In the workplace, a potent sense of community exists when employees feel they belong and have a strong sense of purpose with shared, meaningful goals. When employees feel a strong sense of community, they support one another, care for each other, and work and grow together. The impacts of this are considerable.
O.C. Tanner’s 2023 Global Culture Report, which involved in-depth research with 36,000 employees, leaders, HR practitioners, and business executives, including 1,527 from the financial services sector, have been released to coincide with Employee Appreciation Day (3 March 2023).
This year’s report Global Culture Report from the O.C. Tanner Institute examines many of the issues relevant to employee retention and great work amid ongoing transformation.
According to this survey, there are 8 key factors that provide a strong sense of community in the workplace:
- Shared goals
- 73% is the average engagement score, up 21% from last year
- A sense of belonging improves several cultural metrics, including: retention, tenure, job satisfaction and satisfaction with the employee experience
- Recognition integration — the degree to which recognition is embedded in an organization’s culture — has a significant impact on subsequent cultural outcomes
- Employees are three times more likely to remember a recognition experience when it includes a symbolic award.