The past year has been challenging for companies across the world. It turned the business world on its head, forced some companies into bankruptcy, and saw the loss of millions of jobs. The pandemic has successfully disrupted the narrative of how the business world was run. It closed a lot of doors but also opened new areas previously overlooked or undervalued.
Because of all that has happened when the pandemic struck, everyone has been forced to adapt to the circumstances in order to survive, and as we spy the light at the end of this very long and dark tunnel we have been in, it is time to reassess the priorities of our businesses. Apart from trying to recover from the losses incurred in the previous year, it might be a good idea to review the culture of our individual businesses as well.
What is company culture?
Company culture is how a company and its employees behave and interact in reference to the company’s values, mission, and leadership style. It is the shared ethics of an organization. You can even view it as the personality of an organization.
You can see it in how employees act towards their colleagues. It is evident in the decisions they make, how their leaders treat their workforce, and the values that they have in relation to the work they do and the company that pays them. The influence flows from top to bottom. So in essence, a company’s culture is reflective of a company’s leadership.
Why is it important?
Company culture impacts all aspects of the company. Employees don’t just stay loyal to an organization because they are paid well or because they have other perks and benefits. It turns out, people don’t really care so much about that pool table in the rec room. People stay because of the way the company is run, and the culture cultivated in it matches those of the employees.
When it comes to employee engagement, the kind of culture that a company has will also be evidenced by how happy and engaged the employees are. A workforce that is engaged will be more productive and less likely to look for opportunities outside the organization. A company’s culture has a huge impact on employee retention and reducing employee attrition.
With consumers now more value-conscious, they are also more likely to choose brands that have values that match their own. So a company with positive values and work culture will more likely have a wider and stronger customer base. The better a company’s culture is and the more they stick to their core values, the more customers they bring, impacting their revenue.
Ways to Improve Company Culture
Have a clearly written mission, vision, and values statement that reflects the organization's actual beliefs and value system.
Though an organization’s culture is more than just words written on paper, actually writing the company’s values down is an important step. Remember that culture is your values put into practice. When you have it written down, visible, and accessible to everyone, this serves a compass that guides decision making, employee interaction, and customer treatment.
Your employees can use these values in setting their goals and give them a concrete idea of how they are actually helping the company grow and how they raise customer satisfaction. When employees have that, they are more likely to become engaged, loyal, and motivated because evidence of their positive impact to the organization shows that they are important to the company and that they share in the company’s success (and failure).
- Gather feedback
Feedback is very important. This is the gauge of how well you are doing as a company in relation to employee satisfaction. Keep in mind that your employees are your greatest assets. Retaining your best and brightest will be good for your organization.
Workers today look for and stay in companies that put importance on their mental health as much as the physical. They are more likely to choose companies that are known for their positive work environment and culture. A toxic work environment is one of the leading reasons for employees “jumping ship.” When employees leave, they take with them their knowledge and expertise that you need in order to run your organization like a well-oiled machine.
Listening to how your employees feel about the work culture will give you insight into what is lacking in your company as well as the things you are doing well. It is constructive criticism aimed at your improvement as an organization. More importantly, actively seeking feedback and actually doing something to address feedback will create a culture of openness and foster trust among your employees.
- Shine a light on diversity and inclusion
The world is a hodgepodge of different belief systems, different cultures, and very different people; and every one of these people has something to offer regardless of their gender, skin color, sexual orientation, and the other drivers that used to prevent people from being hired or from being treated fairly.
Both job seekers and customers alike gravitate towards companies that provide equal opportunities to everyone regardless of where they came from, their belief systems, who they love, and the color of their skin. Fostering a work environment that values people not for the things that they can’t control, but for what they can bring to the table will provide a safe and inclusive workplace.
Having a diverse employee base will bring in ideas and creative solutions that a less diverse and more homogenous employee base can’t. This is because diversity brings in insights from various cultures and experiences that are absent when you have a non-diverse staff. In this way, a diverse and inclusive workplace also has a very positive impact on your organization’s bottom line.
Conclusion
Company culture is an important factor in the success of your company. This is one of the drivers of employee retention and satisfaction. It positively affects your company’s bottom line and will bring in more talent and customers. In today’s value-driven culture, it is important to humanize the workplace and put emphasis on fair treatment and positive work culture.
