Company Culture
Most leaders would agree that culture has an extraordinary impact on everything a company does. Since that’s true, doesn’t it follow that it’s far too important not to be intentional about it? We think so and we help companies do just that.
Our work, aims to highlight the importance of culture in relation to engagement, productivity, reduced costs through retention, and competitive advantage from institutional knowledge born of long-term retention. A company's culture is what sets it apart. It is a multifaceted amalgamation of values, behaviors, attitudes, and underlying principles that binds employees together and directs them towards a common goal.
It is the invisible hand that shapes decisions and motivates individuals to put their best foot forward.
This profound truth transcends industry, sector, or region: the culture of a company can make or break its success. Call us to learn more.
Engagement and Productivity
To create an engaged workforce, it is essential to maintain a strong and aligned culture. Employees feel a deeper connection to their work when they share the same values as their organization. They are not just working for a paycheck; they are working towards something larger, something that resonates with their personal beliefs and aspirations. This sense of purpose fuels their commitment, driving them to be more productive and innovative.
Forbes Magazine in Culture Is A Company’s Single Most Powerful Advantage by: Ben Later noted that companies appearing on Fortune’s 100 Best Companies to Work for List, saw higher average returns and cumulative returns as high as 495% compared to 170% (Russel 3000) and 156% (S&P 500).
The facts are hard to refute.
Reduced Costs Through Retention
The importance of culture does not stop at engagement and productivity. It has a direct impact on employee retention as well. Employees are more likely to stay with an organization that recognizes their contributions, aligns with their values, and offers them opportunities for growth.
The cost of hiring and training a new employee can be exorbitant, sometimes reaching up to 150% of their annual salary. By fostering a positive culture that supports retention, a company can reduce these costs significantly. The savings can then be channeled into other areas that further contribute to the company's growth, competitiveness and value.
A Sustainable Competitive Advantage from Long-term Retention
A strong culture that leads to long-term retention also bestows a competitive edge. Employees who stay with a company for a longer period are more likely to develop deep institutional knowledge. They become experts in their field, understanding not only the company's products and services but also its customers, suppliers, and the overall market landscape.
This expertise can be a potent competitive advantage. It enables the company to respond swiftly to market changes, innovate more effectively, and build stronger relationships with customers. In a world where competitive advantages are fleeting, a strong culture that leads to long-term retention can be a sustainable edge.
Why Culture?
In a capitalist system, where competition is fierce and relentless, a strong culture aligned with the company's vision and mission is not a luxury but a necessity. It is the cornerstone upon which engagement, productivity, cost reduction through retention, and competitive advantage are built.
No strategy, however sophisticated, can succeed without the bedrock of a robust culture. It is the foundation that holds an organization together: from strategies to operations, from employee engagement to customer satisfaction, a strong culture infuses every part of a business, setting the stage for long-term success in a competitive landscape.
Give us a call now to learn more about how to get started. Or, complete the form below to get our 5 top reasons building an intentional culture should be a priority for you.