The last three years have seen an unprecedented shift in the way we work. Hybrid working is now the norm and the ‘nine-to-five’ is pretty much extinct. So, with this change in working, is there a change in workplace culture? Of course there is! With colleague interaction either on Zoom or WhatsApp, how we perceive each other isn’t the same as when we sat with each other in the office.

So how do you redefine your workplace culture? Workplace culture is a living concept. As your company grows and changes, the culture evolves along with it. You can describe your company culture by noticing how people act within the organization. Have a look at a few of the questions you can ask when defining your organisational culture:

• How and what do teams and individuals communicate?
• Are people motivated to come to work?
• Do managers encourage their teams?
• What happens when there is conflict?
• How is workplace behaviour regulated by standards of integrity?
• When do teammates exit the company?
• Which traits in colleagues add value to the workplace?
• Who has the authority to act in leadership positions?

Workplace culture shows people how they are expected to behave within an organisation. That culture is defined by company values and actions that align with those values.

So, can you develop workplace culture in a remote work environment? The good news is you can. Workforce location is not the primary or sole deciding factor in workplace culture. Creating a remote workplace can be a strategic way to promote company values such as freedom, wellbeing, and autonomy.

Two types of positive workplace culture

Before you plan for a healthier workplace, you’ll need to define a realistic vision of what that looks like. There are two types of healthy workplace culture that you can work towards.

Adhocracy culture: This workplace focuses on creativity, innovation, and flexibility. Leaders of an adhocracy are seen as inspiring pioneers who aren’t afraid to take risks.

Learning culture: In this type of workplace, team members are encouraged to advance themselves through knowledge, opportunities, and skills.

Why you should implement a healthy workplace culture

Imagine being part of a workplace where people feel appreciated, fulfilled, and inspired. What do you think the productivity levels are like in that organisation? How do you think loyalty and commitment affect that company’s revenue? A study by economists at the University of Warwick found that people who are happy at work are 12% more productive.

Financial benefits of a positive workplace culture

In 2019, Grant Thornton and Oxford Economics published “Return on Culture”, a study providing measurable connections between organisational culture and revenue.

• Employee engagement drives profitability: Public companies with an extremely healthy culture are 2.5 times more likely to report notable stock-price increases over their previous year.
• Healthy workplace culture drives revenue: Companies that reported an extremely healthy culture are 1.5 times more likely to experience a 15% revenue increase for at least three years in a row.

Decide which culture metrics matter most

Before you understand how to improve workplace culture, you need to know how to measure it. Here are three metrics that show how your organisational culture is performing:

1. Rate of employee turnover: Employee turnover measures how many people leave the company in a specific timeframe and the conditions under which they leave.
2. Number of employee referrals: This number measures the amount of hiring referrals from your existing staff.
3. Employee engagement rate: This metric shows how committed employees are to your organisation. You can do this by conducting regular internal surveys.

Once you have chosen the key metrics for your workplace culture, you can analyse your current performance and create realistic goals.

Ways to improve workplace culture

As a business leader, wanting cultural change is a big shift in how your business is now but it will pay dividends in the long-term, not just in increased profit but by attracting the best people to your company. Start by taking a deep look at the quality of your organisational culture. Ask the hard questions to reveal the honest answers you need. For example:

• Does the environment and social structure create a friendly working environment for everyone – or just a few people?
• Which steps do people take when there is conflict?
• How do managers treat their team members?
• Is there room for everyone to grow?
• Can each team member experience a positive work environment?
• What are productivity levels like in each department? Why?
• Ask your employees which aspects of culture matter most to them
• During the process of analysing your workplace culture, it’s key to ask your workforce what matters most to them in the workplace.
• What makes your teammates feel fulfilled?
• Are they achieving work-life balance in a healthy way? Why or why not?
• How do your co-workers like to be recognised for their work?
• Why are these things important to your colleagues?

Asking these questions at the beginning of your company culture analysis will prevent disconnect further down the line. Your employees will feel heard and valued when you deliver a company culture that is in line with their professional and personal values.

Summary

Cultural change in any business is a big decision but the benefits far out-way the work involved. Getting employee buy-in is also key, ensure they have their say and are part of the process. Here at Pegasus, we’re more than just financial advisors. We help businesses, like yours, either through consultancy or funding solutions that drive your business forward.