It pays to have an outstanding company culture. More than just a pleasant work environment, businesses with both highly aligned cultures and innovation strategies have 30% higher enterprise value growth and 17% higher profit margins than companies without a high level of alignment, according to the 2014 Global Innovation 1000 study, conducted by Strategy&, part of the PwC network.
Clearly, investing in your company culture is seriously good for business. Find out how to create a culture that cultivates greatness.
Clearly Define Your Mission and Values
A great culture unites employees, so decide what your core values are and where you’re headed. When this is figured out, clearly communicate these principles to employees and structure your business around them. Your mission and values should be represented in every aspect of your company, allowing current employees, potential hires, and customers to understand your core competencies.
Hire the Right People
It might sound obvious, but many companies get this wrong. Sometimes the best person on paper isn’t the right choice for the job. During the interview process, ask behavioral questions to learn as much as possible about a candidate’s personality. It’s also wise to have the core team meet with each candidate before a hiring decision is made and check references, as those who have previously worked with the person can provide telling insights.
Give Everyone a Voice
A healthy culture doesn’t operate on a top-down basis. Make your company a great place to work by giving all employees a voice. You’ll benefit from a diverse group of ideas and job satisfaction levels will rise, because people feel valued when they’re able to make meaningful contributions.
Cultivate Employee Relationships
Employees who truly care about their colleagues are happier, more productive, and work better as a team. Therefore, the importance of helping people bond cannot be emphasized enough. Making time to have fun together out of the office — i.e., team lunches, happy hours, and events where they can bring their families — are a must. No one wants to let down co-workers they respect and truly care about, so building a tight-knit culture is essential.
Make Changes as Needed
Your culture isn’t something that should be created and set in stone. As your company grows and evolves, you’ll likely need to make changes. It’s very possible you’ll find a certain element that once worked no longer does or you could discover an idea you thought was a winner doesn’t actually go as planned. Being proactive about making these adjustments will ensure you have the right people in place to support your goals.
Need more time to focus on your company culture? ECS offers a full suite of services and subject matter expertise for engaging contract workers, so contact us today to discuss a partnership!