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.

4 Reasons Employee Retention Should Be a Top Priority in 2020

Given the costs involved with recruiting, employee retention needs to be among your biggest priorities. An effective retention plan fosters engagement, creates an authentic company culture, and shows you value what your employees care about most. Here are four reasons employee retention needs to be a top priority in 2020.

Employee Retention Conserves Resources

Retaining employees saves time and money. With the salary spent on HR and other departments involved in the hiring process, as well as the reduced productivity and output a new hire brings to a role, you could spend 6-9 months’ salary each time you replace a salaried employee. Even worse, replacing high-level employees can cost in excess of 150% of their salary. More hours spent advertising openings, reviewing resumes, interviewing candidates, and contacting references means less time for other tasks.

Supported Employees Remain Loyal

When you provide employee support as part of your retention plan, staff remain loyal to your company longer. Team members who feel valued, appreciated, and connected to your organization are less likely to leave when recruiters call or opportunities come up. Supported employees feel trusted, autonomous and engaged. They’re responsible for making a variety of decisions, receive constructive real-time feedback and have their contributions recognized. Staff who have support are well compensated, listened to and offered ongoing professional development opportunities. They’re treated with respect, offered opportunities to advance and given challenges to move their career forward.

Employee Turnover Is Contagious

When one employee leaves, others may feel encouraged to follow suit. This is especially true if a new hire starts work and finds out team members have been around for a short period of time. If the staff doesn’t stay very long, new hires might not feel encouraged to stay either. Because people are social creatures, we talk about almost everything. If there are significant issues affecting your team’s cohesion, teammates will discuss it. As problems increase in size because they’re not dealt with, employees feel encouraged to leave for a better work environment. In contrast, being welcomed to the team by employees who’ve been with the company for years and love working for you provide new hires confidence that they made the right decision in coming to work for the business.

Employees Get Stressed by Turnover

Turnover is stressful on your team. This is especially detrimental when teammates’ friends leave the company. Team members often leave because they miss working with people that they spend time with outside the office. Having significant numbers of employees leave affects collaboration and culture. Teammates feel stressed because of pressure to take on additional responsibilities, resulting in less time to perform their own work. To combat this issue, offer remote work options, additional paid time off, and other methods for reducing stress.

Hire Top Accounting and Finance Employees

Hire top finance and accounting professionals through Casey Accounting & Finance Resources. As a leading Rolling Meadows staffing firm, we fill your direct-hire, temp-to-hire and temporary staffing needs. Contact our leading finance recruiters today.