A positive company culture has been a buzzword that’s been bandied about for decades. However, in the modern workplace, the advent of digitalization and rise of social media have made it more important than ever for a business to instill that virtue from the top down. All signs point to the fact that creating a positive work environment can empower employees and give them the mojo they need to be successful.
Below, we’ll discuss the benefits of having a positive company culture.
WHY HAVING A POSITIVE COMPANY CULTURE IS IMPORTANT
At its base level, your company is composed of various people. Together, they form the foundations and structural support that allows the business to function and grow. They are an amalgamation of strengths, specialties, and personalities that must function in harmony in order to succeed. According to Entrepreneur Magazine, corporate culture is, “A blend of the values, beliefs, taboos, symbols, rituals, and myths all companies develop over time.” Typically, a positive corporate culture will emphasize the following values:
- Push for transparency
- Foster creativity
- Welcome collaboration
- Solve problems rather than point fingers
- Promote kindness, forgiveness, compassion, and respect
- Accentuate the importance of every task and role
- Acknowledge the value of every worker
- Mentor rather than boss around
- Show gratitude
- Encourage risk-taking
- Place an emphasis on having fun
- Empower employees to grow
But why do these things matter? Forbes writes:
“One of the biggest motivating factors is the fact that corporate culture is becoming a more popular consideration and development. More companies are shifting their attention to creating more thorough brand cultures and preserving them through ongoing development. Why? It’s at least partially due to the fact that culture is talked about more frequently. Studies have indicated measurable increases in turnover for companies with poor or nonexistent culture, and conversationally, culture is mentioned more frequently between entrepreneurs.”
Along this line of thought, there are a host of tangible benefits to creating a positive company culture. Four reasons worth delving into include:
- Hiring Talent – Today, per ERE, “Approximately half of all respondents had used Glassdoor at some point in their job search, and most consulted reviews to find top employers before they even thought about applying at a company.” Employees, especially younger employees, aren’t willing to commit to a company whose employees don’t like being there. Work-life, work environment, benefits, and salaries all go into the equation. If you foster an environment where people enjoy what they do and who they do it with, you’ll create a reputation that attracts skilled and talented workers—the same goes for convincing customers to purchase your goods or service. Along the same lines, you’re far more likely to receive positive reviews on social media sites such as Glassdoor.
- Employee Retention – By creating a work environment that empowers employees and boosts morale, you make it a much harder sell for other companies to entice them to leave. Jostle writes:
“It should come as no surprise that employees who feel like they’re part of a community, rather than a cog in a wheel, are more likely to stay at your company. In fact, that’s what most job applicants are looking for in a company.”
Happy workers tend to be more loyal to the company. Many are willing to sacrifice some percentage of the potential salary they could get elsewhere in order to stay put in a workplace that they love and with people they admire and enjoy being around. A positive workplace culture that’s people-focused stimulates engagement. In addition, reducing turnover decreases costs for recruitment, hiring, and training, which is vital for small to mid-sized businesses.
- Productivity – Happy and empowered workers are productive workers. If they’re encouraged to problem solve, collaborate, and grow, they’re more willing to push themselves or go the extra mile. Marketveep writes: “Creating a positive company culture will also be an important factor for productivity and competitiveness. Companies who focus on their culture will likely grow faster than those that don’t.” Over the long haul, investing in employee’s well-being and happiness pays dividends
- Millennials Crave it – Today, more than 86,000,000 millennials are in the workplace, meaning they represent more than 40% of the working population. According to Forbes, a recent study by the Intelligence Group found some very interesting numbers highlighting how important a positive company culture was for millennials, including:
- 79% of them would want that boss to serve more as a coach or mentor.
- 88% prefer a collaborative work-culture rather than a competitive one.
- 74% want flexible work schedules.
- And 88% want “work-life” integration.
INSTILLING A POSITIVE COMPANY CULTURE
At the end of the day, focusing on a positive company culture will have positive impacts on your bottom line. It will cultivate a workforce that is fulfilled, enthusiastic, collaborative, and happy with their environment. So, focus on these values and you will drive productivity, retention, and create an environment of growth rather than stagnation.
Sources
Entrepreneur Magazine. Corporate Culture. https://www.entrepreneur.com/encyclopedia/corporate-culture
Forbes. Why Corporate Culture is Becoming Even More Important. https://www.forbes.com/sites/larryalton/2017/02/17/why-corporate-culture-is-becoming-even-more-important/#5fc64be469da
ERE. Half of All Job Seekers Consult Glassdoor Reviews https://www.ere.net/half-of-all-job-seekers-consult-glassdoor-reviews/
Jostle. 7 Reasons Why Organizational Culture is Important. https://blog.jostle.me/blog/why-is-organizational-culture-important
MarketVeep. Why Creating a Positive Company Culture is Important. https://blog.marketveep.com/2017/02/creating-a-positive-company-culture-important
Forbes. What Millennials Want In The Workplace (And Why You Should Start Giving It To Them.) https://www.forbes.com/sites/robasghar/2014/01/13/what-millennials-want-in-the-workplace-and-why-you-should-start-giving-it-to-them/#3d8c324c404b
