By: Larry Alton
Corporate culture has arguably always been important, but it’s only become a popular point of discussion in the past 20 years or so. To some, it’s become a buzzword, losing some of its meaning due to the overabundance of content and discussions surrounding it. However, I’d argue that corporate culture was never really overblown, and is actually becoming even more important as the modern workplace continues to evolve.
Why do I say this?
The Benefits of Strong Culture
First, there are clear benefits to having a strong, unified company culture underlying your business’s operations:
- Identity. For starters, culture contributes to the identify and values of your company. For example, if your corporate culture is one that prioritizes setting and meeting goals, your individual workers will be more likely to set and meet goals of their own. It’s a good way to set and maintain the direction of your employees, and without it, it’s hard to keep your company’s values coherent.
- Retention. A strong company culture attracts better talent and, more importantly, retains that talent. When people feel like they belong to an organization, they’re more likely to stick around for the long term. That means lower turnover, fewer new hires to deal with, and better chemistry among your team.
- Image. Corporate culture also adds to your brand identity. If you treat your employees well and have a fun-loving corporate atmosphere, your customers will see you as a fun-loving, generous brand. Depending on your target demographics, that could be a major boon for sales and customer loyalty.
These are tenets of brand culture you’re likely already familiar with. Culture overall is going to become more important, which means all these dimensions will increase in line with that expansion. So why is that importance beginning to increase?
Trends and Competition
One of the biggest motivating factors is the fact that corporate culture is becoming a more popular consideration and development. More companies are shifting their attention to creating more thorough brand cultures, and preserving them through ongoing development. Why? It’s at least partially due to the fact that culture is talked about more frequently. Studies have indicated measurable increases in turnover for companies with poor or nonexistent culture, and conversationally, culture is mentioned more frequently between entrepreneurs.
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