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Building Workplace Culture: Key Drivers of the Mid-size Workforce in 2024

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Mid-sized organizations are crucial to India’s economic growth, contributing over 29% to the GDP, 50% to exports, and employing over 110 million people. In 2024, there was a minor decline in workplace culture for mid-sized organizations, with the Trust Index score dropping by 1% to 83%. Despite this, employees still regard their workplaces positively.

Cultural Landscape of Mid-size Organizations

The decline varied across industries, with sectors like IT and BFSI experiencing a 1-2% decrease, while NGOs and Manufacturing saw a 1-2% increase. Key demographics, especially women, showed a need for fairer pay, recognition, and less favoritism. Addressing these issues could lead to greater career growth opportunities and long-term retention for female employees.

Mid-sized organizations’ strengths include high levels of employee pride, ethical management, and a welcoming environment. Notably, 89% of employees rate their management as competent, feel welcomed, believe their service is excellent, and are proud of their workplace. Additionally, 88% feel management is honest and ethical and that their organization contributes positively to society.

Mid-sized organizations demonstrate resilience through high standards of workplace culture, which is essential for employee satisfaction, innovation, and competitiveness in India’s evolving economy. Addressing innovation opportunities and demographic-specific concerns can further enhance their success.

Key Drivers of the Mid-size Workforce in 2024

Our research finds that, in 2024, Fair Performance Evaluations, Care for Employees, Walking the Talk, Leadership Development, and Talent Attraction are key drivers of workplace satisfaction for employees in mid-size organizations. 

These drivers reflect a need for a balanced emphasis across various management practices. Fair Performance Evaluations promote transparency and a sense of value, while Care for Employees fosters a sense of belonging. Walking the Talk builds trust by aligning leadership actions with stated values.

Investing in Leadership Development ensures a stable leadership pipeline and fosters growth. Effective and efficient Talent Attraction ensures cultural alignment and fresh innovation while minimizing disruption. When leaders and organizations prioritize these drivers, they collectively shape vibrant workplaces where employees flourish, contributing to organizational success and sustainability.

Key Drivers of the Mid-size Workforce in 2024

Importance of Investing in Key Drivers

Best Workplaces, scoring an average of 7% higher on these key drivers than Other Workplaces, underscore the importance of the right vision and effective implementation of these aspects to cultivate a thriving workplace culture. 

When organizations focus on these key drivers, employees are:

  • 4X more likely to say that they experience a great workplace.
  • 4X more likely to say that they look forward to going to work.
  • 3X more likely to express a desire to remain with the organization long-term.
  • 2X more likely to say that people are willing to go the extra mile to get their work done.

Best Workplaces Exhibit Great Workplace Experience

The Trust Index Score for Best Workplaces stands at 89%, compared to 83% at other workplaces. This 6-point difference underscores the greater levels of trust employees have in Best Workplaces. Furthermore, 92% of employees at Best Workplaces report experiencing a great workplace culture, which is 6% higher than the satisfaction rate at other workplaces.

Best Workplaces typically score higher in areas like unique benefits, fair compensation, work-life balance, employee involvement in decision-making, responsiveness to feedback, seamless transitions, an enjoyable work environment, professional development opportunities, and minimizing office politics. These factors set them apart from other workplaces. The most significant gaps are in providing special and unique benefits and ensuring employees receive a fair share of the profits.

Best Workplaces Exhibit Great Workplace Experience

Business Outcomes of Being a Great Mid-size Workplace

On average, Best Workplaces demonstrate 6% higher Retention, Brand Endorsement, Discretionary effort, Agility, Motivation, and Collaboration levels than Other Workplaces.

This underscores that fostering a great workplace culture not only benefits employees but also significantly enhances business outcomes.

Business Outcomes of Being a Great Mid-size Workplace

As mid-size organizations in India navigate the evolving workplace culture landscape, proactive measures are crucial for sustained success and competitiveness. By implementing targeted interventions for specific demographic segments and tailoring strategies to industry specifics, organizations can effectively address challenges and seize growth opportunities. Prioritizing key drivers such as fair performance evaluations, employee care, authentic leadership, leadership development, and talent attraction sets the stage for creating vibrant, inclusive workplaces where employees thrive. Continuous feedback mechanisms and adherence to best practices enable organizations to adapt and evolve, driving long-term engagement and success.

Looking ahead, mid-size organizations should embrace these strategic recommendations to shape a future where workplace culture, a cornerstone of organizational identity, accelerates business outcomes. By fostering environments that prioritize fairness, empathy, and talent development, organizations can attract and retain top talent while encouraging a culture of innovation and collaboration. These efforts will position mid-size organizations as industry leaders, driving positive change and contributing to the overall growth and prosperity of the Indian business landscape. Visit us here to learn more.