How a Strong Company Culture Can Lead to Better Retention

Your company’s culture is one of its biggest assets. It shows what your organization stands for and serves as a guide for employee interactions.

Having a well-developed culture can encourage the best talent to work for you. Once these employees become part of your organization, they are likely to remain for an extended time.

The longer your employees remain, the higher your retention rates. This lowers the amount of time and money spent on hiring, which improves your bottom line.

Find out how you can develop a strong company culture to improve your employee retention rates.

Business Guidance  

Displaying a strong mission, vision, and values provides employees with a sense of guidance and security. It shows what you stand for as a company. This helps attract employees who align with your culture.

Employees with values in line with your company’s values tend to make better business decisions. This typically aligns with your company’s vision and business strategy.

Be sure to advertise your culture and exhibit it in everything your organization does. For instance, regularly talk about your company’s vision and strategy. Include what these topics mean for different teams. Helping your employees better understand the company can improve engagement, motivation, and retention.

Include your company values when evaluating employee performance. This can improve engagement.

Flexible Work Arrangements

Offering remote or hybrid work and a flexible schedule helps your employees manage work-life balance. Letting them handle their personal needs during the workday helps lower stress. This reduces the odds of experiencing burnout.

Your employees may desire additional paid time off (PTO), stipends for child care, or paid parental or personal leave. Providing these accommodations shows you care about your employees’ well-being.

Talk with your employees about individual accommodations they may need to fit their personal circumstances. Increased flexibility typically leads to increased retention.

Performance Recognition

Regularly thanking your employees for their efforts and results helps them feel appreciated. This tends to elevate engagement, productivity, and retention.

Performance recognition should take a variety of forms. This may include a hand-written thank-you note, verbal praise during an individual or team meeting, or a mention on the company intranet.

Regularly point out your employees’ contributions to benefit the organization. Include each employee’s specific actions, their results, and how they impacted the business. Provide bonuses, raises, or promotions when appropriate.

Looking for Accounting and Finance Professionals?

Employees want to work for companies that have a strong culture. You can promote your culture by using it to guide employees to make business decisions. You also can offer flexible work arrangements and provide performance recognition to increase the attractiveness of your workplace. All of these factors contribute to your retention rates.

If you need help adding accounting and finance professionals to your team, talk with Casey Accounting & Finance Resources. Learn more today.

Want to Be More Profitable: Improve Your Culture!

A profitable company culture requires people, processes and systems to be geared toward optimizing profitability. Each employee must behave in a way that promotes the organization’s financial success. They must understand that their actions determine whether other individuals want to work for the company and whether customers remain loyal. As a result, if you want your company to be more profitable, you need to work on improving its culture. Here’s how.

Leadership

Getting leadership on board with implementing cultural change is one step in transforming the entire organization. You need leadership’s consensus, commitment and support to guide their teams in creating desired change. Share how much more profitable your business can be by developing an attractive culture to increase employee and customer retention.

Desired Outcomes

Working with leadership to clearly define desired outcomes and profitability lets you clarify company goals for cultural change. You need a method for getting teams inspired to create cultural change and determine whether you’re making progress. Making clear progress and achieving small victories improves motivation to continue implementing change. A 1%-3% in a few key metrics can mean a significant increase in your bottom line.

Uniqueness

Establishing a unique culture helps you build a following. As with your employees’ individuality, unique aspects of your culture differentiate your company from the competition. When your culture sounds, feels and is experienced unlike any other, it attracts top talent and customers. Begin identifying your company’s uniqueness by examining your purpose. Focus on why your business exists and whom it serves. Come up with what uniquely differentiates your culture and makes it attractive. Make that obvious in your culture.

Communication

Having leadership communicate the benefits of cultural change to their teams helps get them on board with implementation. Employees need to understand how an improved culture and increased profitability benefit them. They also need their questions and concerns addressed before deciding to move forward. Understanding the expected value to the company and employees increases buy-in for cultural change.

Accountability

Because what is measured is done, you need to hold employees accountable for implementing cultural change. As a result, you must establish a performance management process in line with new cultural expectations. Include clear rewards, recognition and consequences for performance. Also, monitor and measure key performance metrics to determine profitability. Your goal is to improve both at the same time.

Work with a Leading Rolling Meadows Staffing Firm

To find top candidates who can increase profits, work with a leading Rolling Meadows staffing firm. Casey Accounting & Finance Resources provides professionals with innovative and creative solutions that exceed expectations and help achieve company goals and objectives. Reach out to learn more today!