A healthy company culture is one of the most important features of a successful business. A lot of leaders in business overlook the importance of improving company culture at the detriment of business growth.
These companies face high turnover rates, unsatisfied employees, and a poor company image. All of these factors negatively impact the business and stem from a toxic company culture.
In this article, we discuss the importance of improving company culture. We discuss employing regular team meetings, activities for staff, and long-term business goals. Continue reading to see how your business can grow with a healthy company culture.
One of the top benefits of a healthy company culture is happier employees. Your employees are what makes your business run and their happiness can have a widespread impact on your company's growth potential.
Happy employees are motivated employees, which means higher attendance and better performance. A motivated employee is going to get their work done quickly and take pride in doing a great job.
High turnover rates are a sign of a toxic company culture. These turnover rates can negatively impact your company's bottom line. You end up spending more on recruitment strategies and training than is necessary.
Happier clients come as a result of a healthy work culture. Clients know a toxic company culture when they see one, but they also know a healthy company culture. When you have a good culture, your employees work better together.
Not only does your staff work in harmony, but they also provide better service all around. They are friendlier to your clients and have a higher tendency to go above and beyond to make your company look good. These happy employees and happy clients lead to company growth.
Word of mouth is an important marketing tool. When you have a great company culture, word spreads and clients want to experience the great service your company provides. This means more clients and more business.
Better Company Image
As word of mouth spreads about your happy employees and clients, your company image is going to improve. You may have the best product in the business, but a great company image can do more for your company's future.
In one study, 67% of people say that online reviews impact their decisions when it comes to making purchases. This means that a toxic company culture can be a great service or product's downfall. By improving company culture, you can positively impact decision-making toward your business' products or services.
Even with happy employees, turnover happens, but the great image you're building for your company means a large pool of candidates who want to work for you. However, it's not just the fact that you have more candidates that should get you excited, it's the fact that you'll have better candidates, too.
The top employees want to work for the top companies. That means your company image, your employee's happiness, and your client's happiness can bring you better-qualified candidates that will only further improve your company's culture and growth potential.
It may come as no shock that with all of the above-mentioned benefits, you're also going to see increased revenue. Consider all the ways you're going to be saving or making money:
- Increased employee performance
- Fewer hiring expenses
- Increased efficiency
- More clients
- More demand for your product
How to Promote a Healthy Company Culture
Now that you know how company culture can drive business growth, you are likely wondering how to promote a healthy company culture. You can set long-term business goals with your staff through regular team meetings. You can also start with some of our top recommendations such as focusing on recruitment, employee development, and teamwork.
One of your top long-term business goals should be to hire the right employees. Recruiting is an expensive business endeavor, but it's arguably one of the most important as well. Hiring the wrong employee can be catastrophic to a company's culture.
It can result in diminished efficiency, negative attitudes, and a general lack of motivation. It can cause everything you don't want to happen to your business. That's why it's essential to take the time to make sure you hire the right employee.
Keep in mind, this doesn't always mean the most qualified. While it's important to hire a qualified candidate, you want to make sure they will fit in with your company's culture for the best possible outcome. Consider hiring on a temporary basis to see how they work with your team.
Investing in your employees will make them want to invest their time and hard work into your company. As we said, happy employees are essential to the success of a business, and employees that feel valued are going to be happy. Provide opportunities for growth such as increasing responsibilities, providing new projects, or sending them to seminars.
You can also pursue employee development through opportunities such as our Leadership Classroom. This 5-month program helps new and emerging leaders develop their skills with a focused and introspective experience. It will help them develop skills such as emotional intelligence and leave them feeling confident and valued by your company.
You want your employees to feel essential to the business. This leads them to feel invested in the company and to want the company to succeed. If you're not sure how to dive into employee development, consider holding regular team meetings to find areas where they want to grow.
A successful business works efficiently, and the only way to be efficient with many employees is to work together. Holding regular team meetings can contribute to building a sense of community. You can also use various activities for staff outside of work where they can work on team-building exercises.
Teamwork is an effective means of fostering a healthy company culture because it creates a sense of community. The more connected your team is with each other, the better their communication and efficiency. Learn how to employ effective leadership coaching techniques to foster teamwork.
Invest in a Healthy Company Culture
Investing in a healthy company culture will greatly impact your company's growth potential. By building a sense of community with the right employees, you'll start seeing happier employees. These happy employees create a great work environment that your clients will love.
Investing in company culture is really investing in your company's future. Take the time to host regular team meetings or activities for staff. This will help your team feel connected and invested in your company's success.
Schedule a free consultation to learn how to foster the leadership needed to grow a healthy company culture.