1) The impact company culture has on the success of the business strategy
“Сulture eats strategy for breakfast”
– Peter Drucker – the father of management thinking, writer, and business scholar
You’ve heard the word thrown around at planning meetings and human resource events. We know that company “culture” is the unique values and beliefs that contribute to an organization’s personality – defining the environment where its employees work. The term basically didn’t exist in our parents’ working generation, however now, we as business leaders directly influence the culture of our business in the decisions we make.
“The prevalent beliefs and behaviors within a company are organic but can be shaped by the board and executive leadership through their own example, as well as through principles, policies, and rewarded practices.”
– Larry Fink, BlackRock’s Chairman and CEO
The policies your business develops and the goals and mission you build – basically the entire face and foundation of your company, all affect its culture. Not communicating with your team or not offering the right onboarding process are examples of factors that can build or destroy your company culture.
2) Does culture provide a return on investment?
Measuring your return on investment can be more difficult when it comes to company culture. Your ROI can also be measured both in the success and profit of the business, and the retention of employees, customer relationships and brand loyalty.
“Businesses who are implementing a strategy of employee development, according to Gallup, are seeing upwards and beyond 70% employee engagement.”
Employee engagement should be your most valuable resource for investment because there’s an expanse of possibility waiting to be consumed. Gallup asserts that the US average business is running at 33% efficiency. That’s almost 70% of available potential among American employees that isn’t being tapped into because employees aren’t feeling engaged. If employees aren’t reaching their full potential, then it’s almost considered throwing away success. Businesses who are implementing a strategy of employee development, according to Gallup, are seeing upwards and beyond 70% employee engagement.
3) Achievable strategies to improve company culture
There are many highly achievable ways you can begin developing a strong company culture as part of your business strategy.
- Allow your team to become a part of the values and mission of the business; if they believe in what you stand for, they’ll be motivated to see the company succeed.
- Encourage your team to voice their opinions and their feedback on the work they’re doing.
- Develop an employee recognition program that rewards employees for leadership and other accomplishments.
4) How to nurture and maintain the desired culture
Where it’s important to create a plan to build company culture, it’s equally important to have a workplace strategy in place that will continue to incorporate these practices throughout the future of your business.
“Take a 360°-feedback approach. Everyone who interacts with each of your employees, including external resources and the employee themselves, all can provide feedback on performance, allowing for a more truthful and unbiased description.”
- Allow for work and rest flexibility. Giving your team members the flexibility to have time off for the important and not-so-important moments in their life improves the turnover rate and work satisfaction. Many companies, for example, offer a flexible benefits package that allows for transitional parental leave and flexible work schedules based on family circumstances.
- Develop corporate responsibility activities that involve all your employees. Making an impact on the community as well as in the workplace will allow employees to feel like they are making a difference in the world.
- Investing in employee rewards and recognition means investing in the happiness of your employees, which in turn, creates happy customers. It’s as simple as sending out an email to the team recognizing an employee for going above and beyond their quota.
- Take a 360°-feedback approach. Everyone who interacts with each of your employees, including external resources and the employee themselves, all can provide feedback on performance, allowing for a more truthful and unbiased description.
“Employees need more than check-the-box evaluations, and millennials are leading the way for this change. They will not stay with or excel at companies that relegate feedback to annual or biannual events.” –Managers: Millennials Want Feedback, but Won’t Ask for It – Gallup
5) How technology enables meaningful recognition and feedback
Technology has evolved the way communication is done in the workplace. Instead of meeting at the water cooler to exchange pleasantries and bounce ideas, coworkers can exchange instant messages instead. Technology has impacted communication but it has also developed exciting ways to develop employee engagement solutions that promote a motivated workplace. Tailored employee recognition programs, especially on mobile platforms, allow for instant interactions between peer employees and management – bridging the communication gap between them.
Curious how an employee rewards program can be a useful part of your company culture strategy and begin engaging your employees? Connect with an expert on our team now.