Does your business really need a company culture? Yes, here’s why!

“Maintaining an effective culture is so important that it, in fact, trumps even strategy.”
– Howard Stevenson

What do the statistics say?

What is the difference between a business that does not care to keep a consistent and engaging company culture and a business that tries to implement its culture onto every employee? The statistics speak for themselves:

  • 94% of executives and 88% of employees believe a distinct workplace culture is important to business success. (Deloitte)
  • Companies with strong cultures saw a 4x increase in revenue growth. (Forbes)
  • 74% of surveyed HR professionals say a company’s reputation is critical for successful recruiting. (Source: SHRM)

These are just a few examples of how the culture of your company permeates throughout the business to create the quality of results that it portrays. Knowing these stats, you would think that businesses are doing their very best to ensure a high-quality culture and place to work. Yet a survey showed that only 19% of executives believe their company has the ‘right culture’ (Deloitte). This divide can have a big impact on your business if it turns out that your culture is not working for you but against you.

Take the first step to a better culture!

The best way for your business to take a step into the right direction is to take a close look at your culture right now. However, it can be hard to do so from within the company as communication is often not as open especially when it comes to possible shortcomings within your company. It is best to find a neutral outside perspective to come in and establish a status quo as well as a strategy for potential improvements. In the end culture should not be a top down endeavor but rather it should be something that your employees are going to be proud to represent as well and something that they can identify with.

So what makes a great company culture?

A lot of studies, essays, theses etc. have been written and conducted in regard to what makes a great company culture, but they all have certain qualities in common. A great culture will always be built out of the following key components:

1. Vision:

 A great culture starts with a vision or mission statement. These need to be simple yet ambitious and embody the underlying greater contribution your business is trying to make to your customers or your purpose to the world at large.

2. Values:

A company’s values are the core of its culture. They provide the guidelines on what attitude and behaviors your company expects of every employee to achieve its vision. These need to be authentic above everything else and should be embodied not only by employees but especially by your executive team.

3. Practices:

Practices are the values in action. It is as simple as that. Your company needs to show that for every value it stands for, there are visible practices in everyday work that execute on them. Values without action are inauthentic and could potentially erode the positive effects of your culture.

4. People:

At the end of the day your company’s vision, values, and best practices would mean nothing without people. Your current and potential new employees are the life source of your culture and should be chosen accordingly. If you hire based on “natural fit” not only to the position but also to your overall culture, you will find that your employees, as well as your company, will flourish as a result. People stick with cultures they like and bringing on naturally fitting hires reinforces the culture an organization already has.

We can help you master your culture!

When you think about your own culture where do you see your company at right now? Is your culture something that draws out the maximum potential out of each employee to not only deliver on job expectations but instead to strive towards a greater purpose that they actually identify with? In everyday business, culture can certainly seem very complex. Especially beside all other day-to-day activities thinking about optimizing or even renewing your vision, values etc. can seem an impossible feat. If you feel your company could use guidance towards a more positive culture feel free to contact us for a free consultation. We at Upside Business Solutions are specialized in helping businesses like yours create better cultures for better results.