What Is The Significance of Workplace Culture?
That’s why firms that want to change how people work – and how they feel about work – must prioritise a focus on culture. Here are some of the reasons why it is so important, as well as the areas it can influence and how you can improve your corporate culture.
Employee happiness is important.
Does your company at the Menara Bumiputera Commerce place the same emphasis on mental health as it does on physical health? The COVID-19 pandemic has prompted firms to think more about keeping employees safe and healthy.
In the Deloitte Global Human Capital Trends survey for 2021, well-being was named as the most important trend, with 80 percent of CEOs seeing it as critical or extremely important to their organisation’s performance.
Many companies have adopted remote working and implemented policies to help employees achieve a better work-life balance, such as flexible hours depending on childcare needs. This might make employees feel more supported and respected.
Employee productivity and performance
Workplace culture has an impact on how people perform, which can have a direct impact on your bottom line. A positive, supportive work environment motivates employees to come to work each day and improves mood and concentration. Organisations with strong cultures are often more successful and produce higher levels of output.
According to Oxford University research, cheerful workers are 13 percent more productive than dissatisfied ones.
Effective communication, regardless of individual roles and duties, adds to mutual respect and trust. Employees that are unable to ask questions, discuss ideas, or easily communicate with one another in the workplace are less transparent and may not produce the greatest results. But how does this change when you have a two-way, open conversation?
People will feel empowered to communicate in positive ways if you can create a more open working environment. Organisations gain more value from meetings and brainstorming sessions as they hear real viewpoints – and new ideas – from all corners of the company. And, in the end, this is excellent for business.
Organisations with a strong brand identity and culture are more likely to recruit top talent. It’s easier for job seekers to assess if they’d be a good fit for your company if you have a website that clearly states your fundamental beliefs and aims. It’s also your chance to persuade top talent that your values and culture are the ones that are suitable for them.
Retention and engagement
A positive business culture encourages employees to contribute to the company’s success. Employees who feel like they’re a part of a community rather than just another cog in the machine are more likely to stick around. Employees from Generation Z are 16 times more likely to stay at a company with a positive culture. This not only fosters long-term loyalty, but it also lowers the costs of hiring new employees on a regular basis.
The most effective organisational cultures bring people from all walks of life together and foster a sense of belonging. Even persons with extremely diverse perspectives and personalities can come together if they share a shared goal. The most successful teams are increasingly emphasising the importance of diversity in all forms.
According to McKinsey’s latest Diversity and Inclusion research, organisations that are more diverse are now more likely than ever to surpass their monocultural counterparts in terms of profitability.
Teams can break down barriers with the support of a thriving collaborative culture. A toxic work atmosphere, on the other hand, can make people selfish and foster a blame culture.