Every company is different – we operate in different industries and deal with different customers. So, fundamentally, it’s expected that these differences might show in the way many companies operate.
Nevertheless, there are also several lines of convergence. Whether you run a bitcoin pokies site or a hedge fund, you deal with employees and need to create an environment that they can be proud of
For instance, the Joe Fortune platform strives to reward its users with a generous $5,000 welcome package.
Fostering such relationships always translates into sustainable profit, which is exactly where building goodwill and company culture comes in.
Generally, company culture can be a very powerful dynamic in your organization. It can help to create a sense of confidence and reassurance in your workplace, while also keeping your employees motivated in the long run.
Company culture encompasses a set of attitudes and beliefs that govern the way things are done in the office. It isn’t something that comes up in everyday meetings or discussions, but the company culture is always an important part of the company’s overall operation.
It lurks in the background, playing in the minds of every employee as they go about their activities.
Following the massive spree of resignations and career changes that happened following the coronavirus pandemic, workers have become keener on working with companies whose values align with theirs.
According to a study, about 35% of Americans won’t take a job if the organization’s values don’t match with theirs – even if the job is a perfect fit. The study also saw that 91% of managers would consider a candidate’s alignment with the company’s culture before hiring them – even more than they would consider skills and experience.
A separate study shows that 71% of employees would look for new opportunities once they see that a company’s culture is starting to deteriorate.
All of these go to show that the culture of a company plays a significant role in determining how the company can retain talent and also move towards its objectives. So, what role does culture play, and why should companies focus on it now?
As a company owner, you should know that your employees are your lifeblood. Keeping them happy should be one of your top priorities, and with proper company culture, you can do just that.
When your employees feel more closely aligned with your culture, they are more likely to feel happy and comfortable in the workplace.
They know that their employer has their back and that their activities and attitudes properly align with the business as a whole.
This is why it is important to invest in a clear company culture – just as much as you’d invest in the physical work environment for your employees.
Besides just dictating things like hiring, a clear company culture also naturally attracts more employees. When prospective employees see that they share similar beliefs with a company they are more likely to feel attracted to the firm and give it their all.
This creates a sense of belonging in the workplace. Everyone knows that they work with people who share similar values, and they feel that sense of community that makes them want to stay.
Another benefit of stating your culture and philosophy is that you get to show yourself to your customers.
When you state what you’re about and the values you uphold, customers can identify with that. And when you back up what you say with the right business practices, you build a certain trust between your employees and customers that lasts for a long time.
Employees who know that they work with companies that share the same values as them are more likely to work efficiently and optimally across the board. They are more passionate about their jobs and are more productive in execution, working for the good of the firm in the long run.
This also spills over to the relationship between employees and their managers. A coherent company culture makes for an open environment where employees and managers can communicate freely and more openly, ensuring that everyone is going in the same direction. Conflict is cut, and collaboration can be enhanced.
As the studies highlighted above show, companies that can express their culture more clearly have a higher chance of retaining workers.
When your employees feel that they belong to a company where they can freely communicate and where their values are being espoused, then they feel more likely to stay.
This helps companies too – keeping workers motivated and keeping them for a long time allows companies to reduce churn and cuts the cost of constant hiring and training.