Did you know that 87 percent of employees are not engaged at work, costing the U.S. businesses $450-550 BILLION annually?
Welcome to the world of company culture, where how you treat your employees directly impact your overall business performance.
There goes the day where companies can command a culture where employees clock in at 9 in the morning, work hard in a robot-like manner, and clock out at 5 in the afternoon – even later in the evening. (Most of) today’s businesses don’t work like that anymore – for better or worse.
Employees are increasingly difficult to retain, and if you don’t have a strong company culture, they will jump ship to your competitors who do it better than you. This reality makes company culture the top priority in business – often way above revenues and profits. The greatest of all know how to treat their employees better, resulting in stunning revenues and company growth.
Companies like Google, the BCG, Acuity, SAS Institute and Robert W. Baird k are some prominent examples of how embracing the culture of company culture contribute heavily to their business performance and competitiveness.
Google, a typical example of a company with a strong culture, offers a wellness program to their employees – fitness center and classes, as well as massage therapy. You can also get free quality food, access nap pods as you wish, travel to the ground floor with a slide of your choice – or a fireman’s pole, if you wish.
If you are not as lucky as the deep-pocketed Google, you can, at least, provide a wellness program for your employees, while focusing on the essentials, such as effective employee feedback and communication system. Do anything you can do to shape a better company culture.
Focusing on company culture can go a long way:
- Happy workers are 12 percent more productive than the rest.
- Engaged employees outperform the rest by up to 202 percent.
- Engaged employees are 87 percent less likely to quit their job.
- Turnover at companies with great culture is just 14 percent, compared to those with poor culture at 48 percent.
- Increasing your investments in employee engagement by 10 percent can increase profits by $2,400 per employee per year.
- Companies with engaged employees have 2.5 times more revenue growth than those with low engagement.
Employees who receive regular feedback have turnover rates that are 14.9 percent lower than those that don’t receive it.
Need more reasons? This infographic, published by Incorporate Massage, has it all:
Takeaway
So, to recap, how to make your company culture great?
- Assign someone who’s responsible for making sure that everyone is going in the right direction.
- Communicate your company’s values, goals, and mission in meetings, newsletters and other company-wide communication methods.
- Offer more freedom on how your employees approach work and have them share what they think about a particular work issue.
If you have anything to add, please share you tips with us!