4 Ways Workplace Culture Impacts the Bottom Line of Your Business
No one denies the emotional appeal of more freedom in the workplace. Who wouldn’t want to be treated like an adult at work, to be trusted to get the work done, and not be tied to the clock or desk chair?
For us, the heart of Results-Only Work Environment is the easy sell. The more difficult part of making radical changes in the workplace is highlighting the business benefits.
A company is only as good as its employees. Investment in those employees can be very costly and impacts the bottom line for your business. How are you investing in recruiting, retaining, training, and motivating your employees?
How can you use workplace culture as a hiring and retention tool, and effectively make a business case for radical change? The first step is to consider all of the costs involved in maintaining a traditional work environment.
Here are just a few ways that workplace culture impacts the bottom line:
1. Turnover costs: Employee turnover costs include salary, wages, recruitment costs, loss of productivity, impacts on team morale, and other more subtle expenses.
2. Engagement and motivation: If employees are not engaged in their work or motivated to learn and succeed, the business will stagnate.
3. Real estate and overhead costs: What are your overhead costs for maintaining a traditional office environment? What would be the cost savings of transitioning to a mobile workforce and reducing some of your real estate needs?
4. Vacation days, sick days, and paid time off: What are the costs associated with paid time off? Additionally, what are the costs and resources involved for tracking and managing this time?