Great company culture has always been important, but in today’s changing business environment it’s more important than ever. Creating and maintaining a strong culture helps businesses to attract and retain talent, inspires innovation and creativity, and promotes a reputation of social responsibility—all of which are highly valued in today’s market.
Below we lay out the benefits of good company culture and some tips on how you can improve morale, have more fun, and see great results by creating a better environment in the workplace.
What is Company Culture?
A company’s culture is the shared values, beliefs, and behaviors that define that particular company and its employees. It’s the “personality” of a company, and it shapes everything from how employees dress and interact with each other to the way they serve customers.
“Good” company culture can look different from organization to organization, but some common elements include:
- A clear focus on employee development and growth
- A collaborative environment
- A commitment to social responsibility
- A positive work/life balance
- Flexible working arrangements
You’ve likely noticed that the common thread is a focus on employees. A good company culture puts employees first, and everything else follows from there.
Why a Good Company Culture is Especially Important Today
Company culture has always been important, but it hasn’t always been a top priority for organizations or job seekers. Today, however, employees are increasingly looking for companies with strong cultures that align with their values.
A study by Glassdoor found that 77% of applicants looked into a company’s culture before applying for a position. A slim majority even reported valuing company culture over salary when considering a job!
These findings make sense when you take the current social and political climate into account. In recent years there has been a growing focus on social responsibility, work/life balance, and other “quality of life” issues. As a result, employees like Penny D. from BioProcure’s Arizona office are looking for companies that share their values and offer the type of environment that matches their personal goals and lifestyles.
“I’m not really sure how I happened to stumble across your amazing company when I was looking at jobs for medical billing, but I’m so very glad I did,” Penny wrote recently in a message to Laura Stack, Co-Founder and COO. “Your support and the culture you have created have made a huge difference in my world, both professionally and personally.”
Good company culture attracts and retains the best employees
Today’s job market is more of a seller’s market. More often than not, employers are competing for top talent—and company culture can be a major differentiator. By focusing on creating a strong culture, you can make your company more appealing to the best and brightest in your industry.
A great culture also makes it easier for you to retain the employees you already have. Academic studies consistently show that employees who are satisfied with their company’s culture are less likely to leave their jobs. Given how costly it is to hire and train new employees, this alone makes a strong case for investing in company culture.
Promote creativity and innovation
“Psychological safety” refers to an environment where employees feel comfortable taking risks and speaking up without fear of repercussions. Innovation thrives in environments with high psychological safety, as employees are more likely to feel empowered to share their ideas. This leads to more creativity and out-of-the-box thinking—two things that are essential for any business that wants to stay ahead of the competition.
A good company culture encourages employees to think outside the box and come up with new ideas.
Though not all industries bank on creativity and innovation in the same way, even companies in more traditional industries can benefit from a culture that allows employees to experiment and take risks. For example, using software like Prendio to automate tedious tasks in departments such as finance and accounting isn’t a way for employees to avoid work; it’s an opportunity for them to focus on more creative and strategic tasks.
A responsible company culture boosts your reputation
Good company culture can help you build a positive reputation—both with potential employees and the general public. And in today’s “reputation economy,” your company’s reputation is more important than ever before.
Today’s customers aren’t satisfied with simply doing business with any company. They want to do business with a company they can believe in. This means genuine social responsibility, not just greenwashing or other marketing ploys.
Knowing what drives your customers and aligning your company’s culture with those values is essential to providing excellent customer service and maintaining a loyal customer base.
A study by Oxford University’s Saïd Business School found that employees who report feeling “happy” at work are 13% more productive This makes sense when you consider that employees who feel valued and supported are more likely to be engaged in their work. Good company culture creates an environment where employees feel like they can do their best because they know that who they are and what they do is worthwhile and appreciated. And when productivity increases, so does profitability.
Fostering a good company culture may require some initial investment, but the long-term benefits are well worth the effort. A strong culture gives your organization a competitive advantage in today’s market and sets you and your employees on the path to long-term success.
At BioProcure, we believe our company culture is what sets us apart. Click here to see what makes us different, and to view our open positions.
Prendio is seeking sharp, capable software engineers who are interested in working on a small team where they can really make an impact. Click here to view open positions.