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August 30, 2024
When wages are similar and opportunities for progression are following similar lines, the only thing left to help attract the best workers to your organisation is the promise of a strong company culture. Company culture is often difficult to define, but it can make or break your business for a number of reasons.
Company culture influences hiring costs, employee retention, productivity and outsider perceptions. It might feel like an afterthought when you have so many other things to think about, but it’s vital not to neglect this important part of running a business. Whether you have a team of 10 or a team of 1000, your bottom line will be significantly impacted by how you approach company culture.
Company culture can broadly be defined as the values, behaviour and norms that impact working environments and how employees exist within this construct. This helps to nurture trust between employee and employer, respect for the work they are doing, and a strong brand image that can be seen inside and outside of the company.
Company culture determines how your employees are expected to act and can help to inform the type of employees that you hire.
For example, if your company culture is highly competitive and motivated by bonuses, you’ll attract extroverted workers who want to engage in this type of performance-driven company culture. If your company culture is focused on helping others and having a positive impact on the planet, you’ll attract workers who are aligned with these goals.
Your company culture impacts the workers that you will attract, how they will engage with their roles and how your company is perceived from the outside. All of these factors will have an impact on your productivity and profitability. Company culture is not something that you can afford to ignore.
Companies that fail to establish company culture may find they attract the wrong workers for the roles they are hiring for. This can lead to a lack of cohesion between teams and frustration in individuals who feel out of place or under-appreciated.
If companies fail to define their own culture, this could look like a lack of direction which could lead to stagnation. The company might continue ticking over, but it might be at the expense of employee satisfaction, and it could even mean that you are missing out on easy opportunities to boost productivity.
If you’re not sure where your company lies, see if any of the following styles resonate with your values and objectives:
Establishing your company culture should be approached like writing your wedding vows. You’re going to need to dig deep to determine what is important to you and how you would like to move forward.
The first step is to determine your company values. These might be long-established and obvious to everyone involved, but not yet clearly defined and communicated.
Next, you need to think about your company objectives. While some company owners are just looking to create something that will stand the test of time, others want to build a company that will move fast and change the world. No one approach is better than the other and they all have a place in the world of business.
Perhaps the most important thing to remember when defining your company culture is that you need to make sure that your words match your actions.
It can be frustrating when companies define their company culture in one way, but the actual day-to-day operations are wildly different. An example of this would be a company that defines itself as innovative, but that relies on long-standing processes and is reluctant to change.
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