3 Ways Your Company Culture Impacts Your Bottom Line
At Snellings Walters, one of our goals is to create long-standing relationships with our customers. We have learned that building a strong customer base begins with building a strong team of employees, but to do that, you must invest in your company culture. Let’s take a look at 3 ways that your company culture impacts your bottom line.
1. Reduces Employee Turnover Rates
Retaining employees is extremely important to your company’s bottom line. In most industries, businesses are pulling from the same talent pool while also trying to maintain their current employees’ morale. As a business owner, if you prioritize your company culture, then it will impact your employees’ satisfaction, motivation to arrive at work each morning, and most likely, their desire to invest in your company for the long-term.
If your company is experiencing high turnover rates, here are 3 effective strategies to reduce employee turnover.
2. Increases Positive Morale
If your employees are happy and feel valued, then they will also make your customers happy and feel valued. A positive work environment leads to positive morale. Employees spend more time in the space they work and with the team that they work with each day than they do with their family, so your employees must enjoy the environment they are working in and the people they work with. This starts with culture.
If your company is struggling with positive morale while working from home, here are a few tips.
3. Drives Intrinsic Motivation to Productivity
A Harvard Business Review study stated that up to 95% of employees often don’t understand the strategy of the company. This is closely related to culture and productivity. If your employees don’t understand the greater goal that they’re working toward, then it is hard to have intrinsic motivation to be productive. A healthy work culture with a purposeful mission encourages employees to be more driven, productive, and intrinsically motivated.
All in all, having a positive company culture directly impacts your customer loyalty and bottom line. Have any other ideas on how to boost company culture? We would love to hear from you on our LinkedIn page and connect with you here!