The importance of Company Culture in the workplace
One of the top concerns for HR professionals, CEOs, and other stakeholders worldwide is to create a healthy and pleasant corporate culture. A positive workplace ethos can’t be replaced by anything else because it has a significant impact on employee productivity, engagement, and overall business performance. However, building and maintaining a striving corporate culture, on the other hand, isn’t that easy. Corporate culture, also known as company culture, is composed of shared views and values developed by leaders and then conveyed and reinforced through various techniques, resulting in employee perceptions, behaviors, and understanding. It establishes the backdrop for everything a firm does and shapes employees’ workplace experience.
There is no one-size-fits-all culture template that fulfills all organizational needs because businesses and markets will always differ to some extent.
As said before, corporate culture is one of the most important factors influencing employee motivation, engagement, well-being, and productivity. As a result, culture directly influences the HR department’s most essential KPIs, such as staff recruitment and retention.
More importantly, a positive corporate culture is regarded as a company’s most important competitive advantage. According to Deloitte research, 82 percent of individuals believe that culture can provide a competitive edge, and 94 percent of businesses and 88 percent of job seekers believe that a positive work environment is essential for success. However, only 12% of execs believe their organizations drive the “ideal culture,” and only 19% believe their company has the “right culture.”
Maintaining corporate culture has become more difficult since the introduction of remote work, with the current pandemic crisis confronting firms with a slew of challenges. There are an increasing number of entirely remote businesses around the world. It’s not easy for them to maintain constant alignment with the company’s fundamental values, mission, and vision.
Employee alignment with the company’s fundamental values is one of the most critical drivers of employee satisfaction and retention when it comes to developing a healthy corporate culture. It is much easier to create a unique culture if your staff understand and lives by your corporate principles.
However, defined values and culture are irrelevant unless they are communicated to everyone transparently and frequently. Employee retention is greatly influenced by understanding and agreeing with the company’s objective. Employees who understand your company culture are significantly more likely to perform better, be more involved in their work, and stay with their companies for longer.
Since the pandemic has brought about hybrid workplaces, good leadership has become increasingly important in ensuring corporate continuity and employee well-being. At this point, leaders must set an example for the organization’s future. To promote good change, they must set an example of living by core principles. They should demonstrate how to foster company culture through specific actions and behavior.
Employers may find it challenging to align their workforce with the corporate culture due to dispersed offices and a multi-generational workforce.
Reaching every employee with individualized communication and keeping their attention with valuable corporate news and updates is more complicated than ever.
Fortunately, this pandemic has sparked incredible advancements in HR technology. We now have access to technology to make communication in the workplace more accessible and efficient. Your organizational culture can be substantially strengthened with the right foot-setting and appropriate tools for support.
February 3, 2023: On Thursday, Santander said its 2022 net profit increased 18% to a record 9.6 billion euros on higher …
February 3, 2023: On Wednesday, Samsung launched its latest lineup of flagship Galaxy smartphones, which touts a better camera and boosts …
February 3, 2023: On Thursday, the European Central Bank confirmed expectations of a 50 basis point interest rate surge, which takes …
February 1, 2023: China’s onshore A-shares were sailing close to bull market territory on Monday, the initial day after to return from the …