Defining Corporate Culture to Increase Your Bottom Line

By
,
of

Labels create a sense of order that most people either consciously or unconsciously follow. While not all labels accurately fit, in the case of defining a corporate culture, a label could be the missing piece to employee acquisition, retention or improved performance.

Virgin Pulse, a company that builds loyalty and engagement through employee-centered programs and tools believes that culture is one of the strongest advantages a company has in terms of standing out when compared to the competition. Through their research they have highlighted three reasons why companies need to focus on clearly defining their corporate culture.

Great Culture Produces Great Results

Just because a company is successful and employees feel they are being properly compensated doesn't necessarily mean that the employee is happy with his/her position. Success is not enough to create a positive culture, according to a recent study in the Journal of Organizational Behavior. The research also found that companies can succeed without a positive culture, but that performance will suffer.

Culture Defines You Better Than Anything Else

People in general want to feel that their employer is looking out for their best interests. The more a company conveys to employees that their well-being is important, the better chance that employees will reciprocate by putting the interest of the company first. It empowers employees to take ownership of their position and execute decisions based on what is best for the client and the company's bottom line.

In defining corporate culture, the determining factor is the level of commitment from employees. People respond to inspiration.

A Dynamic Culture Helps You Win (and Keep) the Best Talent

You are only as good as the company you keep. Developing a culture and promoting that "team" atmosphere can help to keep employees motivated. The research from Virgin Pulse shows that when employees are engaged, they are 47 percent more likely to stay with that company.

For example, a high school basketball team that practices and competes together regularly automatically will have each other's backs during a game. The game becomes more than just trying to win, but about the teamwork that it took to get the win, and that feeling is what drives them to give 100 percent during games.

Virgin Pulse offers five tips to help companies get started defining their corporate culture. [1]

  1. Start at The Top: Make sure leaders practice what they preach. From blog posts to social media images, provide ways for them to showcase how they live the company's values.
  2. Remember, It's About Your Organization: You admire the cultures of your influencers. But what works for them may not work for you. Conduct focus groups and surveys of your employees to get a true sense of what drives your organization.
  3. Go Beyond Perks: Think bigger than ping-pong tables and free lunches. Develop a financial planning workshop or create volunteer opportunities to encompass and support all aspects of employee wellbeing.
  4. Promote From Within: When people prove themselves within the culture, provide encouragement. Establish a mentoring program to foster employee growth which will in turn create confidence in their leadership capabilities.
  5. Give Them Tools: The systems you have in place will make or break employees' long-term retention. Consider tools like Confluence, Yammer and Trello to streamline communication and build transparency.

[1] http://connect.virginpulse.com/files/tipsheet_culture_tr.pdf?submissionGuid=87652260-d73c-4788-82f4-27fb7401a912