Let’s get deliberate about corporate culture
October 16, 2019
Focus Area—Human Resources
As the working world continues to evolve, corporate culture remains an important focus area for many organizations. Workplace culture can have a significant impact on organizational performance, employee engagement, and the ability to retain and attract talent. Today’s leaders need to recognize that great workplace cultures do not happen by accident—they are designed!
What is corporate culture?
Corporate culture is more than employee perks or the look of your office, it is your corporate character, your brand in action and the driver behind decision making.
Simply put, corporate culture is a shared set of values, beliefs and attitudes within a workplace. Cultures can develop organically or by design, and while every company has a corporate culture, not all exist with equal value.
Why does corporate culture matter?
What comes to mind when you think about your organization; is your reaction positive? Do you enjoy working there? Hopefully you answered yes, but unfortunately, far too many people don’t like where they work. In fact, Gallup, a management consulting firm focused on developing exceptional workplaces, found that as many as 85 percent of employees are actively disengaged at work.
Employee engagement and satisfaction are largely grounded in corporate culture. Randy Grieser, Founder and CEO of ACHIEVE Centre for Leadership & Workplace Performance suggests that when a workplace is intentionally designed to be respectful, rewarding and inspiring, employees are happier, more engaged, and more productive.
As research and the modern workplace continue to evolve, people are waking up to the importance of a healthy corporate culture. Now more than ever, applicants, employees and customers are making big decisions based on their perspective of an organization.
Still not convinced about the importance of corporate culture? Perhaps these numbers from leading organizations such as The Conference Board will change your mind:
- $450-$550 billion: The dollar amount that disengaged employees cost organizations each year.
- Two in five: The number of Canadian workers that would pass on the perfect job if they didn’t buy in to the organization’s corporate culture.
- 73 percent: The number of employees that would leave their jobs given the opportunity. Aside from compensation, the biggest determining factor for leaving an organization is a culture that doesn’t foster respect or growth.
- 4 times: The amount of revenue growth seen by companies with performance enhancing cultures compared to those with non-performance enhancing cultures.
The reality is that you cannot afford to leave culture to chance.
Who is responsible for culture?
When addressing the question of who owns culture, the answer is both simple and complex—we all do.
So, what can you do to ensure that you are creating a high-value corporate culture? You need to get deliberate. When leaders seek best practices and are deliberate about shaping culture based on values and employees, their organizations will see extraordinary business results.
To learn more about how managers at any level can create, measure, and sustain a healthy workplace culture, join The Conference Board of Canada for the Corporate Culture Conference 2020. Our lineup of experts will reveal the results of their primary findings, share best-practices, and discuss real-world examples from leading organizations that have invested in culture. Take the first step in getting deliberate about culture and return to work with the knowledge you need to accelerate positive change.