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In today's fast-paced and competitive business environment, companies need to focus on more than just their bottom line. The culture of a workplace can have a significant impact on the success of a business. 66% of Australian business leaders and respondents to a survey, believe that culture is more important than organisation's strategy or operating model. (PwC 2021 Global Culture Survey). Business leaders need to focus on building and enhancing their workplace culture to create an environment that all employees can thrive in because the reality is, workplace culture can provide the difference between thriving and surviving!
Workplace culture refers to the shared values, beliefs, attitudes, behaviours and practices that shape the work environment. It includes the company's mission, vision and goals, as well as how employees interact with one another, management, customers and stakeholders.
A positive workplace culture can help attract and retain top talent. When employees feel valued, respected and supported, they’re more likely to stay with the company and be engaged in their work. A study by Quantum Workplace (2022) found that 89% of highly engaged employees say the culture in their organisation is positive with only 29% of disengaged employees claiming the same. MIT Sloan conducted research into the top predictors of attrition during the Great Resignation and found toxic work environment can lead to high levels of attrition, feelings of burnout and disengagement. In terms of profitability, studies show that companies with highly engaged employees can see 21% higher profitability.
An article published in the Journal of Applied Behavioral Science found that a workplace characterised by positive and virtuous practices excels in several key areas. Positive and virtuous practices include caring for and being interested in colleagues, providing support, avoiding blame, inspiring one another and treating each other with respect, gratitude, trust and integrity.
A healthy workplace culture can foster creativity and innovation. When employees feel comfortable sharing their ideas and opinions, they’re more likely to contribute to the company's success. A positive culture can also increase productivity by creating a sense of purpose and motivation for employees. According to PwC, 71% of C-suite executives and board members believe culture is more important to performance than the organisation’s strategy or operating model (PwC 2021 Global Culture Survey).
A workplace culture can have a ripple effect on customer service. When employees feel happy and fulfilled at work, they are more likely to provide excellent customer service. A positive culture can contribute to brand reputation, leading to customer loyalty and trust.
A positive workplace culture can have a positive impact on employees' mental and physical health. A supportive work environment can reduce stress and anxiety levels, leading to better overall wellbeing.
Leadership plays a crucial role in creating a positive workplace culture. Leaders should model the behaviour they want to see in their employees and set clear expectations for how employees should interact with one another.
When hiring new employees, it is important to prioritise culture fit. Look for candidates who share the company's values and vision and who will contribute positively to the work environment.
Encourage open communication and collaboration between employees, teams and departments. Provide opportunities for feedback and constructive criticism and foster a culture of respect and inclusivity.
Invest in employee development by providing training and development opportunities. Show employees that you value their growth and development and are committed to helping them achieve their career goals.
Prioritising workplace culture is essential for the success of any business. A positive workplace culture can lead to employee retention and engagement, increased productivity and innovation, better customer service and improved health and wellbeing. By leading by example, hiring for culture fit, encouraging communication and collaboration and investing in employee development, companies can create a healthy and thriving work environment that benefits everyone involved.
If you’re looking to improve your workplace culture and foster a more positive work environment for your team, get in touch with the Drake WellbeingHub team. We are here to help your people thrive!
