Name: Anonymous 2022-05-31 17:05
Good work culture is more than just a list of core values in your mission statement, MIT Sloan senior lecturer Donald Sull explains.
Corporate culture is top of mind today, as organizations wary of the Great Resignation seek to help employees find purpose in their work. But it takes more than hanging a set of values on the wall for a company to foster a healthy work culture.
“The things you need to look at are the leaders and the social norms that are shaping behavior on a day-to-day basis,” said MIT Sloan senior lecturer Donald Sull. Drawing from his analysis of 500 U.S. companies, Sull shared three common myths about work culture:
Myth: Culture only matters for employee engagement. Over a 5-year period, 21 of the companies identified by Sull as “culture champions” earned twice the returns of Nasdaq and nearly four times the returns of the S&P 500.
Myth: It’s OK to be all talk, no walk with cultural values. Sull found that 75% of the companies had a published list of core values; employees, however, disagreed on whether their companies had upheld those values.
Myth: For enough money, any employee will stay in a toxic culture. Among the companies’ attrition rates for the first six months of the Great Resignation, toxic culture was 10 times more powerful than compensation in predicting attrition.
Corporate culture is top of mind today, as organizations wary of the Great Resignation seek to help employees find purpose in their work. But it takes more than hanging a set of values on the wall for a company to foster a healthy work culture.
“The things you need to look at are the leaders and the social norms that are shaping behavior on a day-to-day basis,” said MIT Sloan senior lecturer Donald Sull. Drawing from his analysis of 500 U.S. companies, Sull shared three common myths about work culture:
Myth: Culture only matters for employee engagement. Over a 5-year period, 21 of the companies identified by Sull as “culture champions” earned twice the returns of Nasdaq and nearly four times the returns of the S&P 500.
Myth: It’s OK to be all talk, no walk with cultural values. Sull found that 75% of the companies had a published list of core values; employees, however, disagreed on whether their companies had upheld those values.
Myth: For enough money, any employee will stay in a toxic culture. Among the companies’ attrition rates for the first six months of the Great Resignation, toxic culture was 10 times more powerful than compensation in predicting attrition.