The Glue Behind Your Organization’s Success
By Michael Scher
In the war for talent, an organization needs to do more than just offer high wage salaries and amenities. One way to help bring that to realization is via Corporate Culture. Corporate Culture is extremely important because it can make or break your company from being successful or its potential demise.
According to Harvard Business Review, “A company’s culture can have a powerful impact on its performance. Culture is the glue that binds an organization together and it’s the hardest thing for competitors to copy. As a result, it can be a lasting source of competitive advantage.”
Specifically, it’s a great way to define the DNA of your organization, the values and what you represent. In essence, it’s your organization’s personality which should ultimately set you apart from your competitors. Even more, it should represent who you are, and what you do. And above all, act as the guiding principles of the organization, the way a business should operate and reinforce to employees how they should communicate and interact with one another.
Having a robust culture empowers organizations to be ahead of the curve and can make a huge difference as a talent attractor. For instance, prospective employees look at organizations that foster an environment where one can enjoy, grow and most importantly, succeed. As the talent pool has become much more selective, this intangible asset will not only attract A-list talent, but shine a spotlight on your organization.
In the same way, having a robust culture can also be a talent retainer. In other words, how likely are your employees to stay if they’re unhappy, given the other alternatives and amenities being offered in the marketplace? What is your organizational culture doing specifically to keep those individuals motivated and their desire to stay put? There should be an inner balance between attraction and retention. Otherwise, risk high turnover, which is not only expensive, but extremely time consuming.
To stay competitive, this formula should help guide your employees and create a fun, and exciting environment from day one. From onboarding, talent and development, throughout their tenure, culture plays a vital role in an organization’s performance in achieving the best results
However, to ensure this transformation happens, an organization must develop a cadre of leaders, change agents and champions of culture to build excitement towards a unified vision. They should inspire others and serve as a daily reminder for success when working together toward a common, goal, objective, vision and strategy. By the same token, an organization should also empower others and allow employees from all levels, to share their voice and contribute to the culture as a collective unit, rather than a top down agency. Employees want to be part of something and look forward to working for a company that cultivates an intangible energy that makes coming into work fun. In essence, where work doesn’t feel like a daily routine.
In the end, Corporate Culture may be one of the most invaluable point of differentiations of your business. It’s the difference between sustainability versus lack of innovation. There is always a risk when it comes to culture, and failure to tackle this head on, will result in business implications and worse, your bottom line. If you don’t believe me, go ask your competitors.
In your own words, what does Corporate Culture mean to you and your organization? Moreover, what are you doing specifically to keeping your employees happy, active and engaged? And lastly, which organizations are going above and beyond the call of duty to creating an environment that empowers their employees?
As always, I welcome any and all comments and if you like what you read, be social and share.