Culture is what motivates and retains talented employees.”- Betty Thompson
Business Success is often associated with financial growth, innovation and customer loyalty.There has been less discourse on how good corporate culture can contribute towards the success of an institution or organization.
Recently, the ongoing 737 Max crisis is taking the center stage and said to be the beginning of the end for Boeing, an airplane manufacturing company. It also showcases the importance of ensuring well being of employees and valuing corporate culture.
Asking the question : can prioritizing good working culture be the first step towards success in business endeavors is the key towards a successful future for upcoming ventures. To know the reality, let’s dive deeper:
Corporate Culture & Business Success:
Corporate Culture is defined as shared norms, values and behaviors which determines the character of a business. It is the living, breathing persona of an enterprise which shapes how things get done within an organization and contributes towards the success of organizational story.
The working environment of a company is determined by an organizational tool called “Culture Score” which measures an enterprise’s culture and identifies the areas that need improvement. It is usually scored on the 5-score point scale with scores ranging from 2.1 to 4.8 and the average score being 3.6. It is based on employee surveys, asking questions on whether employees are respected in their workplace, managers supporting employees and their satisfaction with coworkers,company benefits and management benefits.
A positive company culture is made up of two factors: respect and empowerment.Employees feel respected as their ideas count and they are rewarded for their work.The company values are implemented in daily operations and ethical behaviors is emphasized by leaders which helps in predicting the methodology of employees rating a company’s overall culture.Furthermore, when employees are heard, appreciated and made comfortable, it’s when they are engaged and motivated and feel empowered by the culture to grow and find meaning and purpose in their roles.When these two factors are present in a company’s working environment, it shows that the organization has employee’s support and can strive in the upcoming future.
Good corporate culture is important for business success as it has the power to breathe new life in the workforce,increase engagement levels, productivity and creativity. Increased employee engagement can lead to more employee participation, customer loyalty, enhanced company retention, reduced recruitment costs and higher profitability. It fuels innovation,improves customer service,flexibility & adaptability,attracts top talent and enhances competitive advantage which helps in driving up the performance and making an enterprise successful.
Successful Corporate stories:
Corporate Culture can change the course of an enterprise, for better or worse.It has helped companies enforce policies which are employee-friendly and cater to company values and ethics.
There are several companies where corporate culture has been a major contributor in their success stories.Some of them are as followed:
Chegg : An edtech company, well known for providing student-related services is also now being praised for its diverse and friendly culture. According to an employee who has been working for more than 15 years in the enterprise, the company’s working environment is the best among all companies worldwide.The executive team is known to have regularly solicit feedback and care about the wellbeing of the employees. This shows that the company is following their values and a good environment has helped in boosting up productivity of employees and revenue of the organization.
Zappos : An online shoe and clothes retailer, it has fun and customer-centric culture.Known for its unique practices such as a cultural fit interview or offering new hires money to leave if they aren’t culture fit, it has prioritized employee’s happiness and brought in the best of best company values and practices.The focus on employees and enforcing a positive workplace atmosphere has aided in ensuring committed,satisfied employees and contributed towards the immersive achievement of establishment.
Google : A tech company that emphasizes innovation and employee empowerment has now become more synonymous with work culture than technology itself.It has set the tone for many of the perks and benefits startups are now known for. Free meals, employee trips and parties, financial bonuses, open presentations by high-level executives, gyms, a dog-friendly environment etc. has become the vibe of the enterprise. Additionally, the “20% time” policy in which employees spend 20% of their work time, working on projects that interest them has fostered creativity and aligned with the company’s value of innovation.This exhibits that having employee-friendly policies can be a big profit in terms of employee retention rate , flexibility & adaptability of a firm.
In a nutshell, building a strong corporate culture is essential not just for business success but also can serve as a lesson for upcoming ventures on the whats and ifs of workplace environment.Effective communication, clear vision, flexible working policies and consistent practices aligning with company goals can bestow several agencies with gleeful employees and success stories. So next time, you are thinking of tasting success in business,do think of employees and positive workplace culture too.After all, employees are a significant part of an eminent entrepreneurial tale.
Writers: Ishanaa S, Ambika Sharma