Getting up and going to work each day should not be a wretched task. However, only 10% of Americans look forward to going to work every day. Employees should wake up and look forward to the challenges, co-workers, diversity and environment that they will face at the workplace. Many companies are hurting themselves and their success by not focusing enough time or attention to creating a comfortable and productive company culture. After all, when employees are dissatisfied, workplace productivity is greatly decreased. However, there is a direct link to successful companies and a great company culture.
In this exclusive Bold Business video from the Synapse Summit and American Dreams Academy, we feature expert opinions on what makes a great company culture from Arnie Bellini, ConnectWise CEO, Vishal Mahtani, Advisor and Intrapeneur The Penny Hoarder (Taylor Media), Steve Tingiris, Founder Dabble Lab, Ed Buckley, Peerfit CEO, Scott Neil, COO American Freedom Distillery, and Rebecca White, University of Tampa, James W Walter Distinguished Chair of Entrepreneurship and Entrepreneurship Center Director.
What is a Great Company Culture and Why is it so Important?
The textbook definition of a company’s culture will list things like company vision, values, systems, norms, assumptions, beliefs, biases and habits. There are also the factors of diversity and inclusion that also impact company culture.
That being said, employers may judge their company’s culture based off of their employee’s enthusiasm or collected personality. An employee, however, may view their company’s culture by the level of comfortability and satisfaction they experience while working at the office.
Company Culture Importance
According to Bold Business’s exclusive Synapse Summit interview with Arnie Bellini, the CEO of ConnectWise, “Culture is the life-force of a company. It is not something you think about later. It’s something that you want to get right away. In fact, very few companies survive even the first year unless they have a culture.”
Employee satisfaction is especially important to the well-being of the company as employee happiness means more productivity and a stronger leg against the competition. In fact, happy workers generate an average of $2,601 more annually in productivity than employees that are unengaged or depressed. Having a workplace that is comfortable and engaging is crucial to company success. So, what are the components that make a great company culture?
Hiring the Right People
A company’s hiring process should go beyond onboarding individuals solely because they possess the required skills. The personalities of your employees can contribute to the company’s successes or failures. Also, the diversity of the workforce and its inclusiveness impact employee satisfaction and a great company culture.
While many people may be able to accomplish the job, not all of them have the personal skills to work efficiently and effectively with other employees. In a survey asking 17,000 employees about the company culture of their workplace, 66% said they “sometimes, rarely or never” feel like they can trust their colleagues to support them at the office.
So, while these employees may be accomplishing work on their own, they may be bringing down the productivity of others due to the negativity of their presence. This is why it is so important for companies to really learn their prospects before offering an official position. Employees that are passionate about the values and missions of the organization are more dedicated to accomplishing the goal.
Encouraging Employee Bonding through an Inclusive Workforce
Simply hiring the right people may not be enough for employee workplaces to thrive. Companies that give employees the opportunity to get to know one another are more successful and have more satisfied employees. Much of this has to do with the factor of an inclusive workforce in a great company culture.
The Society for Human Resource Management defines inclusion as “The achievement of a work environment in which all individuals receive fair and respectful treatment. They experience equal access to opportunities and resources. Lastly, they can contribute fully to the organization’s success.”
Today, many companies refer to their employees as a team, working together to accomplish a universal goal. This encourages employee cooperation, enticing individuals to turn towards their peers for questions, inspiration, and ideas. When employees work as a team their relationships are stronger and innovative ideas are brought to the table. This is directly correlated to an inclusive workforce.
Encourage Employee Contribution
Everyone wants to feel valued and know that the work they are doing is important. If employees cannot voice their opinions, they will feel like just another employee at any another company. Giving employees a voice allows them to feel more independent, trusted and valuable. In fact, some of the greatest business ideas have come from lower level employees. Allow your employees every chance they can get to input their opinions and ideas. As a result, your employees will be happier and confident. The company, in turn, receives brilliant ideas and feedback.
Rebecca White, University of Tampa, James W Walter Distinguished Chair of Entrepreneurship and Entrepreneurship Center Director, offers this perspective, “Company Culture. It’s really about being aware of who your employees and their impact to the organization so that they can actually fill in the gaps. So I always go back to people and their importance.”
Celebrate Accomplishments and Employee Success
Celebrate every success your employees achieve. A survey conducted by Badgeville found that 83% of Americans would rather receive recognition for their contributions than any rewards or gifts. Another 88% of respondents said that praise from their peers and managers is very motivating. Therefore, it is crucial for companies to acknowledge the work their employees are doing. A celebration doesn’t have to be a large party, however. Simply recognizing the efforts of your team will improve their happiness and commitment at the office. It is also important that companies encourage employees who may be underperforming or struggling with their projects. Catch up with these employees to understand why they are struggling. Talk through a solution and encourage the success of their efforts.
Promote Diversity and an Inclusive Workforce
According to a study done by Deloitte, workplaces that support diversity and inclusion have 83% greater performance in terms of ability to innovate, 42% improvement in team collaboration and 31% increase in responsiveness to change in customer needs. All ethnicities, ages, genders, disabilities and religions should be shown respect and support. The workplace should be an atmosphere that encourages powerful voices from individuals of every background. Let these minorities feel accepted, comfortable and offer prompt assistance if these individuals have any concerns or feel ostracized
Communicate, Communicate, Communicate
A survey conducted in 2014 by About.com found that 62% of American workers say the biggest complaint about their jobs is the lack of communication. There are a handful of reasons why lack of communication is a critical error for businesses. First off, when employees fail to understand what is going on in the office, their confidence may be lower. Additionally, and rumors may be rise to what employees are witnessing but are unsure of.
Lack of communication also causes lowered productivity, missed deadlines and unaccomplished projects. When communication lacks efficiency, employees often fail to know their expectations or the assignments they are working on. The establishment of effective and consistent communication needs to occur for both the company and its employees. Questions and concerns should be answered promptly and all expectations should be discussed with employees regularly.
Vishal Mahtani, Advisor and Intrapreneur at The Penny Hoarder (Taylor Media) is passionate about this topic. In his exclusive interview with Bold Business, he offers this suggestion “Once you have a mission statement that people buy into, it’s incredible what sort of results you get from your people. Our people are bought into what we’re doing and they believe in what we’re doing.”
Measurement Brings Improvement to a Great Corporate Culture
If You Can’t Measure It, You Can’t Improve It. Management thinker Peter Drucker is often quoted as saying that “you can’t manage what you can’t measure.” Drucker means that you can’t know whether or not you are successful unless success is defined and tracked.
When it comes to culture, there are new ways to measure the impact of a company culture. One of these is through the concept of micro learning. These are relatively small units, videos or short-term bursts of learning activity. At Bold Business, we refer to them as Bold training nuggets.
This is a great format because the learners are actually in control of what and when they are learning. Think of this through the lens of the employee base. By 2025, Millennials will comprise 75% of the workforce. The average attention span of a millennial is 90 seconds based on numerous studies.
If organizations want to attract, train, and retain their talent, then they need to create and deliver it in a way adapted to these employees. The use of video is key to this as 70% of Millennials visit YouTube monthly.
At the end of the day, every employee wants to be comfortable in the workplace. They need to know the work they do is valuable and crucial to the success of the company. Many businesses will focus their attentions towards the customers or the products or services they are selling, forgetting the well-being of their employees in the process. A good culture is crucial to employee happiness and success of the company.
Measuring the company culture and learning ways to improve it is also crucial to a great company culture and happy employees.