What is company culture?
Company culture is defined as a set of shared values, goals, attitudes, and practices that characterize an organization.
It’s the common thread, the shared values of an organization. It’s also how people feel about the work they do, the company they work for, and how their personal goals tie into the company goals.
So how can something like employee benefits help to create a strong workplace culture? Let’s take a look.
When we talk about “benefits” that affect culture, we mean more than ping pong tables and an on-staff masseuse – while those certainly can affect a company’s culture, they fall into the “perks” category. While perks are fun and can make your employees feel valued, they are not a suitable replacement for benefits that help employees live a stable life long-term.
How benefits can shift culture
Now that we’ve identified the difference between benefits and perks, let’s address how benefits directly impact culture.
- Loyalty
Over the past several decades — and even more so in the past few years — employee loyalty has declined. The disruptions have caused many individuals to explore more meaningful work, start their own businesses, and prioritize personal and family commitments over careers. Because of this shift, employees must find new ways to attract and retain talented employees.
Employee benefits are a great way to keep employees engaged and satisfied. As an employer, you need to provide meaningful employee benefits.
The right benefits help your employees reduce stress and live better lives. That, in turn, drives higher productivity and satisfaction in their work. Some examples of those benefits include health and wellness plans, commuter benefits, meal plan benefits, on-demand pay, micromobility, and any other benefit that’ll make them feel valued.
2. Strengthening the employee experience
Fostering a satisfying and productive workplace starts by focusing on the whole employee. A recent report identified five key areas that employers can address to create a more satisfying experience for their diverse workforce.
Those areas include:
- Purposeful work – Employees are twice as likely to stay in a job where they feel their work has a purpose.
- Flexibility and work-life balance – Employees are 1.8 times more likely to stay in a job that provides a solid work-life balance and offers flexible scheduling.
- Social and supportive culture – Employees are 1.5 times as likely to stay in a work environment that is supportive of their lifestyle.
- Career development and training – When offered a robust training program and the possibility of development for advancement, employees are 1.7 times more likely to stay.
- Wellness programs and benefits – Companies that offer wellness programs such as Lifestyle Spending Accounts, meal plans, and micromobiity options are 1.6 times more likely to stay.
Building a strong company culture takes time to happen. It takes deliberate thought and planning to create an environment that will help you attract and retain top talent in this competitive job market. Edenred can help you leverage your benefits to ensure they’re working for you – and your employees. Schedule a meeting with us today to get started.
