“Our assets walk out the door each evening. We have to make sure they come back the next morning.”
Good news: The economy is up, business is booming. Layoffs and unemployment are falling to their lowest rates in seven years. The flip side of the good news: when there are plenty of jobs for all of the qualified job seekers, hiring can get a little tricky! To make matters worse, studies show that employees are far more willing to leave an unsatisfying job in a good economy. Over 1 in 5 of your employees and coworkers intend to change jobs this year!
Employers often jump to the conclusion that money is the issue, but according to employees, that usually isn’t the case. Employees are far more interested in a strong company culture with assets like good team morale, sound leadership, clear path to promotion, and a sense that they are valued and respected.
Building that culture isn’t just the right thing to do, it’s also a savvy financial decision. Turnover can strike a devastating blow to team morale, but it’s also a heavy financial expense. Between paying for temporary help, the costs of hiring and training, and the opportunity costs of lost clients and information, investing in your company culture can be worth every dime you spend.
Company culture is more than just throwing great parties during the holiday season, or planning entertaining team building events. A strong company culture requires employees who are engaged with their work, who have a clear sense of the company’s goals and their place in the bigger picture. Engaged employees have structure, direction, and real-time feedback on their performance. As it turns out, employees want to like what they do, and they want to feel as though they bring value to their team.
Company culture doesn’t just happen. It’s the result of a concentrated effort by the decision makers of a company to recognize its workforce as its greatest asset, and to invest in that asset through better communication, dynamic management, access to training and advancement, and yes, a killer company picnic.
Don’t know where to start? Arcade can help! We specialize in helping you to strengthen your company culture from every angle including the tools you use on a daily basis, improved time management skills, crystal clear goal setting and appraisals, and 3 dimensional team building sessions.
Please share your thoughts on this topic of the day. I would love to know what creative methods you and your team are using to retain your best talent through the high point in the economy!