Aside from great pay and benefits, your company's workplace culture is also an important part in retaining your employees. Maximize quality and productivity by improving the workplace culture in your company.

Employees who feel underappreciated will not be investing their time, energy and efforts for the company's collective goal. Gary Vaynerchuk, CFO of VaynerMedia and a digital marketing entrepreneur, shared four tips to improve workplace culture via Inc.

1. Recognize that you're not the boss. To increase employee retention, Vaynerchuk suggests that managers should reframe their role. Make sure that you treat your workers with respect. Create a positive workplace culture by giving respect.

2. Know what motivates your employees. This way, you can use positive reinforcement and show them that they are an important part of the team. "Understanding your employees is a necessity for leadership," Vaynerchuk wrote. "Personalized positive reinforcement is a great way to show others how much you value their contributions."

3. Lead through actions. Be a doer not just someone who barks orders. "Make people understand that you care about them more than you want them to care about you," the VaynerMedia CFO added. Build a workplace culture through your actions more than words. While words are important, actions truly speak louder than words.

4. Provide a performance-based rewards system. As much as possible, don't allow an individual to get away with a violation. Reward performance as the highest, above everything else. One way to appreciate a hardworking employee is by giving them rewards. It doesn't necessarily mean that they should get monetary bonuses, especially if the company's budget cannot provide it. A public praise and/or other perks such as extra time-off or a flexible schedule can go a long way.

According to Forbes, a company's core values should be shared with all employees. This will make them feel that they're part of something bigger than themselves and be aligned with the company's goals.