In today’s fast paced job market, retaining talented and qualified employees can be one of the most difficult tasks for both start-ups and established companies.
The new norm is for a new hire to come into a position with the intention of putting one or two years under their belt, then moving on to the next, higher paying job. This means good things for circulation of talent overall, but presents high costs for the employer, who must undergo the expensive scouting, interviewing and onboarding processes.
The most important factors in retaining talented employees and avoiding the cost of onboarding is creating a desirable company culture that encourages loyalty, productivity and professional growth.
Recently, Entrepreneur magazine released a list titled ‘The 153 Best Company Cultures in America.’ They partnered with CultureIQ, a workplace culture software company, to rank and evaluate companies based on characteristics such as: innovation, agility and communication. This list presents very useful information on how to imitate these companies with high retention rates and also points to a somewhat obvious answer to the question: How do you create a great culture?
The answer: Actively prioritize and nourish your company’s culture in all areas of your business.
Testimonials from companies that are at the top of entrepreneurs list, like: Belay, Penny Hoarder and Procore Technologies - all verify that a healthy culture does not come from gimmicky incentives like sales boards and office parties. These organizations practice building employees up and circulating those values which the company's leaders deem essential to the organization’s mission.
A strong company culture combined with business practices that provide measurable individual success and organizational growth are the key to employee retention and positive morale.