The culture of a business plays an intricate part in its success. Company culture has been defined as the personality of an organization from the employee perspective, and includes the company’s mission, expectations and work atmosphere. Company culture has evolved drastically over the last decade, as the success of a many new-age tech companies like Google and Facebook have catapulted a revolution in the workplace, rapidly phasing out the traditional corporate approach to business.
More and more businesses are mimicking the success of these billion dollar empires by investing in their employees and ways to make their work environments as positive and enjoyable as possible to attract and retain top talent.
So, why do these successful companies care so much about their company’s culture?
There is a distinct link between employee happiness and productivity. According to theDepartment of Economics at the University of Warwick , happy workers are 12 percent more productive than the average worker, while unhappy workers are 10 percent less productive. In fact, unhappy employees cost businesses over $300 billion each year, proving it really pays to treat your employees well.
Statistics show that a company’s culture has a direct impact on employee turnover, which also affects productivity and success. A Columbia University study shows that the likelihood of job turnover at an organization with a rich company culture is 13.9 percent, whereas the likelihood of job turnover in poor company cultures is 48.4 percent.
While we all may not be able to offer perks of unlimited vacation days, free meals and on-site dry cleaning services, the emphasis you do put on your company culture is sure to keep you competitive and successful.
Here are 5 ways to make any company culture thrive.
1. Support growth and job satisfaction
Everyone is looking to advance their career and keep work enjoyable. By making it possible for employees to focus on what they enjoy, they are able to grow aspects of the business that bring them deep personal satisfaction and better serve your customers. Support your employee’s dreams, and they will in turn grow your business.
2. Make it fun
Whether it’s monthly happy hours, half-day Fridays, or days off to volunteer together throughout the community, it’s important to try to incorporate fun however possible. Making work feel fun and rewarding will build comradery amongst your team and boost morale.
3. Offer variety
Employees are the happiest at work when they are engaged by the work that they do. Doing the same tasks and responsibilities every day can wear anyone down. There is typically a wide variety of work to be done and new projects emerging. Encourage employees to embrace variety and try new things. This will keep work exciting. Implementing telecommuting and flexible schedules are additional ways to offer variety and show your team you trust them to do their work when and where they can. Work variety and flexible scheduling has proven results in creating happier and more productive employees.
4. Celebrate the wins
It’s important to celebrate success whether it’s a completed project, product launch or a new sale. Take the time to recognize and reward both individual and team successes. Plan small celebrations and offer rewards like gift cards to reenergize your team and make them feel celebrated. This will lead to even greater motivation and pride in the work they produce. By celebrating their successes, you will enjoy employee longevity and happiness and continue to attract quality candidates.
5. Define your mission and live by it
Company missions play a large role in a business’ culture. They provide a universal goal for employees to strive for and live by. When creating a mission statement, it should motivate those connected to the organization, as well as those that the organization hopes to influence. It should give employees something to work for and be specific enough to build your brand and public perception. Your mission statement will also help to attract the right type of employees, those who are best aligned with your business.
It’s clear that there is a strong case for investing in your company’s culture. When your culture is in alignment with your goals and your employees are happy and share your values, vision and enthusiasm, you are paving the way to success and building an outstanding reputation, team and business.