Investing in your culture makes good business sense. It is much more than just a competitive advantage in the war for talent.
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.
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. .
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:
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?
The Culture Academy's Foundation Programme, The Fundamentals of Human-Centric Team Culture, is a 12-week, cohort based, interactive learning experience.
Your Team Leaders will join a community of like-minded professionals to explore, experiment and grow together into Human-Centric Culture Champions.
Learn why building a human-centric team culture from within is crucial for your organisation
The last 3 years has seen a transformational change in the way people work. However it is the evolution in why people work that is much more significant.
To be human-centric is to put your people at the heart of everything you do - always. It's putting the 'human' back into Human Resources
Your future workforce is living in a Social Revolution. They are motivated by quality of life and looking for a more human work experience.
When it comes to the development of company culture, encouraging team leaders to build subcultures from within is the future.
Creating a Human-Centric Team Culture requires intention and with the right guidance from leadership anything is possible.