Within the context of New Zealand’s turbulent economy, where cost-of-living continues to rise and employees are increasingly deciding to move to Australia or other places overseas, what’s something you can do internally to keep your employees engaged despite challenging conditions externally?

It’s time to home in your focus on company culture; the set of shared attitudes and behaviours that define the people in the business as outlined in the company’s mission and vision.

Why culture matters more than ever

While it seems like a nice-to-have, why should business leaders prioritise this into a must-have? Research shows that a focus on employee engagement during tough economic times can help companies withstand and even thrive.

• Employee engagement: Fostering a sense of belonging and purpose among your people leads to motivated and resilient teams and increased job satisfaction
• Talent attraction and retention: Attract top talent who align with the organisation’s values and help retain your top talent by creating a supportive work environment
• Performance and productivity: Promoting collaboration, innovation and a focus on achieving common goals leads to an increase in productivity
• Employer brand: Company culture influences the external perception of the business, shaping perceptions to clients and potential top talent you’re looking to hire
• Employee wellbeing: Prioritising mental health and work-life balance contributes to a healthier and more supportive workplace, and helps produce higher quality work

Practical tips for leaders

As the foundation of an organisation’s identity, how can leaders maintain or build this culture? Megan Woodbury, Global Chief Operating Officer at Talent, shares her insights.

“Resilience is an important trait to foster among your people. Building a work culture and trust in leadership through open communication will keep your teams engaged and help maintain morale,” Megan says.

Workplace culture is critical to maintain; assess what your people need to succeed, whether it’s flexible working arrangements, additional L&D opportunities, or mental health support. Position the wider company to succeed when the market recovers by keeping them engaged; keep open lines of communication, celebrate the small wins, and emphasise the business’ long-term vision by fostering resilience. “People want clarity and transparency, and CFOs must talk openly, and face-to-face to ease their worries,” says Megan.

Keeping the wider team engaged is key to retaining the staff who are instrumental in driving the organisation’s success. CFOs should identify critical roles and high performers and develop retention strategies that keep these vital team members engaged and motivated. Transparently sharing both good and bad news about the business’ financial health and the reasoning behind why decisions are made helps reduce uncertainty and fosters trust among the business. Focus in on the company’s employer brand, and ensure it remains attractive.

Wellbeing on a budget

We understand that resources can be limited when the market is uncertain, so for those who want to make strides in company culture, Oonagh Hall, General Manager of Human Resources at The Trusts, says to keep it simple: “Initiatives like shared lunches, social activities, and fostering a culture of openness can have a powerful impact.”

When it comes to your people’s wellbeing, you don’t need to reinvent the wheel. A Talent survey of over 2000 workers revealed that a significant 77% value remote work the most when it came to flexible work arrangements. From initiatives such as mental health days to allowing the flexibility to work remotely, there are a range of initiatives that have varied costs and investments involved. Allowing your people to take a break when they need it or being able to be online while at home or away, can foster a sense of trust and understanding, and overall happier employees.

Wellbeing and culture don’t always require large budgets; what matters is the authenticity in your approach and meeting your people where they’re at, even without a dedicated budget.

Maintaining culture and engagement within your teams is important no matter the department and continues to remain a key focus area for successful leaders. From Board and C-Suite to Heads and Managers, we’ve gathered insights from 26 business leaders across industries who’ve thrived in turbulent markets. Read our leadership guide here.

Looking to improve your people strategies? Whether it’s people, process, technology, or brand, our advisory service takes a modular approach to tackling specific gaps or dysfunctions. Learn more here.