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September 28, 2022

The power of company culture in employee retention

Workforces are dynamic and diverse. The workplace should not only support that but embrace the individuality of its make-up. The key to employee retention at any organization is fostering a culture that people want to actively be a part of.

What does that mean, though? How do you address something wholly unique to your organization? While every organization’s path to building stronger company culture is different, there are common goals any organization can strive for to make the workplace a place people want to be. 

Employee well-being

While traditional wellness programs are a great place to start, there is more to consider when creating a strategic well-being program that addresses employees' whole health. 

  • Financial well-being
    • Financial well-being, or lack thereof, affects all of us. If an employee is stressed about their finances, it can impact their job performance. Financial well-being programs meet your employees where they are in their financial journeys and can support them through retirement.
  • Mental well-being
  • Social well-being 
    • Social well-being is essential to overall well-being. Strong and positive relationships have far-reaching impacts, from reducing mortality risk to increasing engagement at work. Social well-being also extends beyond work relationships and family connections. It includes connection to the organization and to the impact the organization has on its surrounding environment. You can read more about becoming a socially conscious organization here.  
  • Physical well-being 
    • Physical well-being encompasses many different areas including; physical activity, nutrition, prevention, and chronic condition/disease management. Helping employees address their physical well-being is an important part of a sustainable organizational well-being strategy. When this area of health is improved, employees tend to be happier, more engaged, and more productive.

Employee safety

Creating a safe workplace is of the utmost importance to employees and their loved ones. An annual safety training, while important, is only scratching the surface when it comes to addressing your employees’ safety at work. Safety is something an organization should approach holistically, as opposed to focusing solely on injury prevention. Offerings such as safety policies, physical and mental health services, and employee assistance programs (EAPs) can have a significant impact on the overall safety of your organization. 

Inclusive benefits

A one-size fits all benefits program overlooks your organization’s diversity. Offering a broad range of health and voluntary benefits is a great way to demonstrate compassion, empathy, and provide unique and thoughtful support for your employees and their families. 

Some voluntary benefits to consider offering include:

  • Fertility benefits
  • Caregiving services
  • Pet insurance
  • Legal services
  • Will preparation services

Workplace value-adds

Beyond benefits, there are many ways to contribute to the perceived value of employment while promoting a happier, healthier culture. 

Consider what your employees want, whether it’s flexible work accommodation, security in their career, or fair pay. To ensure you’re meeting employee expectations in these regards, review your policies on remote work, pay transparency, dress code, professional development, tuition reimbursement, mentorship programs, and career pathing. Is there room for more flexibility and inclusivity in your policies?

Remember: the race doesn't end once you hire top talent. Fostering an environment where people feel comfortable sharing what’s important to them will help you ensure you’re on the right track. Employers should strive to create a supportive, caring workplace culture where employees can thrive (mentally, financially, socially, and physically) through a multifaceted approach that supports employees as individuals rather than as a unit.  

Curious to see what we’d recommend for your organization? Contact a member of the MMA team and allow us to identify organizational priorities, assess needs, and determine the appropriate course of action for your company.