Why does mindfulness increase profitability?
When candidates reach out to us to find their next opportunity, they often love their work but not their corporate culture or the way their colleagues treat them. Culture and mindfulness are often still viewed by the C suite as an intangible with an indirect or nonexistent effect on the bottom line. That makes it easy for executives to avoid spending resources on these initiatives and instead focus on metrics that produce instant gratification.
However, in an increasingly competitive tech environment where negotiation leverage sometimes shifts to the candidate, employee sentiment can impact the bottom line. One of the most effective ways to create a corporate culture that facilitates success is to foster respect among employees and reduce stress. These are core tenets of mindfulness.
Focus on collaborating with colleagues instead of replacing them
Hiring people is an expensive task. Even if you hire a recruiter, the process of figuring out what position the company needs to fill, offering a competitive compensation package, and onboarding new colleagues takes time, money, and resources. Attrition is normal at every company. However, if people leave at a relatively frequent pace, it can signal a red flag for candidates. Additionally, the more people leave a company in quick succession, the more their fellow colleagues may investigate other opportunities as well. And it is challenging for anyone to put forth their best work when their mind is distracted by other prospects.
Institutional knowledge vs. competitor feast
Another more subtle effect of a healthy corporate culture is that when top tier employees stay for a normal length of time, their company has an edge over its competitors. Especially in technical fields, people accumulate specialized skill sets or deepen their industry specific knowledge as they progress in a company. That is great news for a company’s repository of institutional knowledge as departments expand and people share knowledge with their peers. Conversely, when an employee with influence determines that a company’s culture is not a respectful or conducive working environment, they leave. Since their specialized knowledge is highly desirable, competitors can tempt them away with a larger compensation package, a step up in their career, or the promise of a work environment that is at least different if not better. The more influential the employee, the more likely their peers will follow them to a competitor.
Better environment = better results
There is a stark contrast in the performance level of a team of people who are stressed and in an acute phase of pre-burnout and a team of people who manage stress effectively. One characteristic of a high functioning team is that they respect the individuals involved and embrace goals that help the company as opposed to being focused solely on their own agendas. People will not change overnight and adopt a healthier perspective and attitude. However, small changes, like a monthly meditation class membership perk or creating a calming space for employees to decompress can eventually produce big results.