Follow these steps to ensure your business has an effective company culture
A lot has changed in the way we work in the last year. And how businesses adapted to change had a lot to do with whether they succeeded or failed through the difficulties of 2020. It also reasserted the relevance of people operations as a critical function in any forward-thinking company.
Corporation culture (also known as organisational or corporate culture) can make or break a company, large or small.
The Culture Economy Report 2021 by Breathe highlighted how integral it is for all types of businesses to establish a strong and working company culture, they found that:
The cost of toxic workplace culture to the UK economy is £20.2 billion per year;
Despite remote working, 9 out of 10 SMEs maintained productivity levels;
Staying engaged and productive over the next 12 months would be very difficult and the biggest challenge for 32% of SME employees ;
During the pandemic, just half of the employees are satisfied with their employer's efforts to preserve a positive remote culture;
Almost a third of employees (27%) leave because of company culture;
Only 25% of employees say mental health support was available throughout 2020.
The research has given valuable insight into company culture and how important it is for your business. By incorporating a good company culture, you can maintain a healthy working environment, retain your best employees, and even attract even better personnel in the future.
What is company culture? A company and its employees' attitudes and behaviours are referred to as company culture. It can be demonstrated in how employees interact with one another, in their values, and in their decisions. Company culture is influenced by the work environment, company mission, leadership style, values, ethics, expectations, and goals.
The foundation for meaningful, measurable business growth is established by robust and strong company culture. It's centred on open, productive discussions and assists businesses in identifying problems and coming up with solutions as a group.
It's how a business encourages healthy daily attitudes, behaviours, and work ethics by giving each employee a voice.
Why should I develop a comfortable company culture? Employees care about company culture because their needs and values are aligned with those of their employers. You'll be more productive and create stronger relationships with coworkers if you work somewhere where the culture is a good fit.
Employers care about business culture as well, because employees who fit in are more likely to be not only happier but also more productive. When an employee fits with a company's culture, they are more likely to want to stay for a longer period of time, which minimises turnover and the costs of training new workers, thus contributing to the growth of the entire business.
What can my business do to incorporate a productive company culture? There are a number of ways in which you can instil a sense of solidarity amongst your employees and grow your business further with great company culture. We will highlight a few ideas so you can get started now:
Develop a mindful culture and evaluate it on a regular basis
A company's culture can be built consciously or organically over time. One thing is certain: the values that an organisation establishes as part of its culture send a message to potential and present employees that says, "This is what matters to us." According to PwC's Global Culture Survey for 2021, 67% of CEOs believe that culture is more crucial to an organization's performance than its strategy or operating style.
Develop and empower your leaders
Businesses may hire executives who have the ability to improve but lack proven leadership experience. And occasionally you meet leaders who have never seen or experienced excellent leadership and have no concept of what it looks like.
Allow your management team to practise new skills, test out new tools and strategies on a regular basis to improve their management abilities. This will most likely result in self-assured, connected people managers keen to excel in their roles and guide the rest of your team to shared success.
Create opportunities for your employees to interact
Employees need to feel seen, heard, and understood in order to feel connected. They're the ingredients for establishing trust and ultimately unleashing your team's potential. The more connected teams are to one another and to the organisation, the better chance they have of working together to overcome difficult difficulties.
With the current focus on hybrid working methods, it's critical for executives to lead the way in incorporating vital connectivity checkpoints into daily operations. While each organization's working and communication habits may differ, it's worthwhile to have a conversation with individual team members about their preferences.
We at Persona Finance can ease your responsibilities by providing remote accounting services. For more information on our business and accounting services, please contact Persona Finance at [enquiries@personafinance.co.uk].