Running a company isn’t easy. It doesn’t matter if you own a fortune 500 firm or a small niche business, maintaining a strong team of employees, and staying efficient is sometimes easier said than done. Today’s best businesses don’t just have the right resources at their disposal, they also focus on organizational culture to help boost morale and retain great employees. But unless you’re already a corporate culture expert, you’re probably wondering what this entails.
According to a research done by Great Place To Work, below business outcomes can be achieved by a strong culture:
- Stock market returns three times greater than the market average.
- Turnover rates that are 50 percent lower than industry competitors.
That’s why the team from Buddy Performance is here to shed some light on organizational culture, it’s importance, and a few of the benefits of having a strong corporate culture in the workplace.
What Exactly is Organizational Culture?
In the simplest of terms, organizational culture is the collection of expectations, values, and practices that guide and inform all your team members. They’re the positive traits that truly make your company what it is. These aren’t your goals or your mission statement, although these things can certainly inform the organizational culture in the workplace. It’s the culture you and your team create through consistent behavior.
Why is Corporate Culture So Important?
One of the foremost reasons having a good organizational culture is important is because it will help your company attract, and retain the best talent. Running a company where people want to work is a big advantage of positive corporate culture. When your corporate culture aligns properly with employees, they’re more likely to feel valued and supported.
What Are Some Components of a Great Organizational Culture?
Some key aspects of a great corporate culture include:
- Trust: Just like building trust among consumers translates into more sales, so too does creating trust among employees provide you some benefits. A team that trusts you will be more likely to give their all.
- Alignment: When a company’s objectives and your employees’ motivations align, you’ll be met with the best results.
- Appreciation: Showing your team you appreciate their hard work is a great way to foster positive corporate culture.
- Teamwork: Fostering a spirit of collaboration among employees can help build trust among team members and strengthen employee relationships that will pay off in the long term.
Most leaders recognize that high-performance culture is a critical ingredient for their companies to success. The critical questions that they try to answer are:
- What type of a culture do we need? They try to identify the behaviors that best align with the company’s’ strategy.
- What culture do we have? Organizational context determines the company culture. They try to analyze the roots of main employee behaviors.
- What aspects of the organizational context should be changed? Leaders try to understand context levers that will change current behaviors to desired behavior.
- How do we make it happen? Define change champions, means of motivation, run pilots, define communication strategies, analyze audience profiles etc.
Build a positive & high-performance organizational culture in the workplace by contacting us!
Do you want to ensure your company is doing all it can to maintain a strong corporate culture? Buddy Performance can help so contact us online today or call +90 212 351 6423.