Tags: lose | time | money | focus | workplace | culture

You Lose Time, Money With Lack of Focus on Workplace Culture

You Lose Time, Money With Lack of Focus on Workplace Culture
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By    |   Thursday, 19 April 2018 02:12 PM

You lose time, money, and energy when team members are disengaged in their work or quit.

Gallup’s 2017 State of the American Workplace report estimates that actively disengaged employees cost the United States $483 billion to $605 billion each year in lost productivity.

Gallup also states, “A record 47% of the workforce says now is a good time to find a quality job, and more than half of employees (51%) are searching for new jobs or watching for openings.”

The lost employee can lead to monetary, morale, and productivity issues. The cost to recruit and replace a worker includes advertising, recruiting, and referral fees as well as sign-on bonuses and onboarding fees. That same departure can impact morale as others may consider leaving. And productivity is impacted by all that goes into covering the open position then getting a new hire on board.

The modern workforce has high standards for their firm’s culture. At Actualize Consulting, we were facing the stark truth of this in 2010 with a painful 33% attrition rate. So we decided to shift our focus to our people. Now our attrition rate is less than 1%.

We’ve discovered that the following 9 principles hold the key to creating and maintaining a thriving organizational culture. 

  1. Provide intentional leadership. Intentional leadership is being self-aware as well as knowing our teams are not one-size-fits-all. When we can see each person and their strengths, we can then capitalize on those strengths.
  2. Prioritize personal wellness. When our emotional and physical tanks are full and well functioning, we have the capacity to be our best for our teams.
  3. Insist on a healthy work/life balance. The more balanced we are, the happier and the more productive we are. The Gallup report states, “53% of employees say a role that allows them to have greater work-life balance and better personal well-being is ‘very important’ to them.”
  4. Practice effective communication. Time expands as we communicate effectively and efficiently.
  5. Handle conflict directly, openly, and immediately. Having a common way to deal with conflict improves corporate culture. At Actualize, we use the 3P Method—Pause to Pivot to a Positive.
  6. Focus on your people. Our organizations are only as good as our people.
  7. Regularly conduct employee surveys. Listening to what your people want is an easy way to increase employee satisfaction.
  8. Align performance rewards with goals. Aligning performance rewards with employee goals, which are in turn aligned with firm-wide goals, is a win-win as everyone focuses on the same vision and each team member is valued.
  9. Encourage team connection. Whether through a social or a charity event, foster ways your teams can playfully interact inside and outside of work on a regular basis.

No matter the size of your firm, it’s in your best interest to retain quality team members. The cost of not doing so can be massive.

Kerry Alison Wekelo is managing director of human resources and operations for Actualize Consulting. She also is author of "Culture Infusion: 9 Principles to Create and Maintain a Thriving Organizational Culture." Among her other accomplishments, Wekelo is a yoga teacher, life coach, award-winning author of children’s books, and the founder of Zendoway, a company that encourages holistic wellness.

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We’ve discovered that the following 9 principles hold the key to creating and maintaining a thriving organizational culture. 
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Thursday, 19 April 2018 02:12 PM
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