3 Ways Company Culture Awards Help Talent Retention
What do Starbucks, Zoom, and APS have in common? They all earned company culture awards on Comparably, an employer branding company with a mission to make workplaces transparent for employers and employees alike. These awards are important because they provide insight into an organization’s culture, helping you make adjustments to your employee lifecycle and reward strategy.
Company culture awards measure an organization’s success and are based on feedback from employees who anonymously rate their company. While these recognitions mean a lot to APS, they can help your organization too. This article will explain how businesses earn company culture awards and how they can help you retain talent.
What Are Company Culture Awards?
Company Culture Award Scoring Methodology
While every company culture award is different, employee feedback typically comprises scoring methodology. Organizations also may need to receive a certain amount of ratings provided by employees. Workers answer questions in categories such as office positivity, work hours, job satisfaction, and benefits. Here are a few sample questions our employees answered:
- Is your work environment positive or negative?
- Are you satisfied with your work-life balance?
- Are your company’s goals clear, and are you invested in them?
- On a scale of 1-10, how likely are you to recommend your company to a friend?
- How would you rate the perks your office provides?
- Do you believe you’re paid fairly?
Reward platforms assign an attached value to each question. Once employees finish the survey, values are compiled and compared to employee answers from similar sized-organizations. Earning a culture award on a recognition platform is a testament to how a company prioritizes its workforce. This type of accomplishment tells your brand’s story, sets you apart from the competition, and supports your talent retention.
Why is Talent Retention Important?
Talent retention is critical to an organization’s bottom line and its future success. According to a Gallup study, the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary. A company lacking a talent retention program increases onboarding expenses and negatively affects the morale of existing workers.
An effective talent retention program aims to change these results by tying company culture to job performance. For employees to engage consistently and perform well, processes must be in place to help them feel connected and appreciated throughout the organization. By aligning the two highest indicators of employee satisfaction, you increase employee wellness and productivity. This approach ensures team loyalty across different departments.
How Company Culture Awards Help Talent Retention
In a recent query performed by Comparably, sixty percent of people say their employer is actively seeking to improve company culture. That’s because when company culture thrives, employees thrive with it. Company culture awards are more than badges of honor. They are critical indicators of how successful a company is at employee retention. Here are a few ways company culture awards can benefit you in your talent retention efforts.
1. Provide Insight Into How Employees Want to be Compensated
OC Tanner research found 79% of employees who quit their jobs claim that a lack of appreciation was a major reason for leaving. Company culture awards help you reduce this type of employee turnover, because they provide insight into how employees want to be incentivized. To earn compensation and benefit awards, company employees must answer benefits and compensation questions.
Employers can use this anonymous data to gain better insight into their current compensation plan. Then, you can tailor your company offerings to their specific needs. Here are a couple of ways you can incentivize employees based on their preferences:
2. Help Employees Feel Connected To The Brand
Best selling author Simon Sinek once said, “Customers will never love a company until an employee loves it first.” It’s one thing to have a workforce. It’s another to have teams of highly engaged employees who are completely sold on your brand. Company culture awards create a positive brand image for your organization. When employees are attached to a brand with a positive reputation, they feel connected to something larger than themselves.
Businesses that earn culture awards can create loyal employees, similar to how winning football teams create loyal fans. When a football team wins a game, fans of that team get excited about its accomplishment. When the team goes through a tough time, fans remain loyal because they feel connected to the team and its future success. Employees maintain higher levels of commitment to the organization because they are part of the brand. When their company earns an award, employees who played a role want to share their success. Brand loyalty makes retaining employees that much easier.
3. Highlight Areas Your Company Needs To Improve
If your company lacks culture-based awards, this is a reliable indicator that your workers need more opportunities to engage with your brand and receive recognition. Award surveys provide employee sentiment around burnout, interactions with co-workers, and company perks. This wealth of information helps you pinpoint areas that need improvement.
If your culture score is low, consider implementing an employee advocacy program throughout your workforce. Engage with employees by letting them earn points for social shares, surveys, or company involvement. Offer rewards for individuals with the highest points each month. These can include gift cards, company apparel, or a PTO day. These incentives will help them feel more connected and appreciated, increasing employee retention throughout your organization.
What Employees Have To Say About APS
My team is like my family.
I can’t imagine working for a better company. The work culture is fantastic, and my team is like my family.
The Ultimate Workforce Satisfaction
Organizational culture awards contribute to workforce retention because they highlight factors, including brand recognition, employee loyalty, and workforce satisfaction. Award data provides valuable insight into employee sentiment, enabling you to make better decisions around recognition programs. If employee sentiment is lower than you’d like, you can use the feedback to identify ways to improve company culture.
Consider implementing production-based incentives, employee awards, and advocacy programs throughout your organization. These efforts will strengthen morale, increase employee loyalty, and boost retention throughout your organization.
APS’ Company Culture
At APS, we’re passionate about helping our employees achieve their goals. Comparably considered over 10,000 U.S. companies for its 2020 Workplace Awards, and APS emerged with four recognitions highlighting our commitment to creating an uplifting work environment for our employees. These awards include Happiest Employees, Best Compensation, Best Perks & Benefits, and Best Work-Life Balance.
These awards hit home for APS because they demonstrate our commitment to employee mental health and workplace wellness. When the 2020 pandemic started, supporting our employees was a top priority. APS remained dedicated to paying our employees consistently and fairly for their hard work. We also continued to hold employee challenges and virtual events where we could reward employees for their dedication. While we know 2020 has been met with its fair share of difficulties, one thing we can do for our employees is to work hard to maintain a positive company culture.