How the Right Company Culture Creates Success?
When people consider investing in a company, they usually decide to put their trust in a particular business because it has a superior product that is gaining popularity or its financials are impeccable. However, if you look at some of the most successful companies in the world, you may notice that many of them have something in common—a great company culture. The reason why this aspect of a company is often not discussed is that it is not as quantifiable as earnings, sales and revenue growth. The company culture is experienced by people who are on “the inside.” Yet the culture can help determine how successful the company is.
The High Cost of Displeasing Employees
When a business is analyzed on purely quantifiable factors, cutting staff may seem like a great way to save money. After all, isn’t paying wages and benefits an added expense? What is ignored in this equation is how much more costly it is to lack a positive company culture and to be focused only on how much an employee costs in a numerical sense.
You could also look at a separate set of numbers that indicate how much it costs the company to look for qualified applicants and train them only to have to do the whole process over again a year later. Employees who are valuable and are aware of the value they can provide will not stay with a company that does not value their abilities.
If the company culture is not positive and does not provide any indication of purpose or what they could attain if they stay, talented people are likely to go. It is a fact that the more talented the employees are, the more likely they are to leave if they dislike the company culture. You can calculate how much it costs to hire and train someone new, but you can’t calculate the loss of a truly talented person who would have transformed their company.
Engagement and Success
Employee engagement is at a low point. Surveys show that most people do not feel their jobs express their sense of purpose or that they really feel a part of their companies. This infographic from Pepperdine University demonstrates the power of engagement and how to create it through a positive company culture.
Engagement is basically a feeling of being “into” your job, inspired and part of a team that is focused on achieving great things. A company with an engaged, enthusiastic workforce is more likely to achieve success than a company with workers who don’t truly feel a part of their organization. The secret sauce is a positive company culture.
Ways to Foster a Positive Company Culture
One of the best ways to create a positive company culture is through communication. Management should be accessible and at meetings, everyone should have a say, not only about their daily work experience but where they see the company heading. Input from employees can be valuable in creating a feeling of teamwork and generating new ideas. If employees feel they are being listened to, not just concerning complaints but their ideas and vision, they are more likely to feel they have a future with the company and are more likely to feel engaged.