Rick Goodman — January 22, 2018 — January 22, 2018
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Company culture is often discussed in esoteric terms; most business owners will agree that culture matters, but only in nebulous and unquantifiable ways. It’s a great idea more than it is a prized commodity.
The truth is that company culture has a real, physical impact on your company’s bottom line—period. It can move the sales needle. It can increase the value you get from each employee. It can improve your margins and help your company grow.
Don’t believe me? Let me list just a few of the pragmatic ways in which company culture lends value.
How Company Culture Brings Value
It results in lower employee absenteeism. Let’s be real: When employees take sick days, it’s not always because they’re under the weather. Sometimes, they’re just not willing to come into the office. But what if you had a culture that made people excited to come to work each day? How much more could your team accomplish?
It decreases turnover. Culture is one of the big factors that employees use as they determine whether they wish to stay at your business or head for greener pastures. Bad culture means more turnover—and finding and hiring new team members can be costly. Culture helps you avoid that big expense.
It helps with recruiting. Along the same lines, a strong culture can be awfully attractive to new hires. If you want to bring in top talents—industry experts and rising stars who will really bring value to your team—culture is a good starting point.
It frees up your time. A positive culture encourages employees to work independently, to problem solve, and to take initiative. The result? Leaders and managers have less hand-holding to do, and can spend more of their time adding real value to the business.
It lends itself to continuous improvement. Finally, be aware that a strong company culture is one that’s always looking toward process improvements—meaning that, when you invest in culture, you invest in always making things more productive and more efficient. That can pay off in huge and surprising ways!
The Importance of Company Culture
Culture isn’t just a buzzword. It’s real, bottom-line value that you can inject into your company. Start harnessing the power of culture today.
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