Could Company Culture Transform Your Bottom Line?

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It’s the intangible factor that everyone feels. And it’s something which has the potential to make an impact on your profit margins. If things aren’t quite gelling within your growing start-up business, it could well be the missing ingredient. We’re talking company culture – something which can be hard to define, but that nevertheless is a fundamental part of the operation that you lead. Culture defines a company’s fit with it’s employees – it can help you to attract the best talent, even without the deepest pockets – and it can also help to reduce employee turnover, reducing the significant costs of recruitment. If you don’t have a positive working culture, then you’re simply storing up problems for the future. In fact, a recent Deloitte survey found that 88 per cent of employees rated a business’ culture as an important factor in its success. So it’s hard to argue otherwise than that defining and distilling that culture should be fairly high on your list of priorities.

Giving Recruitment A Boost

When it comes time to make a few new hires, you have all your tools in place – from psychometric testing to a personal reference checker, but you also need to make sure you can articulate and sell culture to prospective employees. It’s one of your greatest competitive advantages on the corporates, especially on a lean start-up budget. Generating a reputation as a dynamic and companionable place to work will go far, especially in the social media age when past and future employees are easily connected.

Keep Employees Loyal

When the cost of recruitment and training is a significant hit to your business, any steps you can take to reduce turnover should be considered. Here’s where fostering a positive work culture can be a huge benefit your business bank balance. Involve your staff in creating the company culture- the way to know what makes them feel like they’ve been treated well is to ask them.

Fostering Collaboration

Whether you use agile working methodology or not, you want to create an environment where collaboration is naturally occurring. Social interaction, communication and teamwork go hand in hand when you have a great working culture, and from that you can get some amazing results

Reducing Workplace Stress

Workplace stress is quite literally a killer and can cost your company big – from loss of productivity when someone is distracted to having people actually signed off sick who are still claiming pay and whose positions need to be backfilled. Reducing employee stress makes economic sense – and it’s easy to do if you have a positive, collaborative environment where occasional failure is embraced as part of the learning process and people are trusted and trusting and have open channels of communication. There are many small practical steps to take in this direction, but leading by example is a great place to start. You can also look at instigating employee perks to increase morale – these tend to find the greatest success when they are tailored to the individual and their preferences. It’s a little bit trial and error, but if you start with good intentions and you ask for feedback, you can’t go too far wrong.

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