How do you achieve a successful company culture? How important is that culture within the company’s overall success?
“Corporate culture is the only sustainable competitive advantage that is completely within the entrepreneur’s control.” – David Cummings, Co-founder of Pardot. The culture within a company can be defined as the shared ethos of a business which is made up of how employees feel about the work they do and their shared values.
When there is a strong culture, this brings many benefits to the employer, employees and clients. Culture is proven to boost morale and relationships within a workplace, making it an enjoyable environment to be a part of, with the work produced being of a higher standard. Feeling satisfied and motivated will ultimately reduce employee turnover, which can often be costly and time consuming for the employer. A study found that the top factors motivating employees are ‘peer motivation and relationships’, ‘feeling encouraged’, and ‘believing in the company’, therefore proving that competitive pay is not enough to hold onto all your staff. Furthermore, research carried out by The Culture Economy showed that a strong and consistent culture meant team members were 49% more likely to contribute ideas and support innovation which is a tool that cannot be underestimated when concerning company competitiveness.