Business success isn’t just about checking items off your to-do list, increasing your sales or skyrocketing your profits. Building a positive company culture is just as, if not more, important.
The culture of your company affects your chances of success in more ways than one. From the way your employees work, to how you’re perceived by the general public and whether people want to work for you. It’s crucial your culture paints your business in a positive light.
In this blog, we’re going to explore the reasons company culture could be your best strategic asset. Keep reading to learn more!
What is Company Culture?
Before we dive into the nitty-gritty details about how your company culture can be your best strategic asset, let’s address the basics. Put simply, company culture refers to the shared values, ethics, and beliefs of an organisation. It encompasses everything from typical daily operations to employee attitudes and the general atmosphere between colleagues.
Essentially, adopting a powerful company culture is about creating a positive, uplifting, and motivating experience for employees to thrive in the workplace. However, it’s not something that can be bought. Senior leadership teams must build a positive company culture.
Some signs of a fantastic company culture are:
- Mutual respect
- Limitless opportunities for growth
- Transparent communication
- Fun in the workplace
- Perks or rewards
- High level of trust
- Lots of job applicants
- Fantastic teamwork
Why Company Culture Could Be Your Best Strategic Asset
1. It Attracts Talented Individuals
There’s no doubt that people choose which company to work for based on their culture. This is regardless of other companies that may offer better pay or more opportunity to climb the ladder. When a person’s needs and values are met, it ultimately makes the role more enjoyable and, therefore, more appealing for job applicants. Plus, working alongside employees with similar views presents an opportunity to develop strong relationships, which further enhances their workplace experience.
2. It Can Retain Talent
You’ve searched high and low for the right candidate to join your team, but if your company culture is poor, they won’t be on the roster for long. Ensuring you have a fantastic culture can dramatically improve job satisfaction and make employees feel like a valued player in your company, improving talent retention. With fewer newbies, your team can also build stronger relationships, further solidifying their sense of belonging within the company.
3. It Creates a Great Impression
It’s naïve to assume your employees are the only individuals you truly need to impress. When you’re running a company, lots of people will get to know your name, but you want it to be for the right reasons. Good news travels fast, but unfortunately, bad news travels faster.
If there are rumours swirling that your company provides zero benefits, is discriminatory, rude, overworks your staff or otherwise, it won’t be long before everybody knows. This could negatively affect your status within your industry, how you’re perceived by customers and the chances of hiring new employees.
However, if you provide lots of employee perks, offer flexibility, have great working relationships and prioritise workplace enjoyment, it’ll do wonders for your business. Other companies will have more respect for you. Customers will be more likely to do business with you. And job applicants will come flocking in when it’s time to rehire.
4. It Brings People Together
The culture of your company sets certain expectations that determine how employees act and behave. When everyone is on the same page, it helps to create a solid team of like-minded individuals. Those who share the same values and beliefs often have the advantage of next-level collaboration and communication. But teamwork can also:
- Increase innovation
- Boost productivity
- Make employees happier
- Develop problem solving
- Improve attendance
5. It Positively Affects Employee Performance
Would you work hard if you didn’t align with the values, ethics, and beliefs of your company and its employees?
77% of people agree that culture directly correlates with producing their best work. That’s likely because they consider themselves part of the environment and feel comfortable and supported in the workplace. This can encourage employees to work harder towards their individual goals, increasing their performance. Not only that, but a positive culture can make employees more committed to the company’s overall success. Therefore, they work harder to be a part of something extraordinary alongside their team.
It Can Enhance Employee Wellbeing
Needless to say, company culture is sure to have a direct effect on the wellbeing of your employees. For example, if your environment is stressful, employees are bombarded with work, and receive little positive feedback, it’s likely their mental and physical health will suffer. This could cause decreased motivation, poor productivity, and, at worst, excessive time off.
Creating an exciting environment whereby your employees love coming to work, knowing that stress is dealt with accordingly and positive feedback is inevitable will benefit you in the long term. Employees are more likely to have a spring in their step around the workplace, leading to increased productivity, reduced sick leave and greater engagement. Happy and healthy employees ultimately contribute to greater business success.
The consequences of a poor company culture are exceedingly clear. Not only can it tarnish your reputation, but it can push away some of your most talented employees.
Positive company culture can be a magnet for top-tier talent, enabling you to create a team of happy employees ready to take your business to the next level. That’s not forgetting the impact it has on your reputation, helping you to stand out in your industry. That’s why company culture is without a doubt one of your best strategic assets, and a powerful step towards undeniable business success.