Global Company Culture Day is here! Observed on September 18 every year, this day provides a unique opportunity for company leaders to take a step back from their business and evaluate their company’s culture.
The answer to improving your company’s culture could be as simple as reviewing, and perhaps tweaking, the benefits your organization provides to its employees. Employees want to feel that their employer prioritizes their health and well-being. Investing in a strategic and thoughtful benefits package can lead to a positive work environment and an engaged workforce, which ultimately benefits both employees and employers.
Investing in a strategic and thoughtful benefits package can lead to a positive work environment and engaged workforce, which ultimately benefits both employees and employers.
In other cases, the answer to improving your company’s culture might be deeper than that, extending beyond benefits but still addressing the specific needs of your employee population.
The Importance of Culture
No matter the industry, company culture is a critical aspect of any business because it shapes the type of environment employees work in and influences their behavior. Ultimately, a vibrant culture can have a significant impact on various aspects of your business, including maximizing employee productivity and overall profitability. There are several key elements that business owners can implement to improve company culture and create a more inspiring workplace for its employees:
Health and wellness benefits: Many employers have historically offered voluntary benefits to complement their employees’ health insurance coverage. In recent years and in a competitive job market, these benefits have become a major factor in attracting and retaining talent. These include dental, vision, life, and disability insurance. Businesses can go the extra mile to further support employees by providing supplementary benefits like group hospital indemnity, critical illness, and accident insurance. These benefits help employees reduce out-of-pocket healthcare costs, giving them greater financial peace of mind.
Financial wellness benefits: Help employees manage their finances. Benefits like student loan repayment programs and financial counseling can support employees’ economic well-being. In addition, supporting employees outside of traditional items such as 401(k) retirement savings plans provides valuable resources to improve employees’ financial stability.
Personal benefits: Voluntary benefits can include personal insurance policies like pet, travel, car, and homeowners insurance, with a discount for enrolling in coverage. A recent survey found that 69% of employees rank pet insurance as the most significant voluntary benefit an organization can offer.
When the financial landscape shifts, voluntary benefits offer a cost-effective means for employers to enhance their appeal and retain valuable talent. By providing a range of voluntary benefits, employers can demonstrate their commitment to their employees’ personal and financial well-being and establish themselves as preferred employers in a competitive market.
Expand non-healthcare offerings: Younger employees are future-focused and will choose companies that offer expanded non-healthcare offerings like paid maternity leave, child and elder support, and additional paid time off (PTO).
Align with employees’ lifestyle: Flexible scheduling is essential! A hybrid work environment or shortened workweeks are just a few ways to address employees’ work/life balance, leading to greater productivity overall.
Diversity, equality, inclusion, and accessibility (DEIA) initiatives: Work to create an inclusive environment where diversity is celebrated and every employee feels valued and respected. An environment like this allows all employee perspectives to be brought to the table, creating a more welcoming culture where employees feel comfortable expressing their viewpoints and are emotionally invested in the organization.
Remember the importance of providing employee benefits that are thoughtful and applicable to the needs of your ENTIRE workforce.
Employee recognition and appreciation: Regularly recognizing and showing genuine appreciation to employees for their contributions goes a long way. This can be achieved multiple ways, including formal recognition programs, surprise and delight events for teams, or simple gestures of gratitude or reward.
Professional development opportunities: Provide opportunities for employees to develop their skills and apply them to career growth within the company. Investing in employees’ growth shows the company values their development.
Remember that Culture Is an Ongoing Process
Improving culture will always be an ongoing project for your company that requires consistent effort and passion from company leaders. The needs and desires of employees are always changing and evolving. To continue improving in this area, it’s essential to continue seeking feedback from employees and make necessary adjustments based on their input. Employees are grateful when they feel their voices can be heard and their voice can make a change for the better.
By focusing on these elements, business owners can create a workplace environment where the workforce is motivated to succeed.
Cheri Wheeler is Vice President and Senior Consultant at Kelly Benefits Strategies.