New research identifies biggest threats to the workforce

A recent study has outlined what leaders consider the biggest detriments to work culture.

According to the Organisational culture in financial services report by Allen & Overy, the top two factors that are negatively impacting work culture are technology and managing a multigenerational workforce.

Of the 500 financial services companies surveyed, 62 per cent of leaders said emerging tech was the biggest detriment to work culture. Similarly, over half said managing multiple generations of workers posed a significant threat to culture.

To help mitigate these risks, employers could benefit by educating employees on the benefits of technology and providing security for their workforce. This is often a major factor in anxiety surrounding tech.

Clive Garfield, executive director at Allen & Overy Consulting, commented: “Whilst technological risk is front of mind for senior leadership, it can also create opportunity. Used effectively to enhance feedback and data analysis, it could highlight cultural issues that, when actioned, lead to long-term improvements.”

Similarly, highlighting the benefits of a multigenerational workforce can help colleagues to work better together. With diversity comes diversity of thought, which can lead to increased innovation and creativity. Educating workers on the benefits of these things can help to reassure them and ease concerns.

Mr Garfield continued: “A multigenerational workforce brings diverse thoughts and opinion[s], which are proven to enhance decision making. Understanding this and adapting business strategy can have a direct influence on overall business performance. Organisations need to position culture as a strategic imperative and embed corporate values to support their business strategies.”

While this research is centred on the financial services industry, Allen & Overy Consulting chief executive Sally Dewar said these themes are present throughout much of the workforce.

“Culture continues to top the agenda of policymakers, regulators and senior boardroom leaders across financial services firms, but the themes identified by this research can apply equally to companies across many sectors,” said Ms Dewar.

“Leadership teams need to continually assess and evolve their approach to organisational culture; the factors influencing culture today are very different when compared with the previous few years.”

The report revealed that there are quite a few areas culturally where businesses are lacking. Namely, leadership and openness.

According to Allen & Overy, only 56 per cent of respondents feel their workplace is a safe space where they can voice their concerns. Meanwhile, just 25 per cent rated their senior leadership positively, highlighting a significant disconnect.

Employers may benefit by encouraging openness and improving trust. Psychological safety is a key factor in this, and if improved upon, it can help employees to feel safe at work.