The Importance of Company Culture and Investing in Your Employees
Help your company thrive and succeed by fostering a sense of strong company culture and investing in your employees on an individual and group level.
With the whirlwind year we’ve had – and the challenging times we continue to navigate – there is nothing more important than nurturing a strong culture for your team and recognizing those that help keep your business afloat each and every day.
Company culture is referred to as the shared values and characteristics of an organization. It encompasses the attitudes and behaviors of a company and its employees and is usually evident in the way an organization’s people interact with each other (from peer-to-peer relationships to executive-to-peer relationships), the values they hold and the decisions they make. Fostering a strong company culture is important for establishing with your employees a sense of belonging within your organization.
The Benefits of a Solid Company Culture
Sets Identity Expectations
For starters, company culture contributes to the identity and values of your organization. For example, if your corporate culture is one that prioritizes integrity and clear communication, your employees might be more motivated to communicate when they’re having trouble or need support while completing a project.
Creating a mission statement where you fully lay out the values your company upholds is a good way to set and maintain the direction of your employees. Without a defined culture or communication of said values, it’s hard to keep your company’s priorities known and coherent.
To determine your specific company’s culture, begin by writing down the attributes that best describe values you uphold. You might write something like “work-life balance”, “team-building” or “remote work flexibility”. Your company culture starts to form when you determine what is important and why it’s important.
Fosters a Strong Brand
A well-communicated, wholesome corporate culture also adds to your brand’s identity — who you are and how your customers view you. Depending on your target demographics, the presence of your company culture could be a major boom for sales and customer loyalty.
Your organizational culture reverberates across all aspects of your business because it represents the way you do business. It’s simultaneously your identity and your image, which means it determines how your people and customers perceive you.
Aids in Employee Retention
It’s a simple fact: Employees who feel “in the know” and aligned with the company they’re working for are more likely to stick around long-term. The retention of talent definitely increases with an openly communicated corporate culture. For your business, that means lower turnover, fewer new hires, and better chemistry among your team.
Aside from upholding your culture, it’s important to continually invest in your current team. Besides generating all the “good feels”, there is a much deeper reason to make this kind of investment.
Investing in your employees is a great business opportunity because it builds you a solid reputation in the marketplace. All companies want to attract the best possible talent, but who would want to work with a company that treats its members as if they’re disposable? Take advantage of the following tips to better ensure your team feels seen and cared for.
How to Better Invest in Your Employees
Where it fits into the schedule, offer opportunities for employees to spend time “on the clock” doing volunteer work and participating in team building initiatives. By recognizing additional needs like this, you are instilling a sense of pride in the company and positioning your organization to be “the ideal place to work.”
A top priority of employees across all industries is the opportunity to continue their education and sharpening their personal skillset. Providing continuing education programs will help your organization improve overall. By offering your employees a competitive edge in their education, you are showing them they are valuable. This simple strategy provides great returns over the long run.
Keep the Workplace Updated
Lastly, keeping your workplace updated with the latest technology and capabilities will communicate to your employees that you care about their ability to conduct their work and carry out their tasks to the best of their potential. Tech knowledge, in general, is an important asset that employers should prioritize. It’s also important to make sure that your team members are equipped with the appropriate tools essential to the success of the team as a whole.
Beyond tech, keeping your office updated with all the assets needed for success is essential – working and capable computers, phone systems, comfortable office chairs and viable space for each employee, etc. Even a maintained coffee machine and break room can make all the difference. Show your employees you care by providing them with the resources they need for success.
We at the Elmore County Economic Development Authority are here to help you. Our only goal is to see our local businesses survive and thrive – through the COVID-19 pandemic and beyond. Check out our blog and latest resources to get the support and insight you need during this time.