Mantra for 2023 : Go big on company culture or go home
Introduction
“Culture is like the wind — it is invisible yet its effect and impact can be seen and felt”
It is often said that the success of a company can be measured by a handful of elements — business strategy, robust technology, focused innovation, great talent, customer satisfaction and brand equity.
Yet, company culture is the glue that binds everything together and acts as the foundation for growth and success
Google has a culture. Apple has a culture. Amazon has a culture. Even if you’ve never worked there, you know these are good examples of great workplace culture because of the stories you’ve heard.
If there’s one thing which unites high performing companies, it’s their culture.
In fact, a report by Deloitte stated that 94% of top executives and 88% of employees believe that having a good company culture is critical to the success of the business
Why? Because a great work culture can be the biggest motivator for people, it can empower employees and turn them into leaders who can take the company to greater heights.
2022 saw massive layoffs across industries, yet employees continue to demand more from their workplace in terms of flexibility, work-life balance, purpose, diversity and everything that contributes to a company culture.
For companies, the writing is on the wall — in 2023, employers must prioritize building a thriving workplace culture, to attract, hire and retain top talent.
So, what exactly is culture?
Company culture is a buzzword which can have various meanings, based on who you ask and in what context you’re defining it.
To define it simply, a company’s culture is simply a set of shared core values, behavioral traits and belief systems that are cultivated, followed, and nourished by its employees.
Any organization’s culture can be reflected in the way its leaders, people and employees interact with each other, and their customers and partners.
If you want to build a great company culture, but don’t know where or how to start, this article will help you get started in the right direction.
Why is workplace culture more important than ever?
If there’s one reason why you should care about workspace culture, it is this — talented people are looking for more than just a place to work, they are seeking a great work experience. And it all starts with having a good work culture.
If you want to hire, retain and nurture high performing, talented employees — you must start with building the right workspace culture.
Put simply, talented people have no shortage of jobs, they are highly sought after and thus, they can be choosy. If they don’t like the workplace culture, they will choose to work somewhere else.
As per Deloitte’s Human Capital Survey, more than 50% of companies worldwide are attempting to change and improve their culture to improve competitiveness and boost employee engagement.
High performers want to work with great teammates where they can learn, contribute and make a difference. They want to be part of a winning team and work in an environment which promotes growth, understanding, trust and collaboration.
In today’s talent based job markets, people want more than just paychecks and perks — they want to feel empowered and they want to make a difference at work.
A study by Workhuman iQ found out that having a high sense of connection to a company’s culture can boost employee morale and motivation, and decrease turnover and attrition.
How can your company build a great culture?
High performing companies don’t just say how great their culture is — they live it.
Here’s how some of the leading companies and startups in India are putting culture first and what you can learn from them:
Wellbeing from Cure.Fit: The health and wellness startup offers a balanced culture which puts merit over hierarchy and puts well-being of its employee first. Employees get food allowances, flexible working hours, unlimited leaves and autonomous project management freedom.
Autonomy from Dunzo: The food-tech startup offers a culture of experimentation, autonomy and risk-taking. Employees get a host of benefits and perks including medical coverage, parental leave, wellness camps, and additional incentives in the form of Dunzo cash.
Making Work Play from Adobe: Employees at Adobe take play seriously as they enjoy a host of benefits like a gym, cricket pitch, basketball court, table tennis tables, and of course a pool table.
Trust from Razorpay: The leading fin-tech startup offers a great amount of trust and transparency as part of its core culture tenet. Employees are encouraged to think like leaders and they are invited to take over Razorpay’s Instagram handle for a day and publicly express their opinion about the company.
Diversity from Intuit: Intuit India not only advocates for open and diverse workplace culture, but also champions it with their Pride Employee Resource Group (ERG). They have been one of the first companies in India to offer special benefits for Transgender employees and provide them with group medical insurance coverage with same sex domestic partners.
Flexibility from SAP: Tech giant SAP offers more than twenty interest groups, encouraging employees to pursue their interest in areas like dance, music, drama, and art. The company also allowed employees 100% flexibility to work from anywhere permanently. SAP employees also get to enjoy industry leading initiatives like — Entrepreneurial Sabbatical to pursue their dreams and Care for Life fund for their long-term financial flexibility.
Taken alone, each of the above components can be used to build or boost your company culture, but when combined, they can create a powerful, personal and influential workplace culture which any employee would love to be a part of.
In Conclusion
Legendary management consultant Peter Drucker once said — “Culture eats strategy for breakfast” and rightly so because no matter how strong your strategy or planning is, it will fall flat unless your people are aligned with your vision and mission.
Unless your employees believe in your company’s culture, they won’t put in the effort and dedication required to take things to the next level.
For successful companies, building a positive workplace culture isn’t just a means for attracting top talent, it is also a way to create an enriching, healthy and positive employee experience every single day.
As companies continue the shift away from the old-school hierarchical nature to a more networked, decentralized, connected one, creating a remarkable culture is more critical.
Culture is the invisible force which can shape a company’s success. Thus, if you want to build a great company, you must start by building a great culture first.
