BDC Study Shows How SMEs Can Optimize Workplace Culture for Peak Performance
MONTREAL, December 12, 2024 – In its latest study, Optimizing Workplace Culture for Peak Performance, the Business Development Bank of Canada (BDC), the only bank dedicated to entrepreneurs, reveals that nearly half of Canadian small and medium-sized businesses (SMEs) are missing out on a crucial strategy to enhance employee engagement and retention: improving the workplace culture. This oversight could be costing them valuable talent, productivity, and profitability.
Popular measures among proactive businesses include fostering inclusive employment practices, adopting equitable pay policies, and using inclusive language in communications.
Key Highlights:
- Significant benefits: SMEs that take action see higher engagement, reduced turnover, improved company brand, increased creativity, better recruitment, and enhanced problem-solving.
- Future plans: 78% of SMEs that have already taken action plan to do more.
- 47% of SMEs at risk: While more than half of SMEs have taken action, 47% are not working to foster equitable pay practices or to prioritize employee health and wellbeing.
Advantages
The survey of 1,100 entrepreneurs shows that SMEs adopting inclusive practices (53%) see many advantages, including higher employee engagement, decision-making that reflects diverse perspectives, and reduced turnover. Those implementing multiple practices report even greater benefits.
Many SMEs that have not optimized their workplace culture cite competing priorities, insufficient resources, and a lack of top leadership support for inclusion as the main reasons. They are also less likely to view employee health and wellbeing as vital to company culture.
“We were pleased to discover that many entrepreneurs understand the vital importance of an optimized workplace culture,” said Sandra Odendahl, Senior Vice President and Head, Sustainability, Diversity & Social Impact, BDC. “However, nearly half of SMEs are missing out on this opportunity. By focusing on improving workplace culture, they could boost productivity and retain valuable talent.”
For entrepreneurs looking to optimize their workplace culture, BDC offers a variety of resources. Learn more here.
For more information on the survey or its methodology, click here.
About BDC: 80 years as Canada’s bank for entrepreneurs
BDC is a partner of choice for all entrepreneurs looking to access the financing and advice they need to build their businesses and tackle the big challenges of our time. Our investment arm, BDC Capital, offers a wide range of risk capital solutions to help grow the most innovative firms. BDC’s development role means we are in a state of perpetual evolution – wherever entrepreneurs go and whatever the Canadian economy needs – we will be there to help them defy the odds. 80 years later, that commitment remains very much alive. The financial value of BDC’s services is estimated to add $23.6 billion in GDP to Canada’s economy over the next five years. We are one of Canada’s Top 100 Employers and Canada’s Best Diversity Employers and the first financial institution in Canada to receive the B Corp certification in 2013. For more information on our products and services and to consult free tools, templates and articles, visit bdc.ca or join BDC on social media.
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