How company values can reduce staff turnover

Do you want to reduce staff turnover, but you’re not sure where to start? Building a value-driven business could be the way forward, helping you to improve worker satisfaction without breaking the bank.

Keep reading to learn how taking a value-centric approach can help you attract and retain staff.

What is a value-driven business?

Value-driven businesses put their values, whether it’s authenticity, collaboration, being eco-conscious or otherwise, at the forefront of everything they do. Consistently operating according to a core set of values which are compatible with business goals.

They walk the talk, every decision, in all departments, is made with these in mind.

Values and staff satisfaction

Working to become a value-driven company can have surprising effects. It can increase staff satisfaction, reduce feelings of loneliness, foster feelings of belonging and increase productivity. It can also elevate your bottom line.

When people feel like they’re working for an organisation that reflects their values, they feel like they belong, reducing loneliness and increasing performance. 44% of workers in Deloitte’s 2020 Global Human Capital Trends survey, stated that feeling aligned with their organisation’s values contributed the most to feelings of belonging at work. While 31% said that identifying with their team and having a sense of community was most important.

It also makes it easier for workers to form meaningful connections at work by establishing a shared value system, resulting in greater organisation commitment and higher productivity.

Plus, shared values are crucial to the development of a strong organisational identity, increasing resilience, and performance during periods of instability. Values also help provide a sense of purpose that transcends work. Employees are doing more than earning a living, they’re making the world a better place.

Values and profit

Building a value-driven business can also give you a competitive edge, by making you more appealing to potential customers.

62% of consumers want companies to make a stand on current issues like transparency and sustainability. Communication is also key, with 64% of respondents finding brands that actively work to communicate their values more attractive, in Accenture Strategy’s 14th Global Consumer Pulse Research survey.

Prioritising values can improve your company’s reputation and profitability. Consumers are 4x more likely to purchase from value-driven companies and 4.5x more likely to recommend them to their family and friends, according to the 2020 Zeno Strength of Purpose Study.

Building a value-driven business

There are several steps to building a value-driven business that increases staff satisfaction.

Firstly, you need to involve your employees in the process. Having consensus is key if you want to improve staff satisfaction. If your workers don’t feel like company values reflect them and who they are, then they won’t feel like they belong.

Secondly, you need to communicate these values clearly. It’s no good if stakeholders can’t understand what they are and what they mean. You need to collaborate and formulate clear values that will guide your organisation and everything it does.

Finally, you need to bring your values to life both at work and in the world at large. To do this you should map out business processes and the different ways that you can act on your values. For example, staff might set individual eco-goals, donate to good causes, or volunteer their time for local charities.

Next steps

Creating an organisation defined by shared values is an often overlooked way to increase staff satisfaction and improve performance. Allowing you to get more out of your team with minimum investment.

People value authenticity, so to reap the benefits, you’re going to have to walk the talk. For example, if you want to create an eco-conscious business, you’ll need to think about your materials and work to source them sustainably.

Another great way to make things better for your workers is to use Expensemate. It eliminates inconveniences like expense forms and reimbursements so your team can focus on what matters.

Expensemate also increases VAT reclaims, provides real-time visibility and comes with built-in spend controls, allowing you to simplify processes quickly and easily while saving some serious cash. Making it easier to reduce staff turnover and increase productivity.

See for yourself and try Expensemate for free with a 30-day trial.