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Why to Invest in Company Culture: It's in the Numbers
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Company culture means something different for each business. It may mean opportunities for telecommunication, team-building excursions, on-site perks, or even daily meditation. What's important about company culture is having it. Culture is a main factor in keeping employees happy, and to have a good employee retention rate and get the most out of your workers, they absolutely need to be happy.
Almost Seventy Percent of Employees Are Unhappy
Gallup has been closely examining the American workforce for years. Their State of the American Workplace, which studied the American workforce from 2008 through 2012, reported that as many as 70 percent of workers were disengaged at work. Updated findings aren't any better. In 2014, Gallup's research showed that 51 percent of employees were "not engaged" and 17.5 percent were "actively disengaged."
Unhappy and disengaged employees cost companies serious revenue. The Bureau of National Affairs report that American businesses lose 11 billion dollars each year just in employee turnover. What's more, the Gallup research shows that overall, employee dissatisfaction costs American businesses up to 300 billion dollars a year.
Making A Millennial Workforce Happy
Image via Flickr by citirecruitment
The Pew Research Center reported in 2015 that there are 53.5 million millennials working. As the millennial generation takes over the workforce, job security and promotions are no longer the main perks employees are looking for. What do millennials want? They want flexibility and culture. A report by GlobalWorkplaceAnalytics.com notes that between 80 and 90 percent of workers want to telecommute at least part-time. Think about how enacting a policy that allows for more telecommuting would make a huge percentage of people happier.
Culture perks don't stop at work-life balance. Google experienced a 36.7 percent jump in employee happiness when they enriched their company culture. They now offer on-site doctors, free haircuts, and death benefits that don't require any amount of tenure. Google's specific culture is hard for many companies with smaller revenue streams to emulate, but it goes to show how much of an impact listening to employees and delivering the culture they're craving has on employee satisfaction. Pfizer, the company with the happiest employees in 2013, regularly checks in with employees via surveys.
Got Happy Workers? Enjoy 12 Percent Extra Productivity
Millennials also care about company reputation, opportunities to be creative in their jobs, and on-the-job training. When companies create a culture that makes employees happy, profits go up. The University of Warwick conducted a study that found that employees who are happy perform 12 percent better than their unhappy counterparts. Specifically, a work culture that fosters friendship among coworkers makes employees even happier and more productive. The Harvard Business Review published a paper finding that "social support providers" are 10 times more engaged than their peers and 40 percent more likely to be promoted.
Employees leave when they feel dissatisfied or like they don't fit in with the company culture. Listening to employees to create the kind of culture they desire is key to a happy and productive workplace.
Image via Flickr by LyndaSanchez
Article Title: Why to invest in company culture - it's in the numbers
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Article Content:
Company culture means something different for each business. It may mean opportunities for telecommunication, team-building excursions, on-site perks, or even daily meditation. What's important about company culture is having it.ÂÂ Culture is a main factor in keeping employees happy, and to have a good employee retention rate and get the most out of your workers, they absolutely need to be happy.
Almost Seventy Percent of Employees Are Unhappy
Gallup has been closely examining the American workforce for years. TheirÂÂ State of the American Workplace, which studied the American workforce from 2008 through 2012, reported that as many as 70 percent of workers were disengaged at work. Updated findings aren't any better. In 2014, Gallup's research showed that 51 percent of employees were "not engaged" and 17.5 percent were "actively disengaged."
Unhappy and disengaged employees cost companies serious revenue. The Bureau of National Affairs report that American businesses lose 11 billion dollars each year just in employee turnover. What's more, the Gallup research shows that overall, employee dissatisfaction costs American businesses up to 300 billion dollars a year.
Making A Millennial Workforce Happy
Image via Flickr by citirecruitment
The Pew Research CenterÂÂ reported in 2015 that there are 53.5 million millennials working. As the millennial generation takes over the workforce, job security and promotions are no longer the main perks employees are looking for. What do millennials want? They want flexibility and culture. A report by GlobalWorkplaceAnalytics.com notes that between 80 and 90 percent of workers want to telecommute at least part-time. Think about how enacting a policy that allows for more telecommuting would make a huge percentage of people happier.
Culture perks don't stop at work-life balance. Google experienced a 36.7 percent jump in employee happiness when they enriched their company culture. They now offer on-site doctors, free haircuts, and death benefits that don't require any amount of tenure. Google's specific culture is hard for many companies with smaller revenue streams to emulate, but it goes to show how much of an impact listening to employees and delivering the culture they're craving has on employee satisfaction. Pfizer, the company with the happiest employees in 2013, regularly checks in with employees via surveys.
Got Happy Workers? Enjoy 12 Percent Extra Productivity
Image via Flickr by LyndaSanchez
Millennials also care about company reputation, opportunities to be creative in their jobs, and on-the-job training. When companies create a culture that makes employees happy, profits go up. The University of Warwick conducted a study that found that employees who are happy perform 12 percent better than their unhappy counterparts. Specifically, a work culture that fosters friendship among coworkers makes employees even happier and more productive. The Harvard Business Review published a paper finding that "social support providers" are 10 times more engaged than their peers and 40 percent more likely to be promoted.
Employees leave when they feel dissatisfied or like they don't fit in with the company culture. Listening to employees to create the kind of culture they desire is key to a happy and productive workplace.
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