Is Your Company Culture a Talent Turnoff?

How would you describe your workplace culture? Magnetic or repulsive?

Executives everywhere are seeing the strong connection between company culture and talent woes, such as low retention and failed talent acquisition. Culture can also affect how readily your workforce manages change and succeeds with digital transformation. While workplace culture is not a novel concept, it has deepened as a focus for many reasons. The top one being our current talent shortage.

The talent shortage is keeping your CEO up at night, and your company’s culture is important because it has a meaningful effect on your ability to (1) attract workers, (2) retain talent, (3) get employee buy-in, and (4) innovate.

In fact, culture is so important to CEOs that 83% of organizations report an objective to build a more people-centric culture, according to LinkedIn’s 2023 Workplace Learning Report .

Has culture always been this important to employees and job seekers?

While people of all ages likely value a good company culture, it isn’t something older workers were able to consider years ago. That’s when jobs were in short supply and people had fewer opportunities to choose from. This led company culture to play a lesser role. In today’s tighter job market, skilled talent can afford to be more selective. So culture is a bigger factor, particularly among younger workers.

A survey conducted by Udemy reported that 62% of employees would accept a pay cut to work for a company with a mission that aligned with their values. And the number was even higher for millennials – nearly 80%.

You simply can’t afford to lose your top talent.

62% of HR and talent leaders are concerned about losing talent in 2024 – and their workplace culture is likely a culprit. HRExecutive.com found that among 1,100 dissatisfied employees, 40% blamed culture.

Supply and demand affect power and influence. That’s why today’s talent has the power to influence workplace culture like we haven’t seen in the past. In today’s tighter job market, skilled talent can afford to be more selective. This makes culture a bigger factor.

Take steps now to create a company culture no one wants to leave.

Employees have many options today, so you can’t shrug off culture concerns. It’s plain and simple: If people are happier in their work environment, they’re more likely to keep coming back.

But what turns around a bad culture? Get this CHRO guide filled with expert advice on trust, the impact of bad bosses, and development opportunities – all of which have a heavy influence on your workplace culture. Your free guide is waiting for you here: https://impactgrouphr.com/business/ebook/workplace-culture/