New research from the multinational professional services firm, Ernst & Young (EY) has claimed that employers who decide to invest in improving workplace culture will indefinitely reap the benefits via employee performance.
A total of 350 100 FTSE board members were represented in the survey and found that 86 per cent state that workplace culture is fundamental to their businesses and overall status; in addition to 61 per cent encountering a clear progression in the performance of their workforce.
UK head of integrity and compliance at EY, Kevin Hills, commented: “The lessons are clear: culture generates value for organisations willing to invest in it, encompassing both improved performance and reduced risk. You may not always get what you expect, but that’s not necessarily a bad thing. There will always be multiple sub-cultures within any one organisation, each of which influences how employees make decisions. However, it is the board’s responsibility to set the tone from the top and to have oversight, accountability and responsibility for monitoring.”
Moreover, an investment in workplace culture can also benefit a company’s overall profits as 55 per cent said that revenue had increased by an estimated 10 per cent.