Benefits of Good Corporate Culture for Your Business
Any business ought to have a culture, whether the culture is as a result of a well-calculated strategy and implementation or natural development as the organization grows. That said, what is corporate culture? Well, it is as the set of shared assumptions that determine how your business identifies, thinks about, and acts in response to its different challenges.
And, because the culture involves shared values and practices of your organization, it can make or break your business. In fact, repeated studies show that companies that stick to a specific routine religiously are more likely to achieve their goals and outperform competitors by up to 200%. But, how does good corporate culture help drive the long-term success of a business? Here’s how;
It Encourages Efficiency
For a company to be successful, the employees must have the right attitude. With the correct mindset, your workers will perform as you expect them to. Companies like HubSpot and Netflix, for instance, have crafted the “no vacation” policy. Make no mistake about it. The employees of these companies get as many off days as they need. Their work, however, is not measured by the number of hours they work per day, but rather on productivity. You can, therefore, use the same strategy to create a culture of work and life instead of work versus life for your business.
It Increases Employee and Customer Retention
It takes a healthy culture to retain great employees and clients. As a business owner, you should learn to listen to your workers. With a corporate culture in place, you can quickly identify employees who are likely to thrive at your company. In other words, your employees will be aware of their job expectations and will work toward fulfilling your organization’s long-term goals.
It Promotes Cohesive Vision
A good corporate culture entails accurately communicating the overall mission and vision of your company to your workers. The idea is to promote the “culture of inclusion” to allow your workers to share your businesses future and financial performance. A study conducted by Cisco IBSG found that up to 55% of employees working in a company with a healthy and inclusive culture are “very confident” about their organization’s future economic outlook. On the other hand, only 33% of workers in companies with non-inclusive cultures expressed optimism about their organization’s future.
…One More Thing; Be Sure to Keep Good Records of Your Employees
Even as you strive to develop an ethical culture in your business, it makes perfect sense to know as much as you can about your workers. Seek to get familiar with their roles at your company. That way, you can assess performance individually. Get them ID badges and job cards to make identification a lot easier. On that note, click here to read more about EasyIDCard a first-class ID badge maker. Don’t forget to check out the collection of ID badge templates to make it easy for you to decide which one works for your business needs.