In the context of an organization, culture is defined as the set of shared attitudes, values, goals and practices that characterizes an institution or organization. It should be no surprise then, that organizational culture plays a large role in attracting and retaining staff. A recent Massachusetts Institute of Technology (MIT) study analyzed employee resignations between April and September 2021 when more than 24 million Americans left their jobs. While it’s impossible to ignore compensation as a factor of attrition, the MIT study found that organizational culture can have up to ten times (10x) the impact that compensation has in relation to employee resignations. Key cultural drivers identified in the study included:
- No or Toxic Culture – failure to promote diversity, equity and inclusion; feeling disrespected or unethical behavior
- Job Insecurity – negative assessment of the future organizational outlook
- Failure to recognize employee performance – either failure to reward strong performers or tolerating underperformers
- Poor response to Covid-19 – Poor communication or consideration of employee wellbeing
This presentation will discuss what organizational culture is an how it impacts employee retention, identify keys to defining and establishing your organizational culture, and examine action items to shape your organizational culture and build a cohesive team.