The Importance of Building a Winning Corporate Culture
When people think of corporate culture, they imagine a great working environment where employees enjoy doing what they do. While that is not entirely inaccurate, it still does not wholly encompass the true meaning behind instilling a winning corporate culture.
When done right, a company’s culture is what sets it apart from its competitors. One need only look at the numbers to understand its significance. A study released by Deloitte stated94% of executives and 88% of employees believe a distinct workplace culture is important to business success. Yet another study, this time by Forbes, saw a total revenue growth of nearly four times for companies with strong cultures.
In what specific ways, though, can culture improve business performance? Can culture truly help an organization achieve its long term goals? Below are some of the ways in which building a winning corporate culture can help a company get on the fastest route to success:
Nowadays, people are not just satisfied with a company’s ability to sell products or services. They want to be able to identify with the brand that they are engaging with. A strong company culture helps put forward your organization’s personality and establishes a connection with your audience. Through your culture, you will be able to define your company’s values and mission, allowing people to relate themselves with your brand and thus set it apart from other players in the market.
A survey conducted by CultureIQ found that company culture qualities such as work environment, support systems and mission and value alignment had the most impact on employee satisfaction. If you are able to motivate your employees to align their goals with your company’s goals, they develop the drive to become more productive and ultimately help you achieve your desired results. A strong company culture will act as the binding force that brings employees together and make them feel like they are contributing towards something meaningful.
A recent study by LinkedIn found that companies with strong brand cultures were able to cut the cost per hire by as much as half! This is because many candidates’ criteria for jobs now include an engaging work environment. A lack of connection between your employees and your company may increase the risk of high employee turnover, the costs of which can range anywhere between tens of thousands to nearly two times a candidate’s annual salary, according to Deloitte. By investing the time and resources needed to ensure that your employees fit in well with your organization’s culture, your employees will not only be more likely to stay on, they will also present a favorable picture of your company to other potential candidates. At Diversified Maintenance, our team of over 10,000 outstanding people come from diverse backgrounds. We provide our employees with a positive work environment that empowers them to use their skills and talents for the pursuit of company goals. All our teams share a belief in the company’s mission, which is to help facilities achieve better, cleaner work environments with a commitment towards providing exceptional service with one belief that “Details Matter.”