The benefits of a strong corporate culture are both intuitive and supported by social science. But what makes a culture? I believe we are living through one of the best times in the history of work. Thanks to the advancement in technology and instant access to information, our generation has a greater sense of empathy, ethics, and values. In the past, job seekers would be looking for a place that would pay them well and give them good benefits. Now, job seekers are looking for organizations that have great cultures. Companies need to offer individuals a sense of belonging and a mission to accomplish something remarkable. With no company culture, an organization, is not sustainable in the 21st century.
We have come up with five elements that are essential to building and sustaining great company cultures:
Employees express a sense of winning together when times are good—and sticking together when times are tough.
Top features separating the best workplaces from other organisations include:
- Celebrating special events
- Sharing profits
- Treating layoffs as a last resort
The importance of unity extends to giving back to the community, unity and community also create conditions for better employee cooperation.
Humans place a high value on fairness. Companies where employees feel like everyone is getting a fair opportunity consistently report more positive employee experiences.
Surprisingly, fair pay isn’t the factor that most impacts employees’ overall workplace satisfaction and intent to stay. Other, less tangible aspects of the workplace, such as pride and strong leadership, play a much larger role.
Employees say that being paid fairly for their work makes them twice as likely to think their workplace is great. But when employees are proud of their work, they are 20 times more likely to say it’s a great workplace.
3. Trustworthy management
According to our study, 83% of employees said management’s actions match its words, versus 42% of employees at the average workplace.
Trustworthy, credible and personable managers have a significant positive impact on:
- Employee retention
- Overall workplace satisfaction
- Employees’ willingness to recommend their company
- Motivation to give extra effort at work.
When employees say managers are honest and ethical, they’re 5 times more likely to want to work there for a long time, and 11 times more likely to think the workplace is great.
When managers create a safe environment to express ideas and make suggestions, employees are 31 times more likely to think their workplace is innovative. Workplaces that have innovative cultures inspire employee loyalty, confidence and willingness to give extra.
Employees at innovative companies are 4 times more likely to say they’re proud to tell others they work there, 9 times more likely to think their company is a great place to work, and 4 times more likely to give extra to get the job done.
Every company says it values employees. This year, for example, we saw exceptional support for employees during the COVID-19 pandemic.
We also see maternity leave practices improving, and milk shipping benefits are becoming more common.
By thoughtfully investing time and effort into these six areas, you can show your people that you care about them, improve employee experience, and put your company on a path to creating a great company culture.