Why workplace culture matters?
What does workplace culture mean to you and why does it really matter?
Broadly speaking, culture is the character, identity and personality of an organization. It’s the sum of many parts – values, beliefs, behaviors, attitudes, traditions – that make the organization unique and distinct.
If it still doesn’t seem very important, let’s take a quick look at some of these.
According to an article published in PeopleInk having a positive and deliberate culture matters. Here is how:
■ A Watson-Wyatt Research says that companies with engaged employees outperform others by 47% to 202%)
■ Organizations with employee engagement scores in the top quartile had 18% higher productivity and 16% higher profits, says a Gallup Study
■ Highly engaged employees are 87% less likely to leave their organizations than highly disengaged employees. (Source: Corporate Executive Board)
This clearly indicates that a workplace culture should be one, which offers high employee engagement, which in turn creates a motivated, competitive and profitable workplace. Culture should be the DNA of the company that drives it even when no one is looking.
Culture vs, strategy
If you’re still not fully convinced, we have some good stuff coming up for you!
You must have heard Peter Drucker’s famous phrase ‘culture eats strategy for lunch.’ Just think of culture as a force that can either strengthen/ augment your business or undermine it, in ways that organizational goals remain unfulfilled.
Today, workplace culture is super important, especially because:
■ It helps you attract talent. Potential job applicants, especially millennials evaluate your organization and its culture as a key criterion for joining. A strong, vibrant and well – communicated culture attracts the right fit and talent. People take Glassdoor comments on culture pretty seriously!
■ It drives engagement and retention. Culture creates a work environment that has the power to either strengthen or weaken employee engagement, motivation and retention. When done right, culture becomes the glue that powers all of these important metrics.
■ It impacts happiness and satisfaction. Research shows that employee happiness and satisfaction is linked to a strong workplace culture (Source: Deloitte). No surprises for guessing that a strong and distinct culture can actually become a company’s brand!
■ It affects performance. Data consistently shows that organization with stronger cultures outperform their competitors in financial performance and are generally more successful. Further, it’s been observed that employees work harder to achieve organizational goals if they consider themselves to be part of the corporate culture.
As organizations are made of people, it’s easy to understand why people would be loyal to culture and not strategy!
As we navigate through volatility, let’s remember that a strong culture provides resilience during tough times. Strategies can be copied but nobody can really copy your culture!
If you share our perspective or have a different viewpoint, leave a comment below and we’ll reach out to you.