With millennials driving the workplace changes soon, one of the things that they desire most is strong company culture. Matter of fact, it's so important to them that they're willing to take a cut in pay! According to recent studies, millennials would be willing to give up $7,600 in their annual salary to work for a company that provides a great work environment. And how could you blame them? A strong company culture brings a lot of benefits for you and your talent. In preparation for the next generation, here are 4 reasons you should strengthen and define company culture for your business.
1. Keeps Great Talent:
When you create a work environment that fits your talent, they will make a commitment to your company and become advocates for your brand. It's important to make your employees feel appreciated by letting them know that they're adding value. Once they feel like they matter they will promote your business consciously and subconsciously. Make sure that you praise your talen and give credit when credit is due. There's nothing worse than letting someone's hard work and dedication go unnoticed.
2. Increases Productivity and Performance:
The culture of your company will determine what kind of results your talent produces. If your employees feel like they don't fit in with the culture, their performance and productivity will decrease significantly. A healthy and successful work environment should focus on your employee's well-being. How can you expect for your talent to perform, if they're stressed out and/or unhappy? Increase productivity and performance by making their mental health, voice, and comfort a priority.
3. Employee Retention
Let's face it turnover is costly. From recruitment costs, hiring, and training the bill can become pretty hefty to replace an unsatisfied employee. While some employees stay at one job for decades, the average person works at their job for about 4 years. One of the main reasons employees stay at one company for years, is because they were valued for all of their hard work.
4. Gain Popularity
There's nothing more trustworthy than word of mouth. When you provide your employees with a strong company culture, you will gain a positive reputation and attract skilled workers that can contribute even more than your already happy employees are. Customers also prefer to do business with a company that has a great reputation, too.
With that being said, it's important to include your company culture within your marketing strategy, too. As we prepare for millennials to take over the workplace in the next few years, it's important you not only explain why people should do business with you but why people should work for you as well.