If you want your business to be successful, it’s time to invest in one crucial factor: your workplace culture. A study by global employment partner Omnipresent and Remote Social revealed that more than half of managers had reaped significant employee performance returns after investing in their workplace culture. From this article, you will get know some Benefits of Workplace culture for business success.
Though it may seem a lot to invest around US$51-$100 per employee, the managers can attest that employees also rewarded them with greater productivity, profitability, and communication over time.
But that’s not all! Good workplace culture can make a positive impact on various aspects of your business because of the following benefits:
Here are the Top 5 Benefits Of Workplace Culture For Business Success
1. Increases the work satisfaction of employees
When was the last time that you thanked high performers in your workplace?
Our article entitled ‘Why Cultivate a Culture of Gratitude at the Workplace’ points out that the workplace would be a much happier place if people know how to thank each other properly. However, leaders have to call the shots here, which is why it’s crucial that you reinforce each employees’ good work by showing your gratitude. You can follow in the footsteps of Southwest Airlines, which adopted a culture of appreciation, recognition, and celebration to properly thank their employees. By putting their employees first, Southwest experienced one of the lowest employee turnover rates in the industry.
2. Boosts the creativity and productivity of the workforce
Most companies already embrace a diverse and inclusive culture, and there are plenty of good reasons why you should follow suit.
People from different nationalities, races, genders, and sexual orientations can bring in different talents, which is why an article on the ‘Culture of Inclusion’ states that a diverse and inclusive culture boosts the workforce’s productivity. Each team member is more likely to share their unique ideas and perspectives, especially when their unique background is celebrated in the workplace. Unified is a good example here because they embrace diversity and inclusivity by launching mentorship activities, cultural programs, and peer awards from people from different walks of life. As a result, they can maintain their reputation as the most comprehensive social media services provider to large companies like LVMH, Starbucks, and Mercedes-Benz.
3. Ignites the interest of various investors
If you want more funding, a good workplace culture is also a green flag for potential investors.
The World Economic Forum shares that investors assess each organization’s diversity, inclusivity, and sustainability culture before buying their stocks or providing funding. In fact, about 65% of asset owners share that they consider gender diversity as a significant factor before investing in a business. This practice is true for Johnson & Johnson and Mastercard, which both have strong stock performance due to their key performance indicators and diverse workplace culture.
4. Supports the transformation of your workplace
A satisfied and creative team can be advantageous, especially if you plan to make changes within your workplace.
While people often consider technology as the catalyst for transformation, a survey conducted by LHH revealed that culture is the prime factor determining your workplace transformation’s success. 54% of the survey respondents identified that culture is the most significant barrier to transformation because the beliefs and practices of the employees determine the workforce’s openness to change. This case was certainly true for Toyota, which encouraged its employees to be eager in solving problems after experiencing multiple recalls in 2009. The employees fixed the manufacturing and supply chains and even rebranded the company, thus bringing back Toyota to success four years later.
5. Manages adverse risks in your business
One of the transformative actions businesses usually take is creating an enterprise risk management policy.
Our article ‘How to Create an Enterprise Risk Management Policy’ points out that one major factor to consider in formulating this policy is the internal environment. The corporate culture regarding risks sets the tone for the operation. As such, businesses like Drax Global involves each business unit in enacting their safety, health, and well-being implementation policies. The performance of each group is reviewed quarterly by a committee, and incidents are regularly shared across group bulletins to avoid any risk in their power generation operations.
It takes a lot of effort to build a strong workplace culture. But if there’s anything that you can learn from large corporations, it’s that a good workplace culture can bring you success even during tough times.
