Why Should You Build a Great Company Culture?
“What gets celebrated gets reproduced.”
These words given to me early in my career by a mentor have stuck with me. At first, it just seemed like a good thing to say. However, once I had an opportunity to watch it put into practice for a few years, I saw the positive impact it had on leaders, employees and his business.
He meant that our employees, and all humans for that matter, move towards what feels good. And it feels good to be celebrated. Meaning that inevitably our employees will continue to reproduce - consciously or not - that which we celebrate.
For example, let’s say that a defined value of your business is creative problem solving. When people join your team, they know that there’s an expectation to solve the customer’s problems, even before they realize they have one. Now, you can certainly compliment that employee directly for the work they’ve done, which often is impactful for them. However, taking that next step and recognizing that person in front of the team or whole company goes far to solidify the value of their high quality work in the minds of your employees.
Your recognition provides them a tangible example of someone exceeding the expectations of a customer, in line with your company values.
Your team can then see that example and it leads them to find ways to match that type of experience for the customer.
This is how we create culture, aware of it or not.
What is Company Culture?
Company culture is defined in many ways, but it’s really how your employees and customers experience your business each and every day. A strong culture is vital to the success of your business.
Culture is the integrity of your business. It’s you and your employees living up to your defined values.
Culture is part of your company’s intangible value, which directly correlates with what your business may sell for when you exit.
Why does having a great company culture matter?
Simply put, a great company culture contributes to remarkable outcomes from your team and engages them in your overall mission.
In Gallup’s most recent survey on Employee Engagement, they found that only 32% of US workers feel engaged in their current role. They define this as the involvement and enthusiasm of employees in their work and the workplace.
That 32% means there are 68% of workers that would admit they are disengaged in the work that they do every day.
It doesn’t take a business expert to realize that having less than ⅓ of workers engaged in the work they do is a problem that any business would want to turn around.
Engaged workers take ownership of what they do and see a purpose in their work.
These engaged employees lead businesses to a 43% decline in turnover and an 18% increase in productivity.
Creating a culture where employees connect with the mission of your company leads to a more productive business.
Think about that, and ask yourself some new questions.
Questions for business owners looking to explore their company’s culture:
How have you approached the culture of your business thus far?
What are your company values?
Is your team engaged?
Is your team committed to not only their own success but the values, mission and success of the business as a whole?
If you’re unsure of how these answers line up, or what to do about it, don’t worry, you aren’t alone. At Doescher Group, we are here to help hardworking business owners just like you plan their exit with confidence and ease.
Next month, we’ll build on this idea with some tangible steps on how to develop your company’s culture.
Great cultures are built, invested in, and developed over time.
If this is something your team has been discussing, we’d love to hear from you and join that conversation.
