Corporate culture and why it matters
Fostering a positive corporate culture is a growing priority for the workforce, and as organizations shift their focus to attract and retain talent, building a strong workplace culture will be more important than ever.
Culture in the workplace refers to the beliefs and behaviors that guide employee and management interactions. Because culture often develops naturally over time, it's vital for employers to implement strategy and structure to support a positive organizational environment. But, before internal structures can be reviewed for effective changes, a clear understanding of corporate culture's impact on the workforce is fundamental.
Organizational culture and its impact
According to a report from Built In, 46% of job seekers cite company culture as very important when determining whether to apply for a job, and 47% of job seekers claim culture is their driving force behind looking for work. It's significant for employers and managers to recognize how establishing strong corporate values can be leveraged in the workforce war for talent.
More than increasing retention rates and reducing turnover, a pragmatic culture also results in improved teamwork, boosted morale and increased productivity, efficiency and job satisfaction. Employees highly value the strength and support a well-structured environment provides for them.
Not only do employees reap the benefits of a strong corporate culture, but the organization as a whole can expect a stronger identity, better reputation and improved operational efficiency throughout. In fact, 86% of potential employees would not apply or continue to work for an organization that has a bad reputation with former employees or the public, as reported by Bonfyre. Reputation matters and so do satisfied employees. To see organizational growth and long-term success, optimizing workplace culture will be essential.
Improving corporate culture
For managers and employers looking to foster a culture of support and success, practices to implement include:
1. Emphasizing employee wellness
Employees who are experiencing excessive stress and burnout are harmful to the bottom line. Thus, it's fundamental for leadership to pay attention to the needs of their workforce and focus on their mental health to keep morale, engagement, productivity and job satisfaction high.
2. Frequently recognizing and showing appreciation for employees
Recognition goes a long way. Workers value the chance to be seen and heard, and recognition is often a powerful tool to maintain motivation and productivity in the workplace.
3. Providing meaning
If clear organizational values and missions are established from the beginning, it's easier for employees to find meaning in their work and sustain job satisfaction along the way.
4. Offering learning and development opportunities
Learning and development opportunities are slowly becoming requirements to attract and retain talent. While it's beneficial for retention rates, it's also profitable for organizations to bridge skill gaps in their workforce.
5. Hiring candidates that demonstrate similar values
Built In also found 91% of managers believe a candidate's alignment with the culture is more important than their skills or experience. Ensuring potential hires will fit into the organizational culture is an efficient way to maintain the positive environment a company has created long term.