How do you retain talent in a flagging economy where raises and promotions are not always financially feasible? This great article suggests that perhaps a company’s culture may be key to keeping employees.

While many companies tend to overlook corporate culture as a means of improving their bottom line, some businesses have actually found that by effectively building and maintaining a positive corporate culture helped improve their overall productivity. This is because of the simple fact that the culture is largely formed by the attitudes of the employees within a company and the procedures enforced by that organization.

An organization’s culture is its unique thumbprint, which only they can own and no one else. Here are a few ways to build your company’s culture:

Find flexibility: Some companies have found that allowing for flexible work schedules has increased worker productivity instead of decreasing it as employees find that they feel trusted by their employers, plus it gives them greater work/life balance.

Promote creativity: Many organizations have fostered creativity by creating open-concept workspaces that allows employees to collaborate, innovate and work effectively, creating a sense of community within the office.

Time for fun: Finding ways to make work fun through company events or friendly competitions can dramatically improve morale in the workplace as well as loyalty and performance.

Approachable leaders: Employees look for supervisors and managers who are clear communicators and don’t micromanage.

Recognizing excellence: Companies that recognize outstanding performers often enjoy a greater level of loyalty from their employees.

The article has several more suggestions on how to grow your company’s culture. Ultimately, keep in mind that it is easier and more beneficial for you as an organization to keep your experienced and outstanding staff happy and productive.

Source:  Janet Fowler | How Corporate Culture Affects Your Bottom Line | January, 2013 | Investopedia.com

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