Workplace culture is fundamental to an organisation’s performance, according to Research by EY that asked board members their thoughts on the effectiveness of in-work employee benefit schemes.
86% of respondents said in-work benefits are highly linked to performance, while 61% said they saw an increase in employee performance following investment in office or workplace culture.
EY, a global leader in assurance, tax, transaction and advisory services, asked one hundred FTSE 350 board members their opinions on employee benefits. The research also found:
- 92% believe investment in employee culture has positively impacted their organisation’s financial performance.
- 55% say it has resulted in increased operating profits of 10% or more.
- 19% believe the board is accountable for workplace culture.
- 51% think the board should be more responsible for shaping workplace culture.
- 68% say they actively try to promote and control workplace culture at board level.
Despite the obvious advantages to investing in employee benefits, namely how it helps overall business performance, only 12% of respondents said they include a detailed overview of how their workplace culture is managed in annual reports.
Kevin Hills, EY’s UK head of integrity, said “lessons are clear: culture generated value for organisations willing to invest in it”, and looking at the negatives, said “where people are aligned around the
organisation's purpose and values, they are more likely to make the right choices when faced with difficult decisions”.
Adopt a winning culture at your business
It’s clear, from the findings, that workplace culture is a major influence on the productivity of any business, so it should be seriously looked at and accounted for in any business’s formal reporting.
Make sure you give your employees the right benefits that help create a positive workplace culture, by hiring the right compensation, benefit and reward staff.
Register your vacancy now or speak to our recruitment consultants, who will help you do just that, on 020 7650 3190.
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