The Business Case for Human-Centric Team Culture

From Nice to Have to Necessity

It's no secret, investing in your culture is no longer a nice to have but a necessity when it comes to attracting and retaining talent. 45% of employees now rank a 'great' workplace culture as the most important factor when looking for a new job.

So how do you make the business case that an investment in culture is an investment worth making, especially when results may not be immediate. In this article, we present the business case for building Human-Centric Team Culture so you have all the information you need to make your case to leadership.

Culture as a Competitive Advantage

The employee-employer relationship is no longer a transactional one, employees have increasing expectations around what they want from their role, and in a fiercely competitive job market, employers have to be seen to be meeting these evolving needs head on.

Thankfully, culture and the employee experience is one way you can help your company stand out from the crowd, and there are a whole host of business benefits that you can expect.

Great company cultures attract, engage and retain top talent. Organisations with the best workplace cultures make great strides in innovation and performance, whilst those who struggle with company culture have challenges with recruitment, retention and productivity. What's more, companies that cultivate a high-trust work culture could see up to a 17% increase in productivity and a 400% increase in revenue.

On the other hand, those organisations with a poor culture have increased presenteeism, increased burnout, high levels of employee turnover and most costly of all, a disengaged workforce. Research by Mclean & Company suggests that disengaged employees cost your organisation on average $3,400 per $10,000 of salary. Calculate the true cost to your organisation using this handy guide. .

The Benefits of a High Trust Culture

There are 5 (yes 5!) key competitive advantages that your organisation can expect to benefit from by investing in Team Culture, particularly with Millennial and Gen Z workforces:

1. Brand Ambassadorship - Your employees are living in a social revolution, so when choosing who they want to work for, they are likely to turn to the opinions of their friends, family and colleagues. When employees experience a great workplace culture they are more likely to speak about your organisation with pride and recommend it to others.
2. Attract and Retain Talent - Employees that experience a great workplace culture are more likely to stay with the company for a long time. Saving you time and money when it comes to recruitment and training. Research by Great Place to Work suggests that a great workplace experience makes a 25 x improvement when it comes to talent retention.
3. More Productive Employees - In wake of the global recession, many companies are being forced to make cuts, and as a result will need to get more from their remaining workforce to ensure they meet demand. Thankfully, when employees feel like they are part of a great workplace, they are 3 x more likely to report that they and their peers are willing to go the extra mile to get the job done.
4. Happier, more Engaged Employees - Employees that work in an environment that empowers them to be themselves and do their best work every day are happier and as a result 17% more engaged.
5. Satisfied Loyal Customers - Happy, engaged employees are more likely to go the extra mile for customers, leading to happier, more satisfied customers that become strong advocates of your business, provide feedback and renew year on year. In short, you get customers that spend more, stay with your company longer and generate future business for you.

Giving your Employees a Seat at the Culture Table

So, as you can see, it's clear that Investing in your culture makes good business sense. Not only is it a competitive advantage in the war for talent, it is also the best way to get the most from your existing teams. Happier, healthier, more engaged employees are more creative, innovative and productive. They generate 4 x more revenue for your business and 21% more profit. What business leader is going to say no to that?