By: TSP Blog | @TSProckstars
While the idea of company culture has been around for decades, it seems that in just the past few years, it has become a hot topic in the business community. Not only that, but company culture has also become a reason consumers rally behind a brand and why those entering the workforce want to work for said company. If you think the phrase will be going away anytime soon, think again.
So why is company culture so important? It impacts businesses in different ways and, when done right, it does so for the better.
When companies emphasize their culture, they show that they care not only about the bottom-line, but they also care about the employees. Providing positive recognition, planning regular group outings and encouraging company friendships are all ways to make company culture go beyond the simple mission statement or vision. Ultimately, organizations who emphasize company culture have found employees are more productive, feel more valued and enjoy their work day more.
Not only does a strong company culture benefit your employees, but it also benefits business itself. A company’s vision or mission provide employees and executives alike with a purpose. In a survey conducted by Deloitte, 82% of respondents who work for a company with a strong sense of purpose say they are confident business will grow. When employees understand what their company stands for and the executives drive and live out that purpose, confidence in actions and decisions should follow.
A strong company culture is also essential in hiring and retaining strong employees. Not only is company culture an attraction to potential candidates, but hiring to fit the company culture has also become essential to recruiters. Research has shown that employees who are considered a “cultural fit” perform better, are more satisfied in their jobs and are more likely to stay with the company longer. Hiring employees who live and breathe your values should ultimately create better teams and, in return, strengthen company culture.
Company culture has become ingrained in the brand identity of many businesses, going beyond the obvious indicators such as logos and slogans. A great example of a brand who has become synonymous with great company culture is Southwest Airlines. While many companies put customers before employees, Southwest does the opposite. In return, they’ve seen customer satisfaction strengthen and employee happiness do the same.
It would be hard to find evidence against the benefits of developing and cultivating a strong company culture. While it may seem like a big undertaking, it can often make or break the success of a company – both financially and otherwise. If you’re looking for further proof, check out these companies doing culture well and getting recognized for it.