How to transform your company … and retain your best people

trans·for·ma·tion noun A change or alteration, especially a radical one.

Companies with engaged employees outperform those without by up to 202%

71% of employees are not fully engaged

64% of all employees do not feel they have a strong work culture

“Right now there’s a realization that bringing in top talent is critical to the success of every company, and the competition for talent is fiercer than ever. So there’s a lot of focus on how to gain a competitive advantage” Ben Ling, Khosla Ventures

49% of all employees are not satisfied with their direct supervisor

More than 1 in 4 employees do not have the tools to be successful in their jobs

87% of the global workforce is disengaged

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Only 21% of employees feel strongly valued at work

Peers and camaraderie are the #1 reason employees go the extra mile, not money

There’s 2.5x more revenue for companies with engaged employees versus competitors with low engagement levels

Highly engaged employees are 87% less likely to leave the company they work for than their counterparts

$11 billion is lost annually due to employee turnover

89% of employers think their people leave for money

But only 12% of employees actually do leave for more money

75% of people don't quit their jobs; they quit their bosses.

Turnover at companies with a great culture is just 14%

Turnover at companies with a poor culture is 48%

“Loyal, passionate employees bring a company as much benefit as loyal, passionate customers. They stay longer, work harder, work more creatively, and find ways to go the extra mile. They bring you more great employees.” Rob Markey, Bain Consulting

Happy workers are 12% more productive than the average worker and unhappy workers are 10% less productive

Unhappy employees take 15 more sick days each year than the average worker

63% of employees are not engaged at work and 24% are actively disengaged, leaving just 13% engaged in the work they’re doing

Low engagement results in a 33% decrease in operating income and an 11% decrease in earnings growth

High engagement, however, results in a 19% increase in operating income and 28% increase in earnings growth

90% of leaders think an engagement strategy has an impact on business success

Less than 25% of them actually have a strategy

Companies who collect regular employee feedback have turnover rates 15% lower than companies using annual surveys

“To make customers happy, we have to make sure our employees are happy first.” Tony Hsieh, Zappos

Increasing employee engagement investments by 10% can increase profits by $2,400 per employee, per year

Whether you’re a Fortune 500 or a startup, you can turn your company culture around and watch both enthusiasm and revenue skyrocket

How?

First and foremost, you must be open to listening without getting defensive.

Happy employees lead to:

Higher productivity, quality, and service, which leads to…

Higher customer satisfaction, which leads to…

Increased sales via repeat business and referrals, which leads to…

Higher levels of profit, which leads to…

Higher shareholder returns (stock price or valuation)

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To summarize everything we’ve just talked about...

Start to improve your company culture and everything else follows soon after

But what can you do to improve your company culture?

There are only 3 things you need to focus on

Communication

Communication Transparency

Communication Transparency Management

How can you improve company- wide communication?

Listen without getting defensive

Give everyone an equal voice, regardless of title

Listen without getting defensive Give everyone an equal voice, regardless of title Provide a way to share feedback anonymously

How can you be a more transparent company?

Share more, more often with employees

Be open with employees about important issues

Share more, more often with employees Be open with employees about important issues Give everyone a say, not just managers

How can managers help - not hinder - your culture as you grow?

Know which managers are hindering their teams

Ask employees for feedback about their manager

Know which managers are hindering their teams Ask employees for feedback about their manager Fire or train poorly performing managers

A continuous focus on these 3 areas will create a culture snowball

The Culture Snowball

The Culture Snowball Formula

More communication More transparency More action

The Culture Snowball Formula More communication More transparency More action = Happier employees Higher productivity Lower turnover Revenue growth

How can PeopleSpark improve your company culture and help you retain your best people?

By improving the quality and frequency of communication between leaders and their teams

Companies using PeopleSpark tell us they experience:

Frequent, effective communication that’s bottom up not top down

A transparent culture where all employees have an equal voice

Employees who are happier, with extremely high retention rates

Surveys Ideas & Feedback Insight Request an invite Are you ready to transform your culture? Listen to your employees and retain your best people with PeopleSpark - the employee feedback platform.

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