Company culture can be defined as the values, ideals, talent attitudes, and business goals that make up the company. In a nutshell, company culture defines the company's identity. We talked more about it in our other blog post, How To Nurture a Positive Company Culture.
Here we will detail the importance of excellent company culture and the benefits that your company and talents can enjoy under it. Let's get started.
Why Is Company Culture So Influential?
Of course, the most important question about company culture is why should you care? Well, there are many reasons to pay attention to your company culture. For starters, it can help you attract and retain quality talent and keep them highly motivated by creating a sense of belonging. Additionally, it enables you to save money that can then be used to improve other facets of the company. Now that I got your attention, let's explore in more detail.
There are many ways to attract potential talent, some more and some less effective. Salary is, of course, a primary concern for new talent. However, it is not the alpha and omega of recruiting.
Highly skilled talent can always have high salaries, and plenty of companies can and will offer competitive pay. For talent, the choice between two similarly paid positions will often come down to feeling more comfortable.
Providing a positive company culture gives your company a good reputation, thus attracting more potential talent. Without this reputation, you run the risk of falling behind your competitors.
Similar to attracting talent, retaining them is also easier with great company culture. When your talent feel like they belong to the company, can express themselves, and grow professionally, you won't have to worry about them leaving you to join your competitors. This sense of belonging can prevail even in offers of a higher salary, provided they already have a decent wage, of course.
Skilled talent will appreciate it if your company culture promotes a dynamic workplace to avoid a boring routine. The chance to interact with different people and work on various projects, all in a welcoming environment, might be the thing that keeps the high skilled talent in your company.
When those pesky talent hunters come to your talent with their promises, you can rest assured that great company culture will help tip the scales in your favor.
Great company culture will influence your team's performance and improve their results. It is no surprise that talent who are content with their jobs contribute more than those that are not. People invest themselves more in something they believe in or consider themselves a part of. This alone is already important enough to affect your profits, but it goes further than that.
With the broader choice of new talents and less churn for the existing ones, you spend less money on the constant change of talent, the recruiting process, and HR paperwork. All this considered, it's actually a significant amount of money and time saved.
When your talents feel a sense of belonging, they will want to share their excitement and experiences with others. Things they love about their job, fun activities, notable events all get shared across social media. This spreads awareness of your company in a very positive way.
They will also talk positively about the company to their friends and family, providing additional potential clients and talent. People tend to associate with other people of similar interests, which means more talent for your company.
Happy talents are the best marketing for your company.
Let's face it, bad things happen. Even the best companies experience rough patches. It's completely normal, but it can occasionally spiral out of control and cause significant damage to a company. That's why it pays off to be prepared. You can also help your company be more stable by fostering a good talent environment. Building loyalty and a sense of belonging to the team makes your company stronger.
In a crisis, company culture can help the team stay united and weather the storm.
A Clear Message
As your company culture becomes better, it can actually influence the effectiveness of your communication. For example, as your talents become more and more invested in the company and start to feel more relaxed, you will notice this trend. This is because people who are more comfortable at work are more likely to ask questions in case of any misunderstanding. When everyone knows what is expected of them and what is not, they find it easier to simply ask questions. Otherwise, your talent might be afraid to ask questions out of concern that it might make them sound unprofessional or simply not good enough.
Lack of clear communication can cause many problems in time, so any measure you can take to remove this issue should be taken.
It’s Not Rocket Science
When people feel safe and relaxed, they are the most productive and creative as they can be. Remove the confusion and fear, introduce the feeling of belonging, and your company will function smoothly and, of course, more profitably. It's not even costly to implement. At the least, hiring the right people and treating them with respect is an excellent start. A foundation for the future of your company. From there, you can build a genuinely great company culture.