Organizational culture and well-being starts with these two key relationships.
Creating a high-performing workplace is challenging enough. But just as hard, if not harder, is maintaining one in today's dynamic business world. Changes are happening rapidly, both tactically and from a people standpoint. The dynamics and priorities of the average employee's worldview and work DNA, which refers to their inherent work-related characteristics and behaviors, are evolving. The days when a high salary alone could attract and retain top talent are over.
Today, more and more employees are choosing lifestyle over salary. CEOs must recognize this shift and retool their talent attraction and retention strategies accordingly. According to Gallup, recruiting and retaining talent is becoming increasingly complex and costly, with voluntary turnover costing companies over a trillion dollars annually.
The good news is that many organizations are dedicating more time and resources to the well-being of their people. While technology can improve workplace connectivity, true cultural strength and employee well-being come from focusing on the quality of workplace relationships. A more productive, connected, and cohesive workplace can be achieved by prioritizing the two most important workplace relationships that strengthen employee well-being and morale:
A Best Friend At Work
In our ever-increasingly connected yet lonely world, the quality of our relationships has amplified to a higher level than ever. The Surgeon General of the United States, Dr. Vivek Murthy, has equated prolonged loneliness to smoking 15 cigarettes a day. This silent pandemic costs employers over $154 billion annually in lost productivity due to absenteeism. Having a best friend at work is beneficial not only for employees but also for the organization's bottom line and culture.
Improving social relationships can help mitigate the growing mental health crisis and cultivate a more supportive (and pleasant) work environment. As noted in the Journal of Occupational and Environmental Medicine, creating a richer social environment and encouraging coworker support can reduce psychological distress among employees and help mitigate workplace mental health problems. According to Gallup, having a best friend at work leads to employee improvements in performance, innovation, and engagement with customers and internal partners.
The first step to creating a richer and more nurturing social environment starts with leadership. CEOs and C-suite leaders must model the behaviors they wish to see and, thus, shape their workplace culture. Leaders create an environment where friendships flourish by forming genuine relationships and emphasizing their importance. Regular check-ins that aren't work-related and creating opportunities for social interactions are other steps organizations can take to get started.
Mentorship
As the business world evolves, so does the generational divide within the workplace. With this evolution rapidly underway, the need for mentorship is growing. Mentorship is a powerful yet underutilized tool for employee retention, engagement, and well-being. Millennials and Gen Zers, increasingly dominating the workforce, value mentorship more than Baby Boomers and Gen Xers.
A recent LinkedIn Workforce Confidence Survey of 6,403 professionals highlighted this trend: 59% of Gen Zers and 57% of Millennials expressed their need for mentorship, compared to only 25% of Baby Boomers and 37% of Gen Xers. Just under 50% of Gen Zers and 42% of millennials have a mentor, while under one-third of Gen Xers and less than 25% of baby boomers have a mentor. This shift in the value of mentorship allows companies to differentiate themselves in the battle for top talent.
Mentorship positively impacts various aspects of a worker's career through personal growth and satisfaction. According to a study of nearly 8,000 workers, 91% of workers with a mentor were satisfied with their jobs, 79% of workers with a mentor were more likely to say they're well paid compared to those without at 69%, and 89% of workers believed their contributions are valued by their colleagues as opposed to only 75% without a mentor. The most significant stat of all was that 71% of employees with a mentor felt their companies provided them with excellent or good opportunities for career advancement compared to just 47% without.
To establish a mentorship program, companies should:
- Get buy-in from leadership.
- Set clear goals for both the mentors and mentees.
- Create a matchmaker-like program based on objectives, interests, and various other metrics to improve the likelihood of a good match.
The difference between good and great organizations often lies in the small intangibles. While the importance of workplace well-being is widely acknowledged, actions speak louder than words. Companies can improve employee well-being, attraction, and retention by optimizing these two critical work relationships: having a best friend at work and mentorship. After all, connection and community are essential to human fulfillment and shape how we view the world at work and in life.