If you haven’t already, it’s time to reflect on how your organization has maneuvered and adapted to all of the recent challenges. There’s never been a better time to reinvent your workplace culture.
What exactly is this elusive thing called “culture”? According to the Society for Human Resource Management (SHRM), “the key to a successful organization is to have a culture based on a set of strongly held and widely shared beliefs that are supported by strategy and structure.”
If you did a random survey of your employees, what would their response be if they were asked to define their company culture? Ask yourself how our culture has changed over the past two years as a result of a global pandemic?
Your culture is what makes your business unique. It is the personality and character of your environment. In this highly competitive environment, uniqueness is what attracts and retains today’s talent.
Accelerated by COVID-19, talent shortages have gone from concerning to overwhelming. Quit rates reached an all-time high of 4.4 million in September 2021. In October 2021, there were 11 million vacancies with 3.6 million more jobs than applicants. Dubbed “The Big Quit”, a Korn Ferry survey of nearly 700 professionals found that a third of them said they would quit their job even if they had no other job. Companies are striving to position themselves to rethink, rebrand, revert and reimagine what could be.
So what’s a business to do? Where to start ? 2022 brings challenges and opportunities as you revamp your culture in the multi-family sector.
The top 5 emerging trends for the corporate culture reset in 2022 are:
Embrace your talent within
For the first time in history, there are five generations at work. Just think that grandparents and grandchildren might be in the same workplace. Are you ready for the challenges of building a culture that attracts and retains this diverse group? Bridging the gap between basic skills and communication will be essential. This is a unique opportunity to embrace the transfer of knowledge and experiences from a multitude of perspectives that have the power to strengthen your culture.
Retraining and upskilling are methods to build motivation, sustainability, and cross-functional teams. This internal mobility avoids attrition and helps solve a talent shortage.
Give yourself a competitive edge while growing through professional development programs. Most employees want opportunities for advancement and challenge. They feel more valuable and will generally stay with a company longer if these needs are met.
External and internal incentive
Signing bonuses have become an expectation as candidates turn the tables on the ‘interview’. Counter-offers are common. Harvard Business School surveys found that 81% of employees who worked from home don’t want to return to the office, making flexible working hours one of the hottest commodities in 2022. hybrid work creates a competitive playing field as companies think about what it looks like for them.
A simple key to employee engagement is recognition. Creating a culture where employees feel valued and productive can be accomplished in many ways, from an increased focus on work/life balance to incentives for financial well-being.
Connection to the workplace
ADP Research Institute reports that employees who feel strongly connected to their employer are 75 times more likely to be engaged than those who are not. This is where culture plays a big role in retention and attraction. Cultures that promote people-centered programs that include diversity, equity and inclusion are highly sought after.
Employers will need to take a serious, in-depth look at their culture to understand how they align — or not — with candidates and employees whose expectations for transparency and openness to feedback are surfacing.
The majority of employees are happy with the future of technology and how it makes their jobs easier and more efficient. A company that embraces technology and provides training on the latest tools and platforms will attract candidates and retain employees who take their personal and professional development seriously.
Unequivocally, the pandemic has manifested the hybrid work model. As employees and candidates have become accustomed to more flexibility, they don’t want to give up this new found freedom. As companies struggle to figure out how best to embrace and implement more flexibility, the result is a concern for what is known as a split-level workplace.
It starts to show up when remote employees may not be treated fairly compared to those working in the office. A cultural shift will certainly be required with steps taken to ensure that all workers are treated equally and feel connected and included.
Ultimately, the importance of a healthy culture is nothing new. However, he was certainly shaken. Building a desirable culture plays an important role in the success of a business. Leaders need to be aware that a healthy company culture is based on what works for employees, with every workplace very different from another. Remember that this is not “one size fits all” and may fluctuate as the business grows and changes.
Think, reinvent, be a new you!
Robin Stinson, CPM, is the President of Operations for the Klotz Group of Companies. She has over a decade of industry experience in real estate development, marketing and property/asset management. Its portfolios range from high-rise luxury to affordable garden-style housing from Los Angeles to Washington, D.C.