Every winning company has its own culture. Simply put, your company culture is the way your company (and the work environment you've created) demonstrates what it values, believes, and holds dear. You can SAY that you value something, but does it bear out in the way your team members respond to customers, each other, and you?
Research shows that improving your company culture can be key to finding top-notch talent.
What's the first impression your corporate culture gives? Does it reel potential clients and team members in or have them consider other options?
Corporate culture is a changing, shifting, and evolving thing - based on who is part of your organization. And if you're not keeping tabs on it, you may find attracting the right talent challenging! Here are five things to consider to improve your corporate culture and give your business the boost it needs.
Review and talk about your guiding principles
Most team members want to be a part of something bigger than themselves, and research reveals that it’s part of human nature. You can factor this into developing your company culture. When people appreciate what you stand for and where you're headed, they are likelier to jump on your company’s bandwagon. So, it's not just about giving those values a once-over yourself at your annual planning retreat. You've got to spread the word!
Tell your team and let the whole world in. Talk about your core principles, your values and what truly matters to you - as a business owner and a company. This step might seem like a climb, but you can trust that the payoff for your company’s culture is worth it.
One unhappy customer will likely share their bad experience with at least nine others - and considering social media's impact, probably even more. It's like a chain reaction. If anything goes sideways, be proactive and address it quickly. With the internet at everyone’s fingertips, comparing products is a breeze. How would your products and service services hold up in such instances? When you've got quality offers that your team members believe in, you're making a positive contribution to your company culture.
Put compliance and openness first
Have you wondered why your teams are much happier when they believe in the management? It's called transparency. Spread the culture of transparency by making it crystal clear that you and your team are in this together. Keep your staff in the loop, and you’ll build a culture of transparency. Meanwhile, compliance is about following the rules and ensuring things run smoothly. Your corporate culture - those values and ethics - are like puzzle pieces. They all fit together, shaping how you do business.
Compliance is about staying on top of all the legal requirements for your business to ensure any external audits go well (IRS, for example). Depending on the size of your company, it may be a wise move to integrate compliance software into your business processes or simply outsource the task entirely. This allows you to focus on building the front end of your business, knowing that all compliance matters is being taken care of. For example, a private fund manager struggling to fulfil filing and reporting obligations might try looking for private equity reporting requirements assistance and SAAS tools to help with compliance.
Establish an employee appreciation program
Show some love for your team’s hustle if you want to boost the corporate culture. According to research, when the top hierarchy celebrates hard work, it works like magic. 71% of staff are more likely to hang around. You create an employee recognition program by rolling out a red carpet for your team. Think weekly MVP or the month’s best employee. It's more than just a prize; it's like a high-five for their effort, which goes a long way and boosts employee morale. And here is the good part, when you give props where they’re due, it's like supercharging your company’s culture. But that's not all. You can kick your corporate culture up a notch by helping your crew connect and getting them the right gear and resources. That leads to better performance, tighter work bonds, and guarantees that your top talent sticks around for the long haul.
Address the problem of mental health
Burnout is on the rise. And if you have remote workers, the odds are even higher. Your big dreams and goals can't overshadow your team’s well-being. Give them space to learn and grow and also to care for themselves - physically, mentally, emotionally. Get toxic people out of the workplace before you poison your company culture. Give your best people the best possible chance for success - and let them know THEIR dreams matter, too. When they know you're in their corner, you'll have a team mate that wants to stick around!
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