4 Ways to Build a Better Company Culture
Many small businesses have exceptionally low employee turnover. It’s usually not high pay and benefits packages that keep workers on the payroll year after year – it’s more likely to be an environment that is both satisfying and, yes, enjoyable.
1. Find out what your employee’s value. In order to create the kind of place in which your staff can be productive and happy, you need to learn what workers want and then, if possible, provide it. By asking questions, you may find, for example, that they value a flexible work schedule, a no-cost benefit that most small businesses can accommodate. They may also want to listen to music at their workstations or dress casually.
2.Introduce activities that build close relationships.By spending down time together, your staff establishes personal relationships that become hard for them to break. Large corporations create “golden handcuffs” – offering their managers benefits so attractive (such as no-interest loans) that leaving the job becomes a difficult choice. Small business must rely on golden friendships. Here are some ideas:
3.Work together. Seek employee feedback and reward valuable employee suggestions. Use the old “suggestion” box. Or better yet, hold weekly company meetings at which employees can share their ideas. Reward employees with both recognition (such as “employee of the month”) and money.
Consider using phantom stock or stock appreciation rights to give employees a stake in the business without having to share ownership. The employees are given pretend shares in the business, but receive real benefits on those shares. For example, you pay cash (“dividends”) to employees when sales, revenues, profits or other financial targets are met.
4.Treat employees with respect.If you want to demand the best from your employees, you need to expect that you’ll receive it. This fosters a culture of accountability. Hold employees accountable for meeting deadlines. Communicate your financial and productivity goals clearly and expect everyone to work together to meet them.
If your staff is sufficiently large, it often makes sense to create teams for certain projects or jobs. Then hold the team accountable for the work.
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