The company culture trends taking over workplaces
Understanding the importance of culture in driving business performance and success is crucial. According to a recent study by Deloitte, an overwhelming majority of 94% of executives and 88% of employees consider a unique corporate culture vital for achieving business success.
Culture is no longer just a buzzword to attract young graduates; it’s the key to sustainable business growth. We’ve learned over the past few years that great workplace culture is recession-proof.
In this blog post, we’ll explore some of the key company culture trends that have emerged in 2023.
As a result of the long-term physical and emotional effects of the COVID-19 pandemic and other social, economic, and political changes, sustainable performance has become an important work trend. Now that the pandemic isn’t as big a threat, many employees feel more stress and worry. Nearly 60% of employees report feeling stressed at their jobs every day, surpassing even the peak levels seen in 2020.
This constant stress and worry can affect an employee’s health, leading to lower productivity and performance, quitting without notice, and conflict at work. As a result, companies increasingly recognise the importance of a holistic approach to employee performance that supports their physical and emotional health.
Recent research shows that 82% of employees now believe it’s vital for their organisations to see them as whole people rather than simply employees. By prioritising sustainable performance practices that prioritise employee well-being, companies can help address these challenges and create a culture of care and support that benefits both employees and the business.
New employees entering the workforce face challenges as they try to adapt to new organisational norms. This is compounded by the fact that the pandemic has limited their opportunities to observe and learn appropriate behaviours.
However, it’s not just new employees who are struggling; everyone’s social skills have been impacted since 2020. This decline in social skills has led to burnout, exhaustion, and decreased performance.
To address this issue, organisations must redefine professionalism for their entire workforce and create intentional connections among employees across all levels and geographies. By helping employees intentionally build relationships, organisations can increase team performance and foster a sense of camaraderie among colleagues.
Pursuit of purpose
Employees need to understand how their work contributes to the larger company’s purpose. According to a recent study by PwC, 83% of employees rated “finding meaning in day-to-day work” as a top priority. In the O.C. Tanner 2023 Global Culture Report, there was an 18% increase to 73% of employees needing a sense of purpose in what they do at their job.
Gone are the days when employees simply went through the motions without understanding the “why” behind their work. They now crave an overall sense of purpose in what they do, and personal fulfilment plays a significant role in whether they stay in their job, perform at their best, and connect with the company’s mission.
While administrative and mundane tasks are a natural part of any role, employees are no longer content with going through the motions without a greater purpose behind their work.
Stop and recognise
Many companies are prioritising regular recognition programs to acknowledge the everyday contributions of team members. However, according to the O.C. Tanner 2023 Global Culture Report, only 21% of workplaces worldwide have a highly integrated recognition strategy.
To create a culture of recognition, workplaces need to make sure it’s part of every part of the business and part of the first thing an employee does when they start working there. Nick Rosenthal, a senior associate in HR Compensation at Capital One, emphasises the importance of weaving recognition and appreciation into the fabric of company culture: “Now, more than ever, we understand that recognition, just like compensation and benefits, is a fundamental part of the associates’ experience at work.”
It’s no wonder 71% of people leave a job because they don’t feel valued. Making sure that recognition is part of how a business runs every day is important for keeping employees, improving performance, and creating a positive work environment.
To create a thriving company culture, it’s important to focus on building a sense of belonging and purpose among employees. One-size-fits-all solutions aren’t enough. Instead, companies should prioritise providing a personal sense of fulfilment for their workers, along with flexibility, opportunities, and inclusivity.
With over 20 years of experience, we understand the importance of company culture and finding you the right fit. Contact us today.