Regardless of whether you’re running a business of one or a business of millions, your long-term success will be predicated on the culture you establish in your place of work.
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My completely unscientific findings point to this truth. Conversations with people on the front lines of their companies and brands tell me so. Recalling my own days of employment tell me so, too.
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The school district where I began my teaching career had good people in leadership roles. Administrators respected teachers and in turn, teachers respected administrators. While everyone wasn’t happy all of the time, overall my years in that high school were some of my best professionally because the culture was strong. I felt good working there.
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I can point to some stats about why investing time and resources into building a great culture are in your best interest:
-47 percent of HR leaders said employee turnover and retention are their top challenges (SHRM and Globoforce’s 2018 Employee Recognition Survey).
-60 to 70 percent of all employee turnover is voluntary (ADP Research Institute’s Revelations from Workforce Turnover report).
-The cost of replacements after turnover is $15,000 per person for an employee earning a median salary of $45,000 a year (Work Institute’s 2017 Retention Report).
Bottom line: how people feel when they go to work makes all the difference in the world when it comes to how big your bottom line is.
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And that includes you if you’re running the show.
