Why Culture is a Vital Component of Your Company’s Success
February 23, 2020
Written by: Adam Vortherms
Regardless of the size of your business, creating and supporting a positive company culture that reflects your values and goals is essential to employee satisfaction. According to recent studies on workplace trends that we can expect to see in 2020, company culture is more important to top talent than other considerations, such as pay. The idea of corporate culture has been a part of the workplace climate for decades, but it’s only in the last few years or so that it has become part of widespread discussion. As the workplace evolves, company culture will only grow increasingly crucial to the success of a company.
What exactly is “company culture,” anyway?
In simple terms, company culture can be defined as the summation of how people within an organization interact with each other and work together. In the broader sense, the culture that a company cultivates and maintains expresses a shared set of beliefs, values, attitudes, standards, purposes, and behaviors, with each element carrying equal weight.
Company culture also refers to the personality of a company, defining the environment in which employees work. For example, casual workplaces where there are few regulations for how employees spend their time in the office have vastly different cultures of more formal workplaces that feature timecards and strict hierarchies.
However, all that said, the idea of company culture has always been challenging to define. It is an elusive, nebulous topic that seems to lose shape the more one tries to describe it. As a result, it is all too easy to ignore. But leaders neglect company culture at their peril.
Why is company culture so important?
All companies have a culture, intentional or not. Company culture will grow with or without your input as a leader, which is why it is vital to your company’s success that you guide it in the right direction.
Cultivating a positive company culture is essential not only for employee engagement, happiness, and retention but also to lay the foundation for a thriving business regardless of the economic climate. Below are just a few reasons why company culture is so influential:
- Provides everyday guidance – an established and official company culture guides long term direction, as well as a framework for decision-making in a continually shifting market and economy. Having this kind of structure supports innovation and prevents you from wandering away from your company’s mission.
- Attracts (and keeps) top talent – the most talented candidates have their pick of who to work for; your company can stand out as the obvious choice for top talent by providing a meaningful culture that they will want to invest their time in.
- Strengthens customer loyalty – your company culture supports a relationship with customers who don’t just buy what you do but buy into why you’re doing it. If your company consistently lives its culture, your customers are more likely to stick with you.
How you can improve your company culture
Company culture is changing the way we work. To stay competitive, companies must consider how to define and develop their workplace culture. It would be great if company culture were as easy to create as a Facebook page: fill out some boxes, post some photos, and enjoy the rewards. However, it takes much more work than many leaders realize.
There is no one “correct” way to develop a culture. So, your business deserves a culture analysis to help you identify and nurture your strong set of core values that will help you stay relevant and competitive in today’s evolving workplace. Contact BRIX today to begin creating the right company culture that will set you up for success and growth.