According to Glassdoor, more than half of employees globally continue to prioritize solid work culture over salary when deciding on a job position. They also discovered that more than 77% of job candidates consider a company’s culture at some point when determining if they’ll accept an offer. Most leading companies site diversity as one of the most valuable aspects of company culture. Glassdoor says more than 65% of people say they stay at their jobs primarily because of the company culture.

To drive a culture of peak performance, we have provided the 10 strategies in a 5-part series as a guide for leaders seeking to improve profitability and operational efficiency while retaining their employees, investors, customers, and other stakeholders in 2024.

A. Cultivating Inclusive and Diverse Work Cultures
Understanding the importance of diversity, equity, and inclusion, leaders must prioritize these principles in our strategies, acknowledging our role in fostering innovation and creativity within our teams.

In our leadership practices in 2024, emphasizing inclusivity is not just morally imperative but also beneficial for our organizational resilience and success. We must strive to create a workplace where every individual feels valued and respected, regardless of their age, gender, socio-economic backgroundor perspective.

According to Boston Consulting Group, in a study of over 1,700 companies, organizations with a diverse leadership team had 19% higher revenue on average than companies with less diverse leaders. Gartner says 75% of organizations with frontline decision-making teams that have members and embrace inclusive strategies will exceed financial targets.

We must emphasize the value of multiple perspectives and ensure that our decision-making processes are participatory and transparent, allowing a diverse array of voices to be heard and considered. By doing so, our decisions are richer and more representative of the collective intelligence of our teams.

According to McKinsey & Company showed that gender diverse executive teams deliver 21% more profitability than teams with no gender diversity. We must commit to building teams that reflect the world around us. By aiming for gender balance and cultural diversity, we enhance our teams’ ability to solve problems creatively and approach challenges with a multifaceted perspective.

B. Driving Leaders’ Growth Through Emotional Intelligence
As we aim to drive peak performance in 2024, we must remember that leadership is not solely about intellectual prowess; emotional intelligence (EI) is equally critical.

Many experts predict that empathy will become an even more critical quality for business leaders in 2024 as this will be a defining trait of a successful business leader. Empathetic leaders will excel in tuning into their employees’ needs, engaging in active listening, and connecting with the perspectives of their team members, especially in an increasingly complex and uncertain world.

Empathy and self-awareness are foundational elements of successful leadership. We must consciously nurture our ability to understand and share the feelings of others, as well as acknowledge our own emotional state, which allows us to connect with our team members on a deeper level.

A study by the Consortium for Research on Emotional Intelligence in Organizations found that companies with leaders who exhibit high emotional intelligence achieve higher profitability and productivity.

According to a study by the Center for Creative Leadership, leaders with higher emotional intelligence are more likely to create a positive work environment that fosters employee satisfaction and retention.

The World Economic Forum’s Future of Jobs Report identifies emotional intelligence as one of the top 10 skills required by employees to thrive in the workplace by 2025.

We must cultivate emotional intelligence skills such that when conflicts arise, we can initiate conversations, navigate the discussions, and arrive at amicable solutions. By assessing the emotional undercurrents, we ensure that the resolution is not only logical but also empathetic to all parties involved.Even in hybrid work environments where emotional cues can easily be missed, we must leverage emotional intelligence.

Conclusion
Next Tuesday, we will continue the discussion by sharing two more strategies any leader who want to build a peak performance culture must apply. You can join us for Rock Your 2024 Like A CHAMPION – A hybrid session where we will distill your goals and give you a roadmap for WINNING BIG in 2024. This program will get you on the path of cultivating a growth mindset and taking consistent valuable action in 2024. Visit www.abiolachamp.com/RY2024LAC to register.

About Dr. Abiola Salami
Dr. Abiola Salami is the Convener of Dr Abiola Salami International Leadership Bootcamp and The Peak PerformerTM. He is the Principal Performance Strategist at CHAMP – a full scale professional services firm trusted by high performing business leaders for providing Executive Coaching, Workforce Development & Advisory Services to improve performance. You can reach him on hello@abiolachamp.com and connect with him @abiolachamp on all social media platforms.