5 Ways A Great Company Culture Boosts Your Bottom Line
Driving retention and revenue
Posted on 06-14-2018, Read Time: Min
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Businesses often face the challenge of retaining top talent and generating a healthy bottom line. With 82 percent of employees reporting that culture is a potential competitive advantage, it seems like a no-brainer that this would be a top priority. However, many executives still wonder what culture can do for the business as a whole.
First and foremost, what exactly is culture? One definition states that culture is “a blend of the values, beliefs, taboos, symbols, rituals and myths all companies develop over time.” There’s more to it than Friday happy hours and unlimited PTO. A truly positive culture includes flexibility, transparency, and a strong reputation. How does this work in favor of your business? We’ve shared five ways a positive company culture can drive retention and revenue for your business.
Share Company Goals
When executives exhibit transparency and share short- and long-term goals for the business, it fosters an environment centered around teamwork. This knowledge also gives employees an improved sense of value because they feel more included and involved in company achievements.
Offer Flexible Schedules
Employees want to feel a sense of freedom outside the standard workday. Businesses have created different types of schedules to cater to this such as summer hours, remote work, and job sharing. This allows employees to find what works best for them, but also enables the entire business to increase productivity, enhance recruiting success, and better satisfy everyone involved.
Offer Incentives Outside of Raises or Bonuses
Motivation is traditionally defined as, “the reason one has for acting, or behaving, a particular way.” No business is an exception to this definition, and for that reason, incentives are a unique and engaging way to motivate employees. For example, encourage the celebration of small victories. If an employee achieves a professional goal, reward them with a $5 Starbucks card, or let them leave early on Friday. Taking time to reward achievement shows employees that their efforts are appreciated, encouraging them to strive for more.
Improve Reputation
Customers notice when a business has a strong culture, but how do clients see something so internal? The answer? Productivity. Happy workers are 12 percent more productive than the average worker and nothing makes customers happier than improved customer service. The best part? Happy customers lead to a healthy bottom line.
Competitive Advantage
With the U.S. unemployment rate at the lowest it’s been in 17 years, employers are ramping up their recruiting efforts and scrambling to reduce turnover. Having a positive company culture can help by providing your business with an edge over the competition. Odds are, if you’re providing superior benefits and flexibility in comparison to competitors, you’ll come out on top in someone’s career choice.
Company culture can serve as a competitive advantage for any business. Having a strong, transparent and positive culture is vitally important to success and will ultimately contribute to a healthy bottom line.
Company culture can serve as a competitive advantage for any business. Having a strong, transparent and positive culture is vitally important to success and will ultimately contribute to a healthy bottom line.
Author Bio
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Matt Thomas is the President of Indianapolis-based WorkSmart Systems, Inc., which he founded in 1998. He is active with the National Association of Professional Employer Organizations (NAPEO), and has dedicated more than 20 years to the PEO industry dating back to his early career with industry leaders ADP and NovaCare Employee Services.Matt’s depth of experience proffers a unique vision for the future of WorkSmart Systems and the PEO industry. An unwavering belief in judicious client selection and superior client service is the foundation of Matt’s business philosophy. He is committed to continuing the growth and development of the solid client base upon which WorkSmart’s success is built.
Visit www.worksmartpeo.comConnect Matt Thomas Follow @WorkSmartPEO |
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