In the last post in our Toxic Work Culture series, we looked at how to quantify the issues in your business. It can sometimes seem like the problem is so deeply embedded and political that it can’t be fixed. So what is the risk of not dealing with a toxic culture? Here are a few high profile examples of toxic cultures that got out of hand.
If you’d like to talk about toxic working practices and what you can do to remedy them, we’re offering free taster phone consultations with coaching pioneer Carol Wilson.
The financial services industry has an unfortunate reputation for negative workplace environments.
Earlier this year, 331 year old insurance market Lloyds of London implemented a new code of conduct for staff, and a bullying and harassment helpline following claims of sexual harassment.
But it’s not just an old traditional organisation’s problem – fintech startup Revolut made the news this year for its burnout culture resulting in high staff turnover and allegations of questionable work practices.
Big Four accountancy firm Deloitte has fired 20 partners in the last four years for inappropriate behaviour.
Toxic workplaces are typified by poor performance, high staff turnover and low employee engagement. That’s a costly mix of missed opportunities, subpar productivity and inflated staff and recruitment costs. But a toxic environment taken to its extreme can add to that with reputation- damaging headlines and expensive lawsuits. One recent sexual harassment case won by a city banker against BNP Paribas could result in a payout of £4m.
So you’ve diagnosed a toxic culture, quantified the problem in your business and thought about the impact of not dealing with the issue. What’s the next step? Look out for the next post in our Toxic Work Culture series for our thoughts on getting your managers’ buy-in to tackle a counter-productive working environment.
The Culture at Work team has helped many companies deal with performance and team-limiting behaviours in the workplace.
If you’d like to talk about toxic working practices and what you can do to remedy them, we’re offering a limited number of free phone consultations with coaching pioneer Carol Wilson.