Recent years have shown that company culture is one of the most crucial elements of improving recruitment and employee retention. Especially among younger workers, culture can be a make-or-break aspect of the job search, but studies show that up to 73% of established professionals have also left a job due to poor workplace culture. Changing a company culture can be a long, slow process, so what are the biggest factors to get right?
The Most Significant Cultural Factors in Improving Recruitment and Retention
By itself, “culture” can be a vague term, and every company interprets and expresses its culture differently. Despite the variations and distinctions between industries, environments, and structures, the most important cultural factors that candidates are looking for remain the same. In no particular order, they are:
All Employees are Treated with Respect
The modern workplace balances corporate structures and hierarchy with respect for all. Candidates and employees want workplaces where everyone, from the cleaning staff to the C-suite, is treated with respect. Even if an employee is not themselves a victim of workplace discrimination, they recognize that discrimination against others is unacceptable, and will seek employment elsewhere. Workers at all levels, along with women, minorities, and the LGBTQ+ should have their contributions honored, their opinions considered, and their professionalism respected.
Company Leadership is Inspiring
Corporate values are top-down. All levels of company leadership, from the CEO to middle managers, should live company culture and values. This means supporting employees toward greater success, treating others with respect, and creating a collaborative workplace. The communication style of the leadership defines the communication style of the whole company, and inspiring leaders ignite the passion and earn the loyalty of employees.
Company Values are Meaningful
While all companies seek to earn a profit, candidates are looking for more. A sense of purpose, of making a difference, of contributing in a meaningful way, are all especially important for candidates and new hires. Furthermore, while we might expect young workers to be attracted to workplaces where their labor makes the world a better place, it is equally true for seasoned professionals at the peak of their careers, who seek a way to give back and create a legacy they can be proud of. Regardless of industry, product, or sector, successful companies find a way to connect their work with a larger sense of purpose, and help their teams work with greater meaning.
Employees have Opportunity for Career and Personal Development
At every age and stage of their careers, most people want to continue to learn and grow. Candidates value a company culture that creates a compelling future, where they aren’t faced with the prospect of years of repetition. Companies that work with employees to chart a course that allows for lifelong learning and ongoing development, supporting their personal and professional aspirations, have a culture that attracts new candidates and improves retention of existing employees.
Remuneration, Benefits, and Perks
Remuneration is only part of the picture of complete job satisfaction, but it’s an important part. Compensation and benefits are not only essential to life and survival, but they are also an important expression of company culture. When a CEO makes 100 times more salary than the average employee, especially if front-line employees are struggling, it is demeaning and demoralizing. Companies can use compensation and perks to recognize individual contributions or to reward teams, but can also use compensation to create a culture of collaboration and shared success. Actively supporting pay equity, wage transparency, and using perks and benefits to improve employee’s quality of life are important aspects of company culture.
Keep in mind that many candidates will do their own research and have formed an opinion about your company culture before the interview process even begins. Your company website, social media content, brand reputation, and even the wording in your job descriptions are all powerful indicators of your company culture. Without care, a company’s public reputation may deter talented candidates from even considering employment there.
For more insights into how your culture can shape and help improve recruitment and retention, or strategies on how to find the best candidates in life sciences, R&D, Q&A, and other hard-to-fill positions, contact Grapefrute today.