Research Finds Transforming Workplace Culture Is Key to Retaining the Best Talent
WASHINGTON, March 28, 2019 (GLOBE NEWSWIRE) -- Global business advisory firm FTI Consulting (NYSE: FCN) and Washington, D.C.-based women’s leadership firm Mine The Gap today released the third installment of the firms’ research on gender dynamics in the workplace. This report, entitled Culture at Work, highlights the critical importance of office and workplace cultures in cultivating, developing and protecting most companies’ biggest investment: their people.
FTI Consulting and Mine The Gap surveyed nearly 6,000 women and men professionals across the technology, finance, legal, energy and healthcare industries. According to the research, both women and men professionals, across all the surveyed industries, consider work-life balance and a welcoming office culture with camaraderie and connectivity among colleagues to be top corporate values, outweighing “financial perks” and “company growth.” For both women and men, “feeling undervalued” was the number one reason for leaving a company, above dissatisfaction with current compensation or being recruited away for better pay. In addition, 62% of women professionals reported personally feeling or witnessing others feel undervalued by their manager, team or company in the last year. Combined, these numbers demonstrate the need for workplace culture change in key industries to strengthen worker satisfaction and ensure long-term employee retention.
Commenting on the research, Elizabeth Alexander, a Senior Managing Director in the Strategic Communications segment at FTI Consulting and a crisis communications and gender inclusion specialist, said, “This data offers unique insight into a question plaguing companies across the country: why do our employees leave, and particularly, why are our women employees leaving? Our research belies a common myth that women leave their jobs solely due to family demands. Instead, the data demonstrates that the reasons for employee departures are much more nuanced, with a combination of problematic workplace cultures, unsatisfactory compensation and feeling undervalued by the company being the main drivers. To remain competitive and viable in today’s market, companies should carefully study their own workplace cultures, reconsider their own communications practices and make critical changes going forward, tailored to their employees’ needs.”
Jessica N. Grounds, Co-Founder of Mine The Gap, added, “In 2019, every enterprising company and organization should be focused on their current and future workforce and how to attract and keep the best talent. A healthy workplace culture is particularly important to recruiting and retaining the best people. Women do not leave because of motherhood; they leave because the culture of their company does not support them. Studies show that women are leaving their place of work because of lack of competitive pay, which was reinforced by our second report, The Enthusiasm Gap, as well as a lack of learning and development and a shortage of meaningful work. We hope companies use these insights to develop equitable, inclusive and supportive work cultures that better value their female talent.”
The Culture at Work survey also revealed significant gaps between professionals’ current workplace cultures and the office environments in which they believe they would thrive. The FTI Consulting/Mine The Gap research looked at four typical organizational cultures, identified by University of Michigan professors Robert Quinn and Kim Cameron: Clan, Adhocracy, Market and Hierarchy. The Culture at Work survey found that women and men overwhelmingly believe they would thrive in a “Clan” culture — a workplace built on teamwork, participation and consensus — while less than one-third stated they work at companies with such an environment. Many professionals also believe they would thrive in an “Adhocracy” culture, a dynamic and creative environment that promotes individual initiative and creativity; however, only about 1-in-10 professionals reported that they currently work in this environment. Furthermore, while about 1-in-3 employees reported being in a workplace with a “Hierarchy” culture, defined by its focus on formalized structure and efficiency-based procedures, it was the lowest-rated culture in which both men and women say they would succeed. Approximately 1-in-5 women professionals report working in a “Market” culture, defined by its emphasis on results, stock and competition, while only 14% believe they would thrive in such a culture.
Notable findings from the Culture at Work research include:
o Work-Life Balance and Welcoming Office Culture Named as Most Desired Company Values: A majority of women (54%) and 50% of men cited work-life balance as one of the most attractive values to have at their companies. Meanwhile, 45% percent of women cited a welcoming environment, camaraderie, and connectivity among colleagues as one of their top values, while only 37% cited financial perks. o Office Culture of Current Company vs. Office Culture Where They Would Thrive: Most women professionals identified their companies as having either a “Hierarchy” culture (30%) or “Clan” (30%) culture. However, 44% of women professionals believe they would thrive in a “Clan” culture, versus only 12% in a “Hierarchy” office culture. Additionally, while only 9% of women reported working in an “Adhocracy” culture, nearly 20% believe they would succeed in such an environment. The research showed similar gaps for men. o Feeling Undervalued Is the Top Reason Women Professionals Leave Current Workplace:About 62% of women professionals report personally feeling, or witnessing others feel, undervalued by their manager, team or company in the last year. “Feeling undervalued for the contributions you provide to your team and the company” is also the number one reason women report leaving their current workplace. o Top 5 Reasons Women Cite for Leaving Current Company: The top reasons for women leaving, or considering leaving, their current workplaces are (ranked in order), (1) feeling undervalued; (2) compensation below industry average, or salary not aligned with those of peers doing the same work; (3) another company offered more pay and responsibility; (4) the inability to maintain work-life balance; and (5) lack of effective communication with management. o Women Professionals Are Experiencing or Witnessing Discrimination or Gendered Micro-Aggressions in Substantial Numbers: Nearly half of women professionals report receiving ineffective feedback from managers, being paid less than industry counterparts, not being promoted despite meeting all of the criteria, being expected to clean up after office functions, or being expected to be the designated note taker during a meeting. o Strong Support for a Culture of Respect and Accountability in the Workplace: Approximately 82% of women and 80% of men said it is important for companies to create a culture that does not tolerate inappropriate or offensive language that makes employees feel uncomfortable and for those companies to establish formal accountability protocols for those who break policies. This idea received a strong positive response among women professionals, with 46% rating it as “extremely important.” o Ability to Change Workplace Culture: Most professionals (55% of women and 61% of men) believe they can change the culture at their workplace. Of the industries surveyed, women in tech are the most likely to believe that they can change their company’s culture (64%), with 1-in-4 being very confident in their ability to do so (“strongly agree”). o Need for Company Actions and Corporate Values to Align:A significant majority of professionals (78% of women and 74% of men) report believing that it is important that companies’ actions and corporate values align. This belief is higher among women in the technology industry (86%) and women in finance (82%). In addition, 68% of women believe it is important for companies to incorporate gender inclusivity within the company’s brand, mission statement or stated goals and actions. This sentiment is reported higher among women in technology (78%).
This report, Culture at Work, is the third installment of research and data-driven insights developed by FTI Consulting and Mine The Gap on gender dynamics in the workplace. To download the full Culture at Work report and an accompanying infographic, please visit https://gender.fticommunications.com/.
Survey Methodology In a comprehensive online survey conducted over the summer of 2018, FTI Consulting and Mine The Gap polled 4,764 professional women and 1,030 professional men in the technology, finance, legal, energy and healthcare industries to test a number of key gender issues impacting workplaces today.
About FTI Consulting Strategic Communications The Strategic Communications segment of FTI Consulting designs and executes communications strategies for clients managing reputational, financial, regulatory and legal challenges. We combine global reach with local and specialized knowledge to help clients seize opportunities, manage crises, mitigate risk, navigate market disruptions, articulate their brand, stake a competitive position, and preserve their permission to operate. Drawing upon our unrivaled depth of industry expertise and interdisciplinary experience, we help organizations clarify, persuade and ensure that the right message reaches the right audience at the right time.
About FTI Consulting FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 4,700 employees located in 28 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated $2.03 billion in revenues during fiscal year 2018. For more information, visit www.fticonsulting.com and connect with us on Twitter (@FTIConsulting), Facebook and LinkedIn.
About Mine The Gap Mine The Gap equips leaders and industries with the strategy and tools to create and sustain gender-inclusive work environments. We architect a strategic plan to build a gender-inclusive culture resulting in accelerated company growth, increased revenues and unlock hidden talent through awareness, training and education. Our work is underpinned by two core elements: growing an inclusive corporate culture and showing the bottom-line impact of gender inclusion. We have unparalleled expertise working on gender and women’s leadership in every region of the world in more than 120 countries. More information can be found at www.minethegap.co & connect with us on Twitter (@MineGaps) & Facebook.
Media Contact: Kim O’HalloranFTI Consulting +1.312.553.6733 T email@example.com