More than half (57%) of those in the finance industry wouldn’t accept a job with a company known for having a toxic workplace culture, according to new research from Culture Shift.
As the ‘great resignation’ continues to impact organisations nationwide, combined with skills shortages which are affecting most if not all sectors, there has never been more pressure on organisations to truly understand what is important to their people.
The research from the impact software developer reveals that more than two fifths (45%) of employees in the sector wouldn’t apply for a job with a company that had poor online reviews, let alone accept a job.
“Our research shows employer brand can be tarnished as a result of having a toxic workplace culture. However, as more than third (35%) of financial services workers across the UK have experienced problematic behaviour at work, it’s clear leaders aren’t fully aware of the true impact toxic workplace culture can have on their people and organisation.
“From work-life balance, to trusting their employers and colleagues, positive workplace experiences are more important than ever before, yet leaders are failing to put measures in place to protect their people. Not only does this impact an organisation from an employer brand point of view, but it can also impact investor appeal and result in challenges when looking to attract new talent,” comments Gemma McCall, CEO, Culture Shift.
The new research out today reveals that almost half (46%) of financial services workers would leave a bad review online or warn people about applying for a job with a company due to bad culture.
On how toxic cultures are affecting the UK’s financial services workforce, the research revealed:
- 46% have witnessed problematic behaviour (such as bullying, harassment or discrimination) at work
- 45% have previously left a job due to a bad workplace culture
- 31% confirmed an incident, such as bullying, harassment or discrimination, at work has led to them not trusting their employer
However, having a reputation for toxic workplace culture doesn’t just impact recruitment opportunities and employer brand, it also has a direct impact on an organisation’s bottom line from both a consumer and investor point of view.
In fact, the new nationwide study reveals two in three (62%) say they wouldn’t buy a product or service from a company with a reputation for treating employees poorly, while almost three in four (71%) investors wouldn’t invest in a company with a problematic workplace culture.
“The true impact toxic workplace culture has on an organisation really shouldn’t be underestimated. From influencing future applicants and investors, to affecting the lives of those experiencing and witnessing bullying, problematic behaviour in the workplace often has a lasting impact on both an organisation and its people.
“The only way organisations can reduce this risk is to commit to eradicating problematic behaviour in the workplace by putting culture at the top of their agenda. There will never be a one size fits all approach for all organisations to adhere to, however there are steps which all leaders can put in place to ensure they’re protecting their culture,” concludes Gemma.
To access the full ‘Reputational repercussions of problematic behaviour’ report, visit https://info.culture-shift.co.uk/reputation-report