Culture’s Impact on Employee Retention
If you’ve been keeping up with us these past few months we’ve been spending a lot of time talking about the shifts in the macro economy, the labor market and current uncertainties that we are all facing. It’s necessary for all of us to return to fundamentals. Jason unpacks what that looks like externally here but today let’s talk about an internal fundamental: employee retention.
Employee retention is critical to building and growing a successful business. The long-term benefits of retaining key employees are endless – cost reduction, enhanced productivity, increased institutional knowledge and development of skilled employees among others.
But hey, I’m not here to sell you on why employee retention is so imperative to the success of your business. Instead, let’s focus on something that has a direct impact on driving healthy employee retention and that is your culture.
A survey from Glassdoor found that 56% of adult workers say a positive workplace culture is more important to them than salary. That’s right – a positive, supportive atmosphere can mean as much – or more than – money. And the good news is, culture is something we can have a direct impact on.
3 places you can look at today to start building a strong culture:
- Define your culture. – What is the culture you want to create for your employees? Be specific here.
- Define, live and breathe your values. – Values are foundational to your culture. They should be used in coaching, celebrating, and daily conversations.
- Commit to habits. – Habits should reinforce, support and celebrate your values and the culture you want to create.
“Culture either happens by design or by default.” (Jason does a great job of explaining this quote here.)
Our culture shapes how team members solve problems, interact with one another and perform their roles.
The key to employee retention at any organization is fostering a culture that people want to actively be a part of.