The Importance of Company Culture
Every business has a culture, and company culture has increasingly become important in the workforce. Today, employees are looking for quality of life outside of and inside of the office. To some, it may weigh as much as technical fit or having the right skills set. According to “Redefining the C-Suite: Business the Millennial Way,” a report from American Express surveying 1,363 millennials in the United States, the U.K., France and Germany, millennial leaders spend as much time on the culture of the business as on strategy. Starbucks chairman and CEO Howard Schultz has said, “The value of your company is driven by your company’s values.” So what are the benefits of having a strong culture?
- Financial advantage: Businesses with strong cultures tend to be higher performers than those with weaker cultures.
- Strong sense of identity: Culture contributes to the values, brand identity, and mission of your organization. A healthy culture helps keep the values of your company coherent and if you treat your employees well and have a fun working atmosphere, clients and customers will see that and will associate that with your brand.
- Increased employee retention: A strong, positive culture can help retain valuable employees. When employees develop high morale and a positive attitude with a company they feel valued at, they are more loyal to the organization.
- Better employee engagement: Improved morale and unified mission can lead to increased productivity and collaboration.
- Competitiveness: Having a strong culture makes your company look attractive to prospective employees.
Does your corporate culture need a revamp? Here are a few ways to invest in your company’s culture.
- Talk to HR: Find out what HR thinks about the current state of the company culture. Revise the hiring process and onboarding materials if needed. Burt Goldfield, CEO of Trinet, an HR solutions company, said, “management teams who go out of their way to attract, train and retain the right employees—while fostering a sense of collaboration and accountability in pursuing the company’s vision and goals—are often the most successful. Sure, they may have great business plans aimed at pursuing genuine market opportunities but they also excel at securing the right workforce and achieving cultural buy-in from their employees.”
- Be open: It’s hard to make improvements that truly benefit the company and employees without genuine, constructive feedback. Encourage employees to submit feedback and suggestions.
- Hire the right people: Stick with hiring people that fit in with the company culture because bringing on someone who doesn’t can be sabotaging your own culture. Need help finding the right talent? Book a free talent consultation with Realchangers here.
- Show that you value your employees: Just saying that you value your employees isn’t enough, you have to SHOW them. Share success stories of the employees that recognize the company vision. Put on fun events that help with career development. Give them free swag. Get them excited that they are working for your company.
- Be patient: It can take time to rejuvenate your culture. Think of it as an ongoing process and always strive to do better.