What is Company Culture? In the most simplistic of terms, it is the shared values, goals, attitudes, and practices that characterize an organization and its team members. It is essentially how employees feel about their work, how it relates to their values, where they see their company going, and how they are going to get there. (Source Built-In.com).
Why is it so important? Most employees will spend ⅓ of their lifetime at work. Therefore, the environment in which they work will have a big impact on their attitude towards the company, their job, their productivity level, and the effectiveness of their work. Without a positive culture, many employees will struggle to find the real value in their work, and this can lead to a negative consequence to the company’s bottom line. According to research by Deloitte, 94% of executives and 88% of employees believe a distinct corporate culture is important to a business’ success.
Here’s why:
Employees are 54% more likely to stay with a company for over 5 years if they connect with the why.
Employee turnover is typically the single biggest loss of productivity and efficiency in any business. Increasing employee tenure is directly linked to revenue growth and profitability.
Employees are 30% more likely to turn into high performers if they connect with the why.
High performers are innovative, efficient, and produce results.
Companies are 2.5% more likely to be high performing organizations and see increased revenue growth if they have high levels of trust.
High performing organizations are on a “Fly Wheel.” They continually improve as part of their set standards and culture.
All statistics above are from Gallup.
In addition, a strong company culture can make advocates of their employees. Good talent knows other good talent. LinkedIn finds companies can expand their talent pool ten times by recruiting through their employees’ networks. And, employees who are happy with their work and their employer are likely to share this satisfaction with others, helping you to build a strong reputation with prospective employees and clients.
A strong company culture also helps build collaboration amongst their team members. A positive culture facilitates social interaction, teamwork, and open communication, which leads to a higher production rate and amazing results. In addition, companies with a strong company culture tend to see fewer stressed employees, and lower rates of stress can boost employees health and work performance.
Taking the time to focus on building a strong company culture is worth the time and financial investment.
We have developed and implemented culture-driven recruitment strategies and onboarding programs. We have led workshops and discussions with business leaders to help them identify their desired culture, and then helped them implement the desired culture throughout their entire organization. We have trained management teams on using mission, vision, and values to make decisions based on culture and re-routed them when habits are not aligned with the culture. In addition, we have created many successful recognition programs.
To find out more about Reverie Organizational Development Specialists, please visit our website at www.FindReverie.com
“Working with Reverie has been a great experience because it forced us to have hard conversations and work through difficult things in order to grow. That never would have happened without Reverie.” - Reverie Client
"Their ability to encourage and inspire people creates a valuable force for any company." - Reverie Client.
"They have been an integral part of developing our companies organizational structure, strategy, and culture." - Reverie Client
Adding structure. Developing strategy. Aligning vision. Building process. Bringing your business back to an inspired state - a state of reverie.