You’ve probably heard the term “company culture” before. Today, it’s become a “must-have” rather than a “nice-to-have,” as companies are recognising that a strong company culture is directly correlated with profitability, productivity and employee retention.
So, how did this shift in workforce priorities come to be?
Millennials have now surpassed Generation X as the largest share of the workforce and have brought a new perception of what office life should be.
To millennials, they desire a career with values, meaning, community and culture.
According to a recent study by Deloitte University Press, 87% of HR leaders consider culture and engagement as one of their top challenges, and 50% say the problem is “very important.”
Without a doubt, a strong company culture is essential to the modern workforce, and is no longer a topic to debate.
Every organisation, regardless of size or industry, can take advantage of the benefits a strong, well-defined culture has to offer. Let’s dive deeper into these benefits, and the biggest problems companies face when trying to implement their culture.
Attract top talent
Company culture is the brand you create for your business, and it makes for a sound recruiting and retention platform. Companies with strong corporate cultures are often recognized as better places to work, and it appeals to millennials who demand fulfilling work.
Make employees more motivated and productive
Employees who understand their company’s culture are more confident in their work and strive to work harder and achieve more.
When your talent employees are happy and fulfilled, they’re likely to stay. With lower turnover rates, you’ll save money on job postings, onboarding and training new employees. The increased performance also has a direct impact on the company’s profitability.
Improve stakeholder relations
When a company has a strong sense of purpose and well-defined culture, 89% of employees say their stakeholders trust that they deliver the highest quality products and services vs. 66% of those that companies that don’t, according to a Core Beliefs and Culture Survey by Deloitte.
This survey also cites that one of the biggest problems of implementing a strong culture is a disconnect that happens between employees and executives. Punit Renjen, the presenter of this survey, says:
“Many companies are missing an opportunity to more comprehensively integrate purpose-building activities into their core business strategies and operations. What companies do for clients, people, communities and society are all interconnected. A culture of purpose ensures that management and employees alike see each as a reason to go to work every day.”
Executives were most likely to say that there’s a strong sense of purpose that could be easily explained by the employees. However, employees were less likely than executives to say that programs were integrated into their company’s strategy.
A good place to start to meet those cultural goals is providing training where you can paint an inspiring picture for your employees, and the resources for them to continue to grow.
Please get in touch if you need support transforming your training materials to communicate your company’s values and mission, or simply have legacy training in desperate need of updating!