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Corporate Culture and Its Effect on Retention

Corporate Culture and Its Effect on Retention

The diversity of our population continues to grow rapidly, transforming our labor force. The need to bring in and develop the talent to deal with these changes is now a priority for many organizations. The challenge is in retaining these talented and trained employees. In light of the changing marketplace, opportunities for qualified, diverse candidates are increasing.  Companies must work hard to compete for, and hold on to, skilled personnel.

Studies show employees that feel connected, engaged, valued, and appreciated are more satisfied in their work. According to national studies by the Families & Work Institute and the Society for Human Resource Management, work satisfaction leads to increased productivity and a stronger sense of connection and loyalty. In other words, the culture and climate of the workplace is often the deciding factor in a person’s decision to leave a company… or to stay.

Successful companies demonstrating low employee turnover are implementing programs and developing policies and procedures that reflect their commitment to inclusive, respectful work environments. A review of the DiversityInc Top 10 Companies for Recruitment and Retention reflect similarities in what they are doing. Opportunities for remote working, job-sharing and upskilling, and perks, such as on-site daycare, adoption assistance, and domestic partner benefits are helping employees balance their lives at work and at home. Company sponsored Employee-Resource Groups, and prioritized diversity training for all employees, are additional ways that these companies are investing in, and showing they value, the diversity of their workforce. So is it working? It seems to be. Employees are not only flourishing in these environments, they are staying.

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