Workplace Culture: It’s More Important Than You Think
When one thinks of workplace culture, thoughts of happy hours and swag-filled outings with coworkers may come to mind. That said, it only begins to skim the surface of what a great workplace culture can truly accomplish. A recent study conducted by Deloitte found that 94 percent of executives and 88 percent of employees believe a distinct workplace culture is important to business success. There’s a reason why workplace culture has so much buy in. Today we’ll talk about the crucial ways that a solid workplace culture can catapult organizations into thriving companies.
Turnover is a major productivity killer in the working world. Considering that it costs a business approximately one-fifth of an employee’s salary to replace that employee once they’re gone, it’s a problem that companies want to keep under control. As we’ve talked about before, employees do not leave jobs, they leave managers. Let’s say an employee is having a tough time with a project. In a great work setting, they will more than likely turn to their leadership for help or more instructions. On the other hand, if an employee is distrustful of their management team, they may do a subpar job and hope for the best, or they may not even do the assignment at all. Bottom line, the attitude and culture that leadership sets in place dictates how well they will do in the organization. Creating a great place to work also drives productivity.
Happy employees equal higher productivity, which translates to a positive impact on a company’s bottom line. In fact, Fast Company states that happy employees are 12 percent more productive. More importantly, having a happy work environment is just more enjoyable than the alternative. This of course translates back into the workplace culture. Employees are the backbone of any company, without them, organizations cannot function. Establish the precedent of treating them well, your business will benefit from it. In addition, happy employees will brag about their workplace—which is great from a brand perspective.
Perhaps one of the most telling external rewards of a great work culture is the free publicity that you get from your employees. The rise of employee surveys is here and potential employees want to know if working for you is going to be an awesome or horrible experience. Content employees will have positive things to say about the organizations they work for. Just take a look at the top organizations we recently covered. Their reputations upped their brand and without a doubt their application pile.
Yes, work culture can encompass team building and happy hours, but it has so much more importance than what is seen on the outside. Organizations that invest in their workplace enjoy lower turnover, better operations, and get a boost in their reputation.
Are you ready to start investing in your company’s culture? Schedule a time to chat with us here.