Understanding Workplace Culture
In a competitive job market where unemployment is low and turnover is rising, companies must ensure that they have the best working environment possible to attract and retain quality employees. The concept of a “good” workplace culture can vary from one company to another. If you were to ask every individual what makes a good workplace, you would receive a multitude of responses.
The Importance of Culture
It is important to have a workplace culture that allows people to enjoy coming to work.
Think about yourself for a second, do you want to spend the bulk of your days in a place that you dread?
The importance of workplace culture cannot be understated. In 2021, 94% of entrepreneurs and 88% of people searching for jobs say a healthy culture is crucial for success.
They are not wrong either, as businesses with a high-scoring workplace culture attract high-level employees and even lead to a 33% revenue increase.
It is not just the employees or job seekers emphasizing culture, 91% of managers in the U.S. believe how an applicant aligns with their workplace culture is more important than their skillset or past experiences.
- Attract better employees.
- Engage employees effectively.
- Lead to higher revenues and better output.
What is Culture?
It starts at the top. Company culture is the sum of your company's values, traditions, beliefs, interactions, behaviors, and attitudes.
What truly defines culture?Is it an abundance of snacks, parties, and events for your office?
- Encourages collaboration among all departments.
- Establishes accountabilities for all employees.
- Consistently recognizes and rewards an employee’s hard work.
- Increases morale.
- Allows employees to enjoy coming to work each day energized and focused.
The Importance of Workplace Culture on Business
There is no debate of the impact that a positive culture has on company morale, but it is overwhelmingly positive for its margins as well.
If you build it, they will stayEmployee retention is another massive benefit of positive workplace culture. Currently, we are experiencing the Great Resignation, a phenomenon that has led to an alarming 10.9 million open jobs at the end of July 2021.
- 58% more likely to stay at a lower-paying position if they work for a great boss.
- Much more willing to work a lower-paying position if the job quality is high.
- More likely to settle, 32% of seekers say they will take a lower-paying position if corporate culture aligns with personal goals.
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