Written by Shweta Choudhary
Are you bearing the brunt of high employee turnover rates? A Work Institute Report says it takes 33% of an employee’s annual salary to replace them. It means if an employee’s package is 12 lakhs per annum, it will cost 4 lakhs rupees to replace them. 4 lakhs? Did the floor move under your feet? According to a survey by Flexjobs, 1 in 3 employees are considering quitting, and the top reason is toxic company culture. So culture is really something to ponder about.
Are you bearing the brunt of high employee turnover rates? A Work Institute Report says it takes 33% of an employee’s annual salary to replace them. It means if an employee’s package is 12 lakhs per annum, it will cost 4 la
What is Company Culture?
Michael Kouly, President and CEO of Cambridge Institute for Global Leadership, says the culture of a company is the sum of the behaviours of all its people. Simply put, company culture is how you treat your employees. Yes, it isn’t ping-pong tables, free snacks, casual dress code or any perks/benefits for that matter. Instead, at the core, it is how you treat an individual working with you.
Why Companies Have To Worry About Culture
Numbers show how much employee engagement, recruitment and turnover depend on the company culture.
How To Improve Your Company Culture
Let’s look at four ways by which you can improve your company culture.
1. Find the human behind the employee id
Tracking in and out time of employees won’t help. Being present in the office doesn’t mean being productive. You are dealing with a human, and each one has different priorities. Sure, free food may keep some happy. But what about the ones who have a family member dealing with a terminal illness? What will matter to them? Location flexibility. What about someone who just came from an abusive relationship? The ability to take a long leave. So, find the human who is much more than a resource.
2. Listen with open ears
Those automated exit surveys give you no real reason for the exit.
That 38 questions employee satisfaction survey is another reason for dissatisfaction.
Have more on-ground HRs with open doors who can actually listen (not enact to listen with dry online forms).
3. Encourage innovation
Harsh Mariwala, Chairman of Marico group, said in an interview that the main reason why his company grew was his strong focus on company culture and encouraging innovation. He frequently talked about innovation to remind employees they could come up with newer ideas.
4. Grow the employee to grow the company
A survey by TalentLMS shows, 91% of companies and 81% of employees say upskilling/reskilling training has boosted productivity at work. Another study shows 88% of employees describe access to health and wellness programs as an important factor in defining an employer of choice. If you take care of your employee’s wellness and upskilling, they will take care of your clients. It could be done through curated training and wellness programs.
All the steps sound simple, but that’s what it is. It’s all about going back to basics.
Before we leave:
At OfExperiences, we help organisations empower their employees through well-planned cohorts guided by industry experts. Working moms card is one cohort where we help moms get back to work smoothly. Read more about it here.