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The secret to attracting and holding onto the best talent is not only about the advantages that the company provides but the environment and work culture. According to a study conducted by the MIT Sloan School of Management, toxic cultures in workplaces were the primary reason for many employees quitting their jobs in 2021. Approximately 40 per cent of all employees were considering leaving their jobs at the beginning of 2021, according to the research. Employee retention is one of the top priorities of HR heads, and organizations are constantly trying to evolve their culture in order to retain.
According to the study, culture is the single most significant predictor of employee satisfaction, ahead of compensation and work-life balance. In fact, toxic corporate cultures are more likely to lead employees to consider switching jobs than compensation. Moreover, empowering agility requires a culture based on the right values. Therefore, employers or leaders are responsible for implementing organizational agility within their organizations.
To provide the right environment for agility to thrive, employers must keep these five factors in mind:
Sense of purpose: People spend a considerable amount of time at their workplace, doing the jobs assigned to them. It is imperative for an individual to find the proper purpose in their job in order to thrive in their role. Positive organizational culture enables people to align with organizational goals in order to cultivate a sense of belonging within the organization. We can say that finding a purpose in your job is the key to achieving a transformational journey at work. An organizational culture where people are driven by a sense of purpose gives them a great opportunity to realize their ultimate potential.
Communication is the key: The way an organization interacts with its workforce, circulates information, initiates conversations, and promotes employee voice is referred to as its communication culture. It is a proven fact that the companies that invest in an open and positive communication culture tend to better engagement and positive environment. When employees feel informed about the regular updates of their organization and have a sense of connection with their colleagues, it is much easier to inspire them to be the best version of themselves. Good communication at a workplace has a significant impact on employee engagement and retention. Companies that invest truly in their communication culture witness lower turnover rates.
Agility and adaptability: Adaptability is a trait that enables individuals and the organization to function smoothly. When it comes to the organization, the ability to adapt according to any situation and an open culture where the employer is ready to take positive suggestions from their employees cultivates a great working culture. Diversity and inclusion are key components of corporate agility. Being agile in dynamic environments, and able to adapt to changes are important for organizations to engage and retain people. Organizations that are agile in managing change while balancing organizations and people’s needs are successful in engaging and retaining people. During the pandemic, the organizations which were agile and adaptable faced fewer complications in a smooth transition in developing a new work model, in accordance with the situation.
Trust between the employer and the employee and psychological safety: Trust is an important factor that determines the bond between the organization and its people. It is the trust factor between the employer and employee, which determines the environment of a workplace. If there is trust the employees are more expressive and confident while performing a certain task given to them. They are encouraged to take necessary decisions as and when required, without being micro-managed. Psychological safety plays a major role in ensuring a positive culture. Workplace psychological safety is the belief that one will not be punished or humiliated for sharing their ideas, questions, and concerns or making mistakes. This encourages people to perform to the best of their potential without worrying about the impact. Organizations need to facilitate trust among people which is the first step towards building a culture of psychological safety.
The learning culture: To keep oneself updated in this fast-paced world it is very important to have a learning attitude in every phase of our life. The curiosity and a genuine desire to learn something new adds to the capabilities of a person and helps them evolve in the long run. Positive cultures are fostered by companies that are dedicated to enhancing the abilities and skills of all of their employees and who allow each person to freely express their thoughts and creativity. An organization that promotes learning and encourages its employees to grow further in their existing roles tends to have a higher employee retention rate along with positive work culture Leaders should be committed towards creating a learning culture where people are encouraged to acquire new skills through innovative ways. Learning should not just be limited to training sessions but an opportunity to work across functions and creating opportunities and environment where everyone is committed to learn and develop.