Corporate culture, a relatively new topic in the business world, is becoming increasingly important. There are many aspects of your business that are fundamental to running a successful operation – from marketing and accounting to customer relationship management – but one thing that many leaders forget to consider is corporate culture. Recent studies have shown that corporate culture is an essential element of success. But, what is corporate culture?
Happy Employees Do Good Work
Corporate culture is a mix of how employees and management interact, how transactions are processed, and the general atmosphere of the working environment. An example of excellent corporate culture is Google. However, their success in culture isn’t something that can be recreated by simply mimicking the things that provide their employees on a physical basis. That is because excellent, and therefore successful, corporate culture goes beyond the free drinks, comfortable working spaces, and ability to take breaks freely throughout the day. Employees want to be treated fairly, appreciated, and allowed to express themselves about different aspects of the business. According to research produced by Brain & Company “An engaged employee is 44% more productive than a satisfied worker, but an employee who feels inspired at work is nearly 125% more productive than a satisfied one”.
Make Employees Feel Like a Part of Your Brand
Without a truly supportive culture those perks that have become so popular in many of today’s businesses will simply be taken advantage of and will create an environment of entitlement instead of productivity. To truly have a recipe for success you must make your employees feel like they are more than a means to an end. Many employees just want to have a voice, to be heard. One of the worst things you can do is create an atmosphere of fear and silence.
Employees should be encouraged to present new ideas or new ways of doing things. Not every idea will be good and not every idea will be possible, but on occasion an idea that changes the company for the better will come along and that is one of the most valuable things a company can possess. Encouraging employee creativity and giving them a space where they feel they can submit ideas, talk about things they think are causing harm to the company, and any other concern they may have can foster an atmosphere of comradery and provide a sense of loyalty that many employees no longer feel towards their company.
For many employees feeling like part of a team and making a difference in the company and for others is just as important as a paycheck. The benefit of this mindset is that if you let your employees retain that sense of belonging and the good feelings that come along with making a difference they will be happier and more motivated.
Retaining employees has become increasingly difficult. The cost of hiring and training an employee can cost anywhere from three to five times the normal salary of that position. By fostering a corporate culture that focuses on employees you will create a since of passion for the company and in turn reduce churn and hiring costs.