We’ve all been hearing about The Great Resignation for quite some time now. And although we might be a tad bit weary of this particular news loop, the reality is that it’s affecting everyone’s workplace in one way or another. It’s real and it’s here to stay for a while. Right now, candidates rule the day and companies need to sharpen their competitive edge in order to attract and retain the talent they need. Company culture, particularly a purpose-driven one, is a significant way to garner a differentiating advantage in this highly competitive market.
So how do we define this culture? According to BambooHR, “company culture is often called the personality of an organization and can be defined as a shared set of workplace beliefs, values, attitudes, standards, purposes, and behaviors. It reflects both the written and unwritten rules that people in an organization follow. Your organization’s culture is the sum of all that you and your colleagues think, say, and do as you work together.”
Let’s take a look at a few cultural categories:
- Inclusivity: A diverse workforce is beneficial for building strong teams and the business’s bottom line. It’s also top of mind for employees who are seeking a company culture that walks the walk in terms of overall equitable thinking and policy implementation.
- Flexibility: Remote work is here to stay. Statistics show many employees will leave their jobs if companies mandate in-office policies. WFH, fully remote, hybrid, and flex models are the way to go. According to Harvard Business Review, “employers that don’t offer flexibility will see increased turnover as employees move to roles that offer a value proposition that better aligns with their desires.”
- Connectivity: People-centered initiatives help solidify employee connection to companies, as do philanthropic endeavors. When an individual feels interpersonal and purposeful connectivity they’re more likely to flourish and remain. Establishing connectivity between employees, their peers, managers, and culture is especially important during the onboarding process but should remain a focus throughout their tenure.
- Visibility: Workplace recognition is important to employees, especially when they give their all in terms of talent and time. Making a conscious effort to see individuals for their unique contributions and recognizing their achievements is a key predictor of retention. This aspect of company culture is a nice draw in attracting new employees and encourages them to stay.
- Vitality: Employee health is the top cultural priority for 2022. After the past 2 pandemic-fueled years, employees value both their physical and mental health more than ever, and they expect their employers to do the same. After all, wellness as a workplace priority is a humanistic approach to work-life, but also makes good business sense. Implementing support systems and programs that mitigate burn-out and illness, while simultaneously fostering health, safety, and well-being makes for strong, productive teams.
A lot of data has been gathered regarding the weight people place on the significance of culture; however, one stat stands out. According to a report by SHRM, one in five Americans left a job due to poor company culture in 2019. We all know how things have significantly changed since then. Building and sustaining a positive work culture is crucial for attracting and retaining talent in 2022 and beyond.
Research Sources: Korn Ferry, Forbes, FastCompany, BambooHR, ADP