At MM Search, we understand that a business is only as good as the people in it, and our experts are sharing their inside knowledge and ideas to help boost staff retention.
This week, MM Search’s Business Delivery Manager, Rory Cleat, explains how investing in your company culture could reduce employee churn and create a positive work environment.
Retention is a hot topic at the moment, with a survey by PwC revealing that 18% of employees are “likely or extremely likely” to change jobs in the next year. While this statistic may feel like cause for concern for some businesses, some actions can be taken to limit the number of employees seeking new pastures.
A recent report cited “toxic company culture” as the biggest reason for employees opting to move jobs. So, by investing in your culture, you could make a significant difference to your retention rate and boost your business.
Defining company culture
A company’s culture comprises the business’s beliefs, values, ethos and goals. From how employees interact, and the business’s priorities to staff training policies and dress codes, your company’s culture is visible throughout your business and has a significant impact on your employees’ experience.
By reviewing and defining your existing company culture, you can assess what is working for your employees and highlight areas that are not aligned with the core values. Once you have a clear vision of the culture you wish to nurture, you can ensure that every policy, strategy, and action supports and reflects this.
Developing a clear and consistent culture across the business can help improve employee engagement as teams may feel motivated and united by a common goal. A positive working atmosphere in which employees feel valued and respected will also enhance engagement and encourage staff to remain with the company.
Improving your company culture
While company culture depends on the goals and values of the individual business and the needs of the employees, several actions may help to foster a positive and productive work environment:
• Recognise contributions
Building a culture of recognition by celebrating wins can help employees feel appreciated and valued and encourage productivity and innovation.
• Communicate openly
Open and honest internal communication that flows in two directions is key to enhancing employee engagement and building a positive culture. Regular reviews, honest feedback and surveys can all be helpful tools.
• Encourage relationships
From team-building activities to dedicated employee communication platforms, encouraging your staff to build bonds can improve the overall culture of the workplace.
• Be flexible
Offering employees flexibility in their working patterns allows them to enhance their work/life balance and can signal they are trusted, team members.
Adding to your culture
At MM Search, we know that finding the right person for a role goes far beyond having the right skill set. As part of our unique executive search process, we review the culture of the business and assess whether it aligns with the candidates’ beliefs, values and preferences. By ensuring synergy between the company’s core principles and the employee’s values and motivators, new staff members are more likely to thrive, build great relationships and ultimately remain with the company.
However, this doesn’t mean you want to build a cookie-cutter workforce with uniform preferences and experiences. By finding candidates compatible with key aspects of your culture but who can also add something new to it, your company culture can evolve and progress. In addition, this strategy means that your business gains different perspectives, which could result in more innovative solutions and a greater breadth and variety of experience and skills.
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