Global Human Capital Trends Report by Deloitte. Summarised by Emily Turnbull
Earlier this year Deloitte released their Global Human Capital Trends Report, which had a chapter focused on culture and engagement.
It’s an interesting and easy read, but I also understand it’s a busy time of year for you so here’s some key excerpts from the report to keep in mind:
- Culture and engagement is the most important issue companies face around the world. 87% of organisations cite culture and engagement as one of their top challenges.
- Organisations that create a culture defined by meaningful work, deep employee engagement, job and organisational fit and strong leadership are outperforming their peers and will likely beat their competition in attracting top talent.
- An organisation’s culture which can be loosely defined as “the way things are done around here” is increasingly visible for all the world to see. Given the harsh spotlight of this new transparency, an organisation’s culture can become a key competitive advantage – or its Archilles heel.
- According to the Gallup polling firm, only 13% of the global workforce is “highly engaged”. Upwards of half the workforce would not recommend their employer to their peers.
- Employees are now like customers; companies have to consider them volunteers, not just workers…(it is) far easier for employees to learn about new job opportunities and gain intelligence about company cultures.
- Many studies now show that highly engaged companies can hire more easily, deliver stronger customer service, have the lowest voluntary turnover rates and be more profitable over the long run
It goes on to discuss briefly where Companies can start with the following 5 tips:
- Engagement starts at the top
- Measure engagement in real time
- Make work meaningful
- Listen to the millennials
- Simplify the work environment
The report finishes with the following bottom line summary: The old adage “culture eats strategy for breakfast” applies to every organisation today. Business and HR executives must understand that highly engaged companies attract the best talent, have the lowest voluntary turnover rates and are more profitable over the long run.
To read the full report, please click here