5 Ways to Benefit from a Strong Company Culture

The company culture is totally unique to the company. Although some companies might have similar cultures, they can never be 100% the same, and this is due to the individuals constituting the company and nurturing the culture.

You can replicate everything in a company – even groundbreaking innovations – except for the culture because it is a complex mix of values, beliefs, actions, individuals, etc.

Having a robust company culture benefits the business in numerous ways.

Clarity  

It is easy to feel at a loss in front of a challenge: “is it the right thing to do?” might be a question employees in a company with a weak culture often ask themselves.

With solid values clearly laid out and regularly reminded, employees will never wonder if something is the right thing to do (or not) because they will know what the company stands for (or not).

It is a time-saver, and thus, productivity gain!

Employee Retention

In the U.S., 63% of companies find it hard to retain workers. However, keeping talents inside the company is crucial, as it saves an immense amount of money. Turnover costs amount from 30% to 400% of the employee’s annual salary.

A strong corporate culture can help businesses retain their talent. Indeed, companies actively working on their culture conserve their talent three times better than companies that do not.

Higher Productivity, Bigger Revenue

Strong company culture calls for clear goals, transparent policies, and explicit tasks, which helps cut unnecessary time wastes from each project.

Having a robust culture also helps with the employees’ morale. Companies with a solid corporate culture will witness higher motivation and engagement from their employees and thus higher productivity. Indeed, the expectation for the employees are clear, it motivates the workers and results in increased output.

Moreover, the sense of community and group is enhanced thanks to the company culture. Thus teamwork thrives, which also increases productivity.

At Neuwelt, we could also notice that. Indeed, when writing a business proposal, when only one person takes care of it, it takes a long time as the person has to research technical terms outside of their reach, must ask the concerned workers for more information, etc. Overall, it is not a smooth ride. However, when multiple people work on the same business proposal, it is done better and faster! It has since then become automatic to assign the business proposal to more than one person, and it does wonder!

“Growth is never by mere chance; it is the result of forces working together.” – James Cash Penney

Employees Well-being

On a more “human” note, investing in the corporate culture will benefit directly your employees’ (and even their families!) well-being.

If they feel like the organization cares for them, that they are heard, and that they belong, their comfort and physical and mental health will only improve.

A good bonus of happy employees: they turn into advocates of your brand, and their productivity also increases!

Public Image and Reputation

The corporate culture plays a crucial role in shaping the company’s brand. Indeed, people form their opinion of a company based on their experience inside and outside the business.

Many clients will be hesitant of doing buy from a company with a weak corporate culture or a bad reputation.

Moreover, 46% of job seekers cite organizational culture as a crucial factor when applying to a company, and 47% of active job seekers cite company culture as their driving reason to look for work.

Thus, a solid organizational culture is crucial for any business to attract customers and talents.

Now that the importance of strong company culture is established, start designing a successful one!