Staff retention in the workplace is one of the biggest challenges a growing company can face. With growth comes more staff. With more staff comes more responsibilities. With more responsibilities come higher expectations. A positive workplace culture and happy staff are two essential ingredients in a good business recipe, but they’re often overlooked.
Staff retention isn’t just good for employee morale either. Finding replacement staff, investing in training, and taking time out for the whole process can be an expensive exercise, so if you can create a happy workplace, your staff will be dedicated, loyal, and lasting, and your business will ultimately benefit in the long run.
The one thing that Microsoft, Bayer and Bosch have in common, isn’t that they’re all Fortune 500 Global Companies, although that’s true. What they share in common, is that they understand the relationship between good company culture and staff retention.
Offering progression pathways for your staff, valuing individual strengths, and ensuring workplace flexibility – is something you can do as a business owner. Developing a positive, supportive and enjoyable company culture – is something you can bring into the business by being in the right co-working space.
Co-working makes sense for corporates for a myriad of reasons; it’s cost-effective, flexible and convenient. Co-working also makes sense for your company culture and the health and wellbeing of your business and its people. Co-working spaces often come with networking events, up-skilling opportunities, friendly communal kitchens, and positive open areas, and when you’re not in a position to offer that to your staff yourself, a co-working space can.
Co-working spaces increase happiness, focus, drive and success. Staff feel a sense of community belonging, optimism, creativity, vitality and meaning because they’re not only driven to achieve within their individual role and your individual business – but they’re influenced by a greater community and a bigger picture. Happy staff are also hard-working staff, and hard-working staff create bigger better businesses.
In a co-working space, positive company culture and a sense of community come with the business lease, so if staff retention is essential to your business, consider co-working.