How does your company gauge its success? Some would argue that answer is found solely in its profitability. It’s hard to argue with the numbers, but for a company to strive in the long-term, it’s imperative to think beyond the data and into the environment and people that are responsible for producing them.
According to “The Future of Work: Job Hopping Is the ‘New Normal’ for Millennials,” written for Forbes by contributor Jeanne Meister of HR advisory and research firm Future Workplace, the average individual stays at a job for just 4.4 years, and millennials expect to stay in their role for less than three years. The resources and time spent on training and development only pay off if the turnover rate is low, which leads us to an important factor in employee retention – company culture. In a world where it’s not uncommon to spend more time at work than we do with our own family and friends, it’s important to have a work culture that employees can connect with and make them feel valued.
Not only can a negative culture lead to losses in staff but it can also lead to disengagement. According to a Harvard Business Review study, employees subjected to a cut-throat environment built on fear might ensure engagement in the short-term, but it’s likely to lead to disengagement over the long term. Disengagement can be costly for your organization as disengaged workers had 37% higher absenteeism, 49% more accidents, and 60% more errors and defects. In organizations with low employee engagement scores, they experienced 18% lower productivity, 16% lower profitability, 37% lower job growth, and 65% lower share price over time. Importantly, businesses with highly engaged employees enjoyed 100% more job applications.
Employees are more loyal to companies with a culture they connect with. Additional studies conducted by the Harvard Business Review found that workplaces with high-stress environments lead to 50% voluntary workplace turnover. If you want to beat the odds, have employees stay with you for longer, and have more engaged employees — focus on your culture.
Healthy Company Culture Reaps Benefits for the Business and Employees Alike
A strong company culture not only attracts talent but also retains the talent you currently have at your company. If you treat your employees well and have a fun-loving environment you will attract employees seeking a similar culture. With growing popularity in workplace review sites, like Glassdoor, company culture is becoming more transparent and it’s influencing interviewees’ decisions on whether or not they should accept the offer.
A strong culture also aids in defining your company’s identity. It provides the guidelines to your employees of what is and isn’t acceptable. Your culture is your everyday. Rocket Clicks puts a lot of thought and emphasis in promoting a positive work environment. We hope to create meaningful human connections not only with our clients but with each other. We value authenticity, and hold ourselves accountable. We believe in winning and growing as a team by celebrating individual accomplishments while understanding that we are stronger as a team. We empower leaders. We dig deep into the relationship of ideas to find innovation. We reach for what falls outside our immediate grasp, because we embrace calculated risks as a path to huge wins. Creativity and curiosity drive us. Finally, we serve with uncommon integrity. We respect our partners and team members by serving with honesty, transparency and consistency. We deliver on our promises and hold ourselves personally accountable for our actions. That’s our work day, what do you want yours to look like?