seen, valued and motivated. Businesses that focus on employee retention and company culture tend to perform better and see stronger long term growth.
Succeeding with Employee Retention
If you’ve got a talented employee, it makes sense that you want them to keep working for your business. Hiring new employees involves significant costs in administration, training and productivity losses.
Improving employee retention requires you to create a workplace environment where employees can feel satisfied, motivated and proud of their work. Company culture is a big influence on whether employees decide to stay and whether they continue to perform at a high level.
Company Culture: What is it and why is it important?
Company culture is the shared values, goals, attitudes within your business. It’s what your organisation believes in, how the employees feel about their work and where the team sees the company heading into the future.
Fostering a positive company culture is critical for long term business success. Employees are more likely to keep working for a business when their personal values and attitudes align with the company culture, when they feel satisfied with their work and supported in their personal and career goals.
A strong company culture can lead to:
- Improved employee satisfaction
- Greater loyalty
- Increased performance and productivity
- Better teamwork and collaboration
5 Strategies to start implementing
- Touch base with your team regularly
Being deliberate and creating time for open communication between yourself and your employees is crucial. Listen and respond to concerns they might have and make changes in the workplace to show them that they are heard and valued.
- Be transparent and honest
A policy of honesty will help everyone feel part of the team instead of excluded. Allow employees time to give feedback or share their opinions. Also make sure you give feedback as well and reinforce behaviours that will help grow a healthy company culture.
- Give opportunities to grow
Support your employees to achieve their personal career goals, whether that be through extra training and education, opportunities to support the community or pathways to promotion. Helping your team grow can help them feel more invested in your company.
- Recognise hard work
Everyone likes to feel seen and valued. Take time to show gratitude to your employees. They should be well rewarded for their work with salary and bonuses but also consider the extra value you offer them such as paid leave, catered lunches and wellness programs.
- Encourage collaboration
Get people to work together as a team and create opportunities for your employees to interact and get to know each other on a personal level. For example, team meals, excursions or team social get-togethers can help improve workplace relationships and team morale.
