Company Culture and Employee Retention

Employee expectations for an engaging and strong company culture have evolved over time. With digital advancements, increased remote work, and more calls for inclusion and diversity initiatives, maintaining a company culture that reflects the current workforce is more critical than ever. According to this recent survey of employees conducted by a Human Resources software company, “One in five workers say declining company culture is the main reason they are looking for a new job…[and] Employees want to see more cultural change when it comes to their pay and benefits (43%), communication from leadership (41%), and better work-life balance (40%)”.

As part of Authority Magazine’s interview series “How Employers and Employees are Reworking Work Together,” Michael Combs, CorVel’s President & CEO, shared his perspective on future-proofing organizations and facing changes in expectations from employees. Adaptability is key to bridging any gaps between employers and employees. Combs explains, “By listening to what employees are saying, you can learn what they need to improve performance and/or increase job satisfaction and then adapt to meet their needs and expectations…Employers and employees need to embrace the changes upon us; clinging to old paradigms is not viable to thrive.” Combs also shares, “Employees will want their companies to invest more in what they have to say, and forward-thinking employees will implement those ideas into their culture.”

With the pandemic reshaping the workforce and remote work becoming commonplace, employee engagement and productivity have shifted. To retain and attract talent in the evolving job market, organizations must develop an inclusive company culture that offers opportunities for growth, flexible work schedules, and a supportive environment for employees to express their thoughts and ideas. Among CorVel’s core values is fostering a workplace environment where employee contributions are encouraged and valued. Offering ongoing training and professional development opportunities for advancement, as well as establishing employee recognition programs, are some of the ways CorVel has retained talent.

Across all industries, technological advancements and innovation is also key to attracting new talent. In workers’ compensation, recruiting and retaining talent has remained a challenge in the industry. Fostering an employee-centric company culture, streamlining workflow processes, and offering intuitive technology addresses this challenge. In this Risk Insider article by Michael Combs, he shares, “What we’re seeing is that claims professionals entering the industry are looking for the ideal blend in a workplace—they want intuitive interfaces, automation that streamlines the process, and a positive company culture that encourages a reasonable work/life balance.”

As the standards for company culture change and technology evolve, employer adaptability and employee engagement remain essential for an organization’s success.