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How strong does company culture impacts business? A 3-step guide

by Jody Ordioni

How strong does company culture impacts business? A 3-step guide

Do you find talent management to be a problem with your company? Then it is time to double down on your company culture. If 2019 was a hard year for you, in terms of finding employees, then this year also provides no respite. The war for snatching talented employees is only set to get tougher. The economy is moving at a slothful pace which increases the pressure on companies to sustain their growth. Growth can only happen when there are people actively working towards it. Thus, it is critical to hire employees who can sustain growth.

This search for the right employee has two conditions attached. Firstly, all companies are looking for the right employee, at the same time. Secondly, the talented employee is spoilt for choices and is able to choose the option that benefits them the most. However, the biggest hurdle to this exercise is the fact that the number of employees seeking a job right now is at the lowest point it has ever been. To overcome this modern-day problem, many companies and mid-size businesses as well, are focusing on providing better compensation packages and luring employees with additional perks. Each company is trying to outdo the other, in terms of what they can offer to any potential employee. While this approach usually works, it is not a long-term solution. To attract and retain top talent, many companies forget that they have a much more powerful tool in their arsenal, that is, the company culture.

Culture is influential in determining whether an employee joins your company, stays with the company or ultimately decides to leave it. Though the importance of strong company culture cannot be enumerated fully, there are three major grounds that are covered when the culture of the company is firm.

Improvement in employee engagement and performance

Strong company culture is like the glue that keeps the top talent close to your company. As human beings, it is necessary for us to feel connected to the people around us and to the work we do. If employees feel that they do not stand out in the culture of the company, it is easier for them to form emotional bonds with the company and colleagues. Such connections make employees more engaged with the company and motivate them to perform better, since they become a part of something larger.

Strong culture attracts outside talent towards your company

Each company has a vibe within the workplace that may not seem obvious to the employees but can be seen instantly by outsiders. This vibe is a consequence of the culture of the company. Your employees are the channels through whom this vibe becomes apparent to outsiders- mainly through their interactions with customers, family, and friends. If your culture is strong and sensible, then the right people will gravitate towards it themselves. Talent will seek out your company for the joy of working there, rather than the other way around.

Mismatches won’t last long and leave

Like culture can attract the right people to your company, it can also successfully eliminate people who don’t fit, on its own. The wrong ones are those who do not align themselves with the vision of the company. Culture dictates behavior that is appropriate in the workplace from what is not, and if the company culture is strong enough, employees set such boundaries through their actions. Just like that, employees who cannot adhere to the culture of the company will distance themselves from the company. The talent that does not respect the vision and mission of your organization becomes a liability later on.

The bottom line

If you haven’t given much thought to company culture, now seems like the right time to invest in it. Our study indicates that only 11% of the respondents feel that their company culture is strong enough. Cutting to the chase, it implies that there is a great scope for improvement when it comes to culture. Companies that wish to stand apart from the crowd should pay attention to their culture and work to make it different from the rest. It is through an advantage like this that one can attract and retain top talent in a time like today.

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