How has workplace values and lifestyles drastically changed in 2021?
Achal Chaurasia– Company Culture in 2021
Today, organizations right from Fortune 500s to new-age tech platforms and boutique businesses make it a point to be more intentional and value-oriented in how they curate their work culture. This shift in perspective is no accident. Access to the internet has democratized the playing field for millions of new businesses.
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The days of traditional, time-tested, and largely static values are fast dissolving; it’s time to welcome a world that changes as quickly and suddenly as it takes shape in the digital world. There is a new competition on the block that is challenging traditional players every day. In such a dynamic climate, it is even more important for organizations to focus on improving work culture to reduce attrition, save costs and grow the business not just in profits but in employee and customer satisfaction.
Starting From The Top
The last five years have seen the downfall of many a CEO who seemed invincible at first. Company culture, unfortunately, permeates from the top, and no matter how many processes are put in place, the work ethic of the CEO and top management is felt even at the lower echelons. How top management engages with customers, clients, employees, vendors, and media impacts company culture more than anything else.
The largest businesses have started taking sensitivity training and diversity inclusion seriously. That said, the change needs to begin at the top of it is to affect the entire workplace.
Building Trust From Within
Digital transformation has accelerated in unprecedented ways during the pandemic. A consumer’s trust in a product, service, or brand has become more valuable and delicate than ever before in this competitive environment.
If you want your customer to trust you, you first need to make trust an important currency at your workplace. I know it is not easy; factors such as the shift to remote work, communication snags, and increased consumer expectations have intensified the stress on interpersonal relationships at work. Hence, companies need to prioritize trust-building within teams. Additionally, some of the key reasons for low trust include unfair and unequal compensation, poor leadership, and chaotic operations.
Prioritizing Mental Health
Several years back, talk of mental health would have been dismissed in board rooms. The focus of the fortune 500 companies has always been to deliver the highest profits to shareholders. But 2021 tells a different story. The world is a different place. There is much more evidence indicating that the well-being of employees and the ability of companies to meet diverse needs make for lower attrition. Some companies are considering a four-day week. Others have introduced mental health, period, and paternity leave, based on legit needs that must be acknowledged and addressed.
A culture of recognition
Newer generations are less accepting of working without appreciation and recognition for their efforts and milestones. In addition, the Internet has opened more doors for talented professionals to work independently, launch businesses, or function as freelancers who have embraced the gig economy. Hence, if companies want to hire and retain the best professionals, they will need to build a work culture that values and recognizes talent. Giving due credit, timely appraisals, and raises is more important than ever in the race to conserve the best talent.
A constantly churning business world needs moral values that can stand the test of time in the face of regular investigation and revaluation. Whether you are a fintech business or a big e-tiler, building companies on the tall pillars of well-reasoned, thought-out moral values is what will get your customers to buy your products. Trust, empathy, transparency are values that enhance the overall image and reputation of any business. So ensuring that core values are well-defined and that aspects like corporate governance are universally followed should continue to be a priority for any business that wants to be successful.
A young businessman who has been in the line of entrepreneurship for quite a few years. He is an active learner and loves to know more about new technological developments coming up as well as how they can be put to great use to yield better results for society.