As part of the annual Global Culture Report, each year O.C. Tanner measures changes in the six core elements of workplace culture that together determine employee decisions to join, engage with, and remain at any place of work. They call them Talent Magnets because of their power to attract and connect people to their teams and organizations. The six Talent Magnets that drive corporate culture are:
- Employee sense of purpose
- Employee sense of opportunity
- Employee sense of success
- Employee sense of appreciation
- Employee sense of wellbeing
- Employee sense of leadership
The 2023 report revealed that almost all talent magnet scores rose year over year.
Purpose came in at 73% (18 points higher than in 2022). Purpose is defined as an organization’s reason for being. Why does the company exist? What problems do they solve? Employees need to feel connected to the purpose and understand how their job contributes to it. Once they do, their work takes on meaning. Organizations should clearly articulate the connection between work and purpose.
Up 21 points from 2022, 69% of survey respondents rated opportunity as essential to a thriving culture. Opportunity is more than the lure of promotions and pay increases. It’s about preparing and empowering employees to make decisions, inviting them to the table, and offering them projects that will expand their skills and relationships. It also includes giving them training and development opportunities to advance their skills and enhance their career.
Success came in at 70%, a 19-point increase. Employees must find success at the individual, team, and organizational levels. Organizations should recognize and reward those successes.
Appreciation rose 11 points to 63% in 2023. Employees need to feel appreciated in order to be engaged. To be most effective, appreciation should be delivered in timely, personal, and meaningful ways.
Wellbeing actually dropped 2% to 57%, but still plays an important role in corporate culture. Wellbeing is defined as physical, emotional, social, environmental, and financial health. A well-rounded employee wellness program can help your employees and company culture thrive. It shows you value your employees.
Leadership rose 14 points to 66%. Leadership is the most influential of the six Talent Magnets. Great leaders create a shared purpose for their teams and empower their employees to do great work. They do more than give deadlines and delegate projects – they inspire.
Companies with thriving cultures, those that excel in every Talent Magnet, also have stronger communities. A strong sense of community exists when employees feel they belong in the organization and contribute to shared goals in meaningful ways. Community is created through each of the six Talent Magnets.
Organizations that have both a strong community and a thriving culture have a 99% probability of employees feeling like they belong at the organization. This combination also has a tremendous impact on burnout, tenure, inclusion, and great work.
To view the complete O.C. Tanner 2023 Global Culture Report, click here.
Source: O.C. Tanner