U.S. businesses are losing billions of dollars each year due to voluntary turnover that could have been avoided. Some studies report that every time a business replaces a salaried employee, it costs 6 to 9 months’ salary on average. As a growing business, the last thing you want is to lose money, especially if it’s something you can avoid.
So, how do you maintain top talent when the world is still struggling through The Great Resignation? By creating a positive work environment for your employees.
As the founder of a startup, I know you have a significant number of items on your to-do list. From securing funding, honing in on your product or service, marketing, taxes, etc., creating a positive work environment may not be at the top of your to-do list. But the truth is, it should be your number one priority.
An article published by Forbes, says that businesses with a strong work culture have seen a 4x revenue increase compared to companies who have either a toxic work culture or no work culture at all. Although building a positive work environment for your team will require an investment of your time and energy, it will supply benefits that will have a far greater return on your investment.
To help you, I want to share three steps you should take in order to establish a positive work environment today:
Clarify your mission and reiterate it to your team. Employees today don’t just want to go to work to make money. They want to be a part of something bigger. It’s up to you as the founder, to help your employees see the importance and purpose of their work. For example, if you receive a testimonial from a client, share it with your team. Allow them to see how their work is impacting others.
Have meaningful conversations with your team. As an employee, there’s nothing better than knowing your boss cares. Some questions you can ask are, “What really matters to you? What frustrates you? What are your long-term goals?”
Get to know your employees’ strengths. This is something I teach when I work with businesses to establish their company culture. I have found when a team knows not only their own strengths, but the strength of others, there’s more cohesiveness on the team.
These are just three of the ways you can begin to establish a positive work environment. Again, I know you have a substantial number of items on your to-do list, so I would love to make things easier for you by becoming your work culture coach. Schedule a consultation today.