In our previous article, we talked about Company Culture and the aspects
A summary on Understanding Company Culture (Pt.1)
A quick recap, company culture can be briefly describe as:
“The attitudes and behaviors of a company/organization and its employees, and encompasses a variety of elements, including the company’s work environment, company mission, leadership style, values, ethics, expectations, and goals.”
Company culture is comprised of two aspects:
Surface culture, where we can see and visualize said culture in a company’s day to day operations, such as the perks and benefits offered to employees, and
Deeper culture such as employees’ engagement, as well as purpose and meaning at work Deeper culture cannot be seen or visualized, but is equally important for any organization or workplace
Click here to read if you missed out on our previous blog post.
Now that we are aware of what company culture is, and the different aspects of company culture, let’s find out why we should make company culture a top priority.
Why Invest in Company Culture?
Some of us may assume that company culture:
Is expensive and costly to cultivate and maintain,
May not be helpful for the company’s growth in the short term, or
Its effects are not immediately noticeable and difficult to measure.
Now, we understand that people may be apprehensive and cautious when it comes to investing into something they cannot see the returns of, especially in the short term.
However,that doesn’t mean we should neglect the development of our company culture. In fact, investing in good company culture is of utmost importance to any organization or business for the following reasons:
1) A good company culture improves employee retention rates
For a company or organization to succeed, they must be able to attract and retain their talents effectively.
A recent study conducted by global HR consulting firm Robert Half International Inc. highlights that at least 35% of employees and prospects would decline a job offer, a perfect one even, if they don’t believe that job offer has the culture fit they are comfortable with.
In addition, at least 24% of employees studied were also more likely to leave their job for better opportunities within a year if they do not find their company culture acceptable to them.
Thus, if you wish to hire and retain top performing employees it’s important to ensure your company culture is able to fulfill or match their values, beliefs and culture fits.
2) A good company culture drives employee engagement
When the employees of an organization are excited about their company or workplace culture, they’re more excited to go to work and become engaged with what they do.
This, in turn, creates motivated and engaged employees who produce the best results for their workplaces and businesses.
In addition, the Gallup State of the American Workplace Report highlights engaged employees are 17% more productive at work than those who are not.
The same report also highlights that engaged employees are also less likely to be absent from work, and be present and productive in their workplace’s daily operations.
3) A good company culture drives employee growth
A great company culture is a culture that invests in its employees’ success, well-being, and happiness.
A recent Glassdoor survey conducted worldwide shows that when a company invests in its culture and values, it is most likely to improve their people’s satisfaction at work.
Within this survey, it was found that at least 80% of our people feel most satisfied when we, as business owners and leaders, ensure our leadership is of good quality and provide them with career and development opportunities.
In turn, this satisfaction drives our people to improve themselves not only for their own personal lives, but also their performance at work.
Hence, what do you think about the importance of having a good company culture and its benefits for organizations and workplaces stated above? Do you too agree that a good company culture is vital for your business and organization? Does your company need assistance in developing, aligning and maintaining your company’s culture? If your answer is “YES”, take action right now! Contact us at firstname.lastname@example.org to know more about how Leadworkz can assist you with developing, aligning and maintaining a company culture that will attract and retain your talent!