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A decade ago, businesses could rely on salary to be the main driver in attracting and retaining top talent.
Yet, the working world has seen a massive revolution in the way that employees now engage with their workplaces. The data has shown that employees are rejecting the promise of a bigger paycheck if that means that company culture is sacrificed. This is backed by stats.
Culture IQ research revealed that a whopping 88% of employees view positive workplace culture as the main determiner when it comes to joining a company. While positive company cultures can greatly drive performance, morale and help with retention, it’s also worth noting that those with a strong cultural identity are also proven to be more profitable. Companies that appear in Fortune’s annual 100 Best Companies To Work For list every year see far higher annual returns on their worker wellbeing investments – with figures for some topping 495%. Worker wellbeing is even affecting stock market valuations; companies with a renowned culture see an average 75% stock jump when this is revealed.
Engagement | 3 in 4 leaders say culture is central to success
Yet, the volatile political and economic climate that we know today means that companies are tightening their purse strings and more Boards are struggling to justify increased spending on workplace culture. But, there could actually be a huge benefit to the business. A Deloitte survey revealed that 82% of respondents to their Human Capital Trends survey believe that strengthening company culture in turbulent times could actively be the solution to gaining an edge over competitors. Respondents claimed that leaders measuring and actively managing company culture would find themselves with employees that are far more aligned with business goals.
