Written by: Tania Caza, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
If you’re a business leader or CEO, why should you care about workplace culture? Like many business leaders, you may think that investing time and money into your company culture is a waste. Some cynics might say that certainly focusing on profit and revenue-generating activities while managing expenses is the smarter way to a bigger bottom line.
Actually, the research is telling us otherwise; investing in engaging workplace culture is good for business, especially in this day of quiet quitting. By the way, in no way am I saying to ignore profit and managing expenses but more, in addition to that also focusing on culture is good for your bottom line.
The Great Place to Work organization annually produces a simulated portfolio comparison of the publicly traded Fortune 100 Best Companies (from their annual list) against the benchmark Russel 3000 and Russel 1000 indices. The results show that up to 2020 there is a cumulative return that is more than 3 times the Russel 3000 and Russell 1000 indices.
When you consider 2020 by itself as a uniquely challenging year for businesses given the global pandemic, we still see the Fortune 100 Best Companies outperform the market by 16.5%. So, under circumstances of great uncertainty, the focus on company culture is providing downside protection.
Secondly, assuming you employ more than just yourself, attracting and retaining employees in this market is absolutely necessary. Employees want to know more about the organization they are going to work for than ever. Questions such as:
Does this organization actually operate in line with a values system that is aligned with my own?
Is the leadership team clear on the direction to drive the organization? Are they consistent in their approach?
How does the organization support the community and give back in a socially responsible manner?
What is my direct leader’s style? What is the feedback from current team members?
What are the workplace perks, benefits, policies? And, are they implemented in a fair manner?
How does the leadership team communicate with the employees and obtain feedback?
Are employees proud to work at this organization?
Organizations that can measure positive results on these elements and report in a transparent manner, will have a leg up on the competition. In a time when finding great talent is challenging, focusing on workplace culture to attract and retain is a required strategy for any business to be successful.
If you want to learn more about how to build an Intentional Workplace Culture, check out my previous article here.
Tania Caza, Executive Contributor Brainz Magazine
With years of being an executive in HR, Tania Caza is a leader in business coaching helping executives and leaders shift into high performers. With an MBA and certified with the NeuroLeadership Institute in the Brain Based Coaching program she has the background and expertise needed to guide leaders through the challenges and tough decisions faced at the executive table and the strategies required for a business to be successful. Tania is the Founder and Executive Coach of TanGo Business Coaching where the belief is that people are the true differentiator in every organization and investing in leaders through coaching will only lead to escalated business success.
