Implementing a corporate culture that promotes employee retention
The job market has changed drastically over the last 3 years reaching surprising results. The pandemic led to several setbacks, but it also introduced new habits. The opportunity to take some time at home has redefined work-life balance standards and many professionals have put their unique needs as a main priority when evaluating their job satisfaction. As an employer, this is a scary notion as many employees turn to what has been known today as “quiet quitting”.
According to a poll conducted by CBC News, the job market in Canada is becoming more and more volatile with half of Canadian workers claiming they will job hunt in 2023 for better pay and perks. This is a significant increase compared to previous years and it shows how important employee well-being has become when it comes to job decisions.
In a market where labor has all the power, it becomes challenging for employers to create fulfilling opportunities. They cannot get by without investing in their team at different levels including salaries and compensation, office perks, benefits and insurance, and flexible schedules. When it comes to establishing a modern corporate culture, workers have specific expectations that must be met. If they do not feel challenged, if they do not get recognized (financially, and non-financially), if they do not feel valued, they are likely already on the hunt for a new job.
Nowadays, your corporate culture is more important than ever. The good news? It is something that can easily be adjusted to help reach corporate objectives. This article focuses on how establishing a healthy corporate culture can lead to a higher employee retention rate. Contrary to popular belief, financial compensation is not the main decisive factor to leave a company. The culture is. Investing time in guiding resources and providing them with tools and a work environment that promotes growth will play a big role in keeping employees. So how can one establish a corporate culture that leads to results?
ABOUT THE AUTHOR
Mayssa Chidiac is a Senior Marketing Professional with several years of experience in the field of Education, Technology, Media and Food & Beverages.
She has also provided several freelance services as a Marketing Consultant helping many entrepreneurs navigate through the challenges of modern corporate trends. Over the years she has built a reputation of being a mentor and encouraging those around her to connect to what they love and forge their paths in the business world.
A corporate culture will determine the future of a business. Offering an inviting environment based on transparency, honesty, support, and recognition is the most attractive aspect of a job consideration. It is also what will keep employees from fleeing. Access to perks and benefits means employees are valued, transparency and honesty means they are trusted, support and recognition means they are respected. If they are properly compensated financially on top of that, there is absolutely no reason for them to look elsewhere.
All these qualities and values start at the top and translates into the culture that business owners are endorsing across their company. Stop trying to find temporary solutions to appeal to employees. Temporary solutions are just that, temporary. For long-lasting results, build relationships – and, like all relationships, it takes work and personal investment. That is the key to employee retention.