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Beyond Employee Benefits - Why company culture is key in attracting and retaining talent

A recent survey showed that 77% of employees consider a company's culture before applying for a job there, and 56% said company culture is more important than salary, as it relates to job satisfaction. Those figures are staggeringly high - it is paramount to the success of every organisation to get their culture right.

A strong company culture not only attracts the top talent, but also fosters the employee satisfaction, engagement, and therefore longer-term retention. But culture is a very intangible thing, compared to offering competitive salaries and employee benefits. Here are some areas for organisations to consider when seeking to boost or transform their culture.

Date
March 22, 2024
Topic
News and update

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Create a people-centric environment and vision for the future

Ultimately, a clear business strategy that is positive and futuristic will give the company focus and direction. Culture starts at the top, so it's essential for leaders to lead by examples; embodying the values and behaviours they want to see reflected in the organisation demonstrates authenticity and interest in the employees.

If the strategy is focussed around not only meeting employee needs, but elevating them, the workforce is more likely to stay connected to and contribute better towards the core mission as the organisation grows and evolves. A study by Deloitte found that 94% of executives and 88% of employees believe a distinct corporate culture is important to a business's success.

Foster transparency and open communication

In organisations where employees feel heard, and are encouraged to freely express their opinions and ideas, they don't carry that resentment that can lead to absenteeism, negative morale, or termination. As employees contribute more, the organisation can grow much faster.

However it is also key to note that it is down to the leaders of the organisation to listen to the ideas, and implement positive change. A Harvard Business Review found that companies that actively solicit and act on employee feedback experience 14.9% lower turnover rates.

Invest in employee development

Learning and development plays a key part in employee satisfaction. In a recent LinkedIn Workplace Learning Report, 94% of employees would stay at a company longer if it invested in their career development.

Providing clear paths for career advancement and supporting employee achieving their goals will foster their sense of responsibility towards performing well, in return for help in their own personal development.

Building a strong company culture is not just a one-time endeavour, but an ongoing commitment that requires dedication, research and continuous improvement. But as a result of the past few years, it certainly plays an increasingly important role in the continued success of organisations, over and above the more tangible standard employee benefits. Thus, it is crucial for leaders to take the necessary steps to heed the call of workers by creating, boosting or transforming their culture in today's competitive landscape.

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