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company culture, financial services
Company culture has become an increasingly important part of the working world over the last few years. This is largely because of the dynamism and excitement introduced by tech startups a few years ago who chose to forego many of the formalities of the traditional corporate workplace and instead created very attractive company cultures. This in turn has resulted in an employer brand and culture that attracts and retains dedicated and motivated employees.
Many startups chose to implement relaxed dress codes, flexible working, corporate social responsibility schemes, fun perks in the office like pool tables and organise group activities to encourage teamwork and collaboration. Their Finance and Accounting teams often have specific charitable incentives and goals and will collaborate more closely with other departments, forgoing the formality of keeping Finance and Accounting separate from the rest of operations.
Through these schemes they have created some of the most attractive company cultures to date and other, more ‘corporate’ companies have followed suit. This is a very beneficial as the company culture has become as attractive to many job seekers as large remuneration packages. Not only can you attract a higher calibre of talent, you can also retain top talent as people will enjoy working for an employer who has a fun attitude and relaxed company culture.
Highly engaged teams show 21% greater profitability –
89% of workers at companies that support well-being initiatives are more likely to recommend their company as a good place to work -
When companies have a poor culture, 48% employees start looking for a job –
It is fairly clear to see that it is advantageous to invest in company culture and create an environment that supports one’s employees, plus doing so provides a significant return on investment and improves the hiring process.
There are many different ways to shape an attractive company culture: some focus on wellness initiatives, ongoing learning, whereas others favour flexible working and employee benefits. It is important to find out what best suits your company and what your employees would value, whether flexible working, less formality in the office, initiatives that promote health and wellness, including mental health or enhancing their work-life balance. Perhaps they would value a combination thereof!
Create a list of initiatives or changes that would be possible to do and narrow down the ones that align with your business values, direction and goals.
In-house surveys are a good way to assess what changes to your company culture would benefit employees. Initiatives like the Great Place to Work® rankings or other employee feedback programmes provide the foundation and structure to benchmark your workplace environment and are often easier to deliver than custom HR surveys. It is important to have both consistency and transparency – employees need to see that they are being heard and that the company values – and acts upon – their feedback and contributions.
Once you’ve chosen which initiatives are going to make your current employees happier and more productive, it is important to accurately reflect the effects of your company culture through your recruitment marketing channels so that potential future job applicants will see what it is like to work at your company. Not only will you attract dynamic and conscientious candidates, but you will also improve the likelihood of reducing staff turnover.
At Edward Mann we can help you enhance your company culture and shape an effective recruitment strategy to attract dynamic candidates more likely to be a long-term employee and a sound organisational fit.