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Creating a positive company culture is not only good for employees, but it can also benefit a business's bottom line. According to a study conducted by the Harvard Business Review, companies with strong cultures had revenue growth 4 times higher than companies with weaker cultures. Another study found that companies with high employee engagement had 21% higher productivity than those with low employee engagement.
Define Your Company Culture.
Defining your company culture is a crucial step in building a strong culture. According to a survey by Deloitte, 94% of executives and 88% of employees believe that a distinct workplace culture is important to business success. Communicating the company culture to employees is also essential. In fact, a survey by TINYpulse found that employees who understand their company's mission and values are 40% more likely to stay with the company.
Foster Communication and Collaboration.
Fostering communication and collaboration is another critical component of building a strong company culture. A study by McKinsey found that companies with effective communication were 50% more likely to have lower employee turnover rates. Additionally, a survey by LinkedIn found that 72% of employees believe that collaboration improves overall performance.
Prioritize Employee Wellbeing.
Prioritizing employee wellbeing is also crucial. According to a study by the Society for Human Resource Management, companies with wellness programs saw a 28% reduction in sick leave absenteeism. Additionally, offering flexible working hours can improve employee satisfaction and retention. A survey by FlexJobs found that 82% of millennials would be more loyal to their employer if they had flexible work options.
Celebrate Successes and Recognize Achievements.
Finally, celebrating successes and recognizing achievements is a vital part of building a strong company culture. According to a survey by Globoforce, 78% of employees would work harder if their efforts were better recognized. Additionally, a study by Forbes found that companies with employee recognition programs had a 31% lower voluntary turnover rate.
Summary.
In conclusion, building a strong company culture is essential for business success. Defining your company culture, fostering communication and collaboration, prioritizing employee wellbeing, and celebrating successes and recognizing achievements can all contribute to a positive work environment that attracts and retains top talent. By investing in your company culture, you can see improvements in productivity, employee satisfaction, and ultimately, revenue.
AUTHOR
Mark Waltenburg
Mark is a driven professional with a BSc in International Business from CBS who excels in leveraging data insights to unlock the potential of future leaders, creating a positive impact on employee well-being.