A positive workplace
A positive workplace culture is essential for the development of the employees’ skills, which increases productivity of a company. The report, “Return on Culture,” demonstrates a direct correlation between cultural factors such as collaborative efforts, employee involvement and retention, and client satisfaction and earnings and profit.
As per the report, organizations with a positive work culture are 1.5 times more likely to have revenue growth of 15% or more, throughout three years, and 2.5 times more likely to have substantial stock growth during the same time period.
However, according to research, just 31% of HR executives feel their companies have the right culture they require to drive future growth, and getting there isn’t simple. This means certain companies fail to reform their cultures over time, read more about the organizational design definition.
Also read: 5 Performance Management Biases To Avoid
Considering the above stats, we have provided a step-by-step approach to turn your organizational culture into a significant asset, by offering an understanding of what work culture is and why it is essential to develop a positive workplace culture that consistently produces results.
What Is Workplace Culture?
Workplace culture, or organizational culture, refers to a set of beliefs, expectations, and practices that guide and shape the activities of all the employees of the organization. Consider it a collection of features that distinguish your organization.
A positive work culture in an organization focuses on practical work practices that contribute to increased performance, while a poorly functioning company culture elicits characteristics that may ruin even the most successful businesses.
According to Deloitte research, a unique and healthy corporate culture is vital to a company’s success for 88 percent of employees and 94 percent of executives. Also, the survey identified that certain executives (about 76%) are of the view that having a ” well-defined company strategy” helps a company to achieve success. Hence, well-defined objectives and a healthy working environment are core aspects of a healthy work culture.
Benefits Of Positive Workplace Culture
It is important to have a positive work culture, as it influences the outlook of the employees towards their work. The employees’ mindset, in turn, affects their productivity. Besides, a positive work culture also influences how the employees collaborate cohesively to perform a particular task. Thus, a positive work culture is directly related to the productivity of employees.
Let’s check out the advantages of positive of work culture in a business set up.
Retaining Skilled Employees
A positive work culture helps you to retain your best and skilled talents. They love to work in a positive work environment where they receive appreciation for their work. Attracting and recruiting good talent is easy, but retaining them is difficult. A healthy and positive work environment ensures that employees stay with you for a longer time.
According to the Deloitte Global Human Capital Trends 2015 report, ‘culture and involvement’ seemed to be the main motive on the corporate agenda, and organizations with the healthiest cultures were far better at attracting and retaining people.
Achieving business goals
Positive workplace culture encourages employees to work hard to stay aligned with their company objectives. They are happy and satisfied with their job, and do their best to attain their goals and that of the organization. With a positive work culture, you may notice that employees care for the welfare of the organization. They do their best to achieve the goals set by the company.
Also read: Why Do Workplace Goals Fail?
Conducive for growth
It gives every employee the chance to develop professionally and personally. It also fosters transparency and motivates your workforce to express themselves and pursue the ideals that they believe in.
Enhances employee satisfaction and productivity
A positive workplace culture will make your employees want to come to work every day. Additionally, it boosts your employees’ focus, which leads to increased efficiency.
Increased profitability
According to Dale Carnegie’s white paper on ‘Transforming Attitudes and Actions: How Senior Leaders Create Successful Workplace Cultures’, 92 percent of company executives feel that organizational environment and financial performance are linked closely. Workplace culture has a visible effect on how your employees’ function. This, in turn, has a significant effect on the financial profitability of your company.