KNOWING WHERE TO INVEST YOUR CULTURE DOLLARS TO IMPROVE LOYALTY SHOULD BE YOUR #1 PRIORITY
As a business leader, it’s crucial to understand the value of investing in company culture. Culture is more than just the office atmosphere or company events – it’s the core values, beliefs, and behaviors that make up the identity of an organization.
Culture is the foundational bedrock of your business, every bit as important as marketing, reporting, or IT infrastructure. But many companies think of culture as something that happens organically, without needing to spend any money. Ultimately, your culture will be a force multiplier that can either boost or hinder your business. Here are ten areas where culture will make or break your business:
1) Culture is a key factor in employee satisfaction and retention. Happy employees are more likely to stay with a company, leading to lower turnover and recruitment costs. One study from MIT found, “Corporate culture is a much more reliable predictor of industry-adjusted attrition than how employees assess their compensation.”
2) A positive company culture leads to increased productivity and profitability. When employees feel valued and supported, they are more likely to be engaged in their work and go above and beyond for the company.
3) Attracting top talent is essential for any business, and a strong company culture can be a major selling point for job candidates.
4) Culture plays a role in customer satisfaction and loyalty. Customers want to do business with companies that align with their values and beliefs.
5) Building a strong brand reputation is crucial for any business, and culture plays a significant role in this. Companies with a positive culture are more likely to have satisfied employees who will speak positively about their experiences, leading to better word-of-mouth marketing.
6) A healthy company culture fosters innovation and creativity. Employees are more likely to come up with new ideas and take risks when they feel supported and encouraged to do so. Brene Brown, bestselling author of “Dare to Lead,” sums this up by saying, “There is no creativity without vulnerability.”
7) Investing in culture can help to build trust and teamwork within a company. When employees feel like they are part of a cohesive team, they are more likely to collaborate and support one another.
8) A strong culture can lead to better conflict resolution. When employees feel like they are part of a positive and supportive work environment, they are more likely to approach conflicts in a constructive way.
9) Positive word of mouth. Your culture is a de facto advertisement for your brand. Investing in a positive culture is also marketing your products and services to your employees’ network of friends and family.
10) Finally, investing in culture can have a positive impact on the overall health and well-being of employees. When employees feel supported and valued, they are more likely to take care of themselves and prioritize their own well-being. This is a great altruistic motivation, but will also trickle into your bottom line with healthier employees doing better work and missing less time due to illness.
With so much riding on your company culture, it is critical to understand where to direct internal investments to curate a great company culture. Without a roadmap, you are bound to waste resources, and in the process lose the confidence of leadership who may already be skeptical of the ROI of culture spending.
Focused, targeted budgets can move the needle in a big way and turn a stale company culture into something worth bragging about. This is not an unknowable art form — there is a playbook.
THE EMPLOYEE LOYALTY INDEX
We call the playbook the Employee Loyalty Index. It is an objective measure of all the data points that employees care about in the work environment and an effective way to measure where money should be spent in order to hit the desired culture goals.
By tracking these key indicators, companies are able to measure what is working and what isn’t, allowing them to invest their culture dollars wisely. When companies know where to invest their culture dollars, they can have a huge impact on their employees and the success of their business.
The index follows a hierarchy of needs, from the most basic workplace need — safety — to an employee’s highest workplace need — meaning. We score your company against this rubric to highlight the most critical areas to address with budget and attention. This gives you laser-focus to improve your culture quickly and efficiently.
WHISTLE, THE EMPLOYEE LOYALTY APP
There are many factors that influence employee loyalty but Whistle is the first employee loyalty app specifically designed for that purpose. By leveraging Whistle and integrating with other programs, Whistle can help companies improve both their top and bottom line.
In a recent case study, Whistle helped a manufacturing company reduce turnover by 26% in just 90 days through a redesigned onboarding program. Whistle’s employee loyalty app brought the company’s on-boarding process into the digital age and put it in every employee’s pocket. Employees raved about the mobile-first experience and cash reward system.
Companies are using Whistle to help people-managers improve relationships with their direct reports, rethinking incentives and rewards, and even changing their approach to culture – building a more inclusive workplace and helping to attract quality candidates.
Contact us for a free demo and better understand how much you can improve employee loyalty when using an employee loyalty app!
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Overwhelmed? Let us help you build a better onboarding experience, improve leadership training, or find innovative ways to appreciate your people — start by speaking to a consultant for free.