Episode 98. 3 Surprising Ways Intentionally Curating Your Company Culture Benefits Your Business

Company culture has been a hot topic in the corporate sector pretty much since the beginning of time. But what about for small businesses and startups? Just like corporate, your company culture really can make or break your company… regardless of its size.

Your company relies so heavily on that internal culture, in fact, that it is a predictor of its overall success. ​​But why? Why does intentionally curating your company culture matter so much? What is the impact here? What are the positive outcomes that really happen in real life? 

That is exactly what we're going to talk about today. I'm going to share three benefits that you may not have known about yet that may be a little bit surprising to you. 

DEFINING COMPANY CULTURE

Company culture can make or break your company… irregardless of its size.   But why is it so hard to master? Everyone wants a “good” company culture, of course, but some fail to realize that it goes a lot deeper than the general “vibe” or “energy.” 

Company culture: The underlying beliefs, assumptions, values, and ways of being that guide and inform the actions of all team members. 

Anything that informs the behavior of your entire team… yeah, we want to pay that extra attention. Culture sets the tone for how it feels to go to work every day, how team members treat each other, how issues get handled, and whether or not your current team members recommend their peers to work for you. 

A quick culture tip to keep in mind…

​​What constitutes a “good” company culture or “desirable” company culture really is going to differ from company to company. Just like we have different cultures amongst us as human beings, different companies will have different cultures. There are nuances at play that make your company unique. So as you listen through these benefits, I want you to envision what that ideal company culture would feel like in your company specifically.

Got it? Now, let’s dig into a few company culture benefits that you didn’t know about…

ALIGNED TALENT AND INCREASED RETENTION

​​When your company culture is viewed as desirable by your ideal employee, it becomes easier to attract quality talent. And not only will they be top performers, but they are more likely to be truly aligned with your vision and values. Why? Because vision, values, the way you do what you do all impact the culture that attracts talent in the first place!  

Interestingly, that alignment also leads to an increase in talent retention (i.e. keeping top talent from quitting voluntarily). When we retain top talent, we save so many wasted resources, including the energy, time, and financial cost of recruiting, hiring, onboarding, and developing them over time.

Fun fact! Millennials are 11 times more likely to leave their company than Generation X if their needs for purpose at work are not met. That has everything to do with your company culture and making sure your talent is well aligned. 

FINANCIAL GAIN

According to research by Great Place to Work and FTSE Russell, annual returns for the 100 Best Companies have a 3.23x greater returns. What does that mean? From the perspective of stock performance, there’s a direct and positive correlation between being known as a great place to work and the financial performance of the company! 

Bottom line: curating a desirable company culture has a positive effect and can lead to financial gains in your business! Sounds like a win/win scenario to me.

IMPROVED CLIENT EXPERIENCE 

Think back or envision yourself as an employee of someone else’s company. Now imagine the work environment is uncomfortable in some way. Maybe team members don’t treat each other with respect… maybe mistakes aren’t tolerated… Whatever is undesirable in your eyes - it’s really difficult to just show up to work, let alone go above and beyond.

A desirable company culture directly leads to an improvement in client experience. That is right! Research has found that when team members are feeling engaged and really supported and taken care of, their work performance improves. In layman’s terms: we do better work when we feel good. That trickles down to our client experience! 

FINAL THOUGHTS

Whether you have a company that’s been around for decades, or you're a new startup that’s growing quickly… intentionally curating a desirable company culture has a huge strategic advantage. From your talent bench to financial gains and an improved client experience - there are more than enough reasons to prioritize this work! 

Need support as you set out to improve your own company culture? Head to www.tiannatye.com to learn how we can support you today.