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Why Building a Purposeful Culture is Critical to a Company's Success

23 Jan 2018 3:31 PM | Anonymous

Purposeful Culture is more important to a company now it is becoming a candidates market. With the unemployment rate declining the job market is becoming more competitive and is favoring the job seeker. Candidates once again have the luxury of scouting out a company they want to work for.  Candidates are considering the entire package; company culture, working environment, sense of community and security all play a role. It is no longer enough that your company offers a highly compensated monetary package. Today’s candidates are looking for a complete package. 

With social media at employee’s fingertips they can easily rate your company and reveal the true culture and scandals within.  With today’s social media and apps to rate businesses there is no-where for your business to hide from the truth of your culture.  Deloilte refers to this as, ‘naked corporation.’  Today no company large or small can cover culture deficiencies with high salaries alone.  Prospective candidates have an insight into your company.  Either positive or negative, your culture will set you apart from your competitors.   

If you have a deficient culture it is time to whip your culture into shape. 

 

As I was reading an article in Forbes, I came across a study feature in Tedx Talks.  ‘The Social Responsibility of Business’ using 26 years of data to show ethical treatment of workers is associated with 2 – 3% higher stock returns per year.  The article went on to emphasis the most important asset in the 21st century is Intangibles. 

The previous blog discussed the Culture Monster and the negative effects of a toxic culture.  You can refer to the Red Flags and Signs your culture needs saved: https://leadingchangeinstitute.com/Blog/5667828


What is Culture?  The culture of a company is its core.  It is created by your beliefs and creates customs.  The ideals, beliefs, thinking, behavior and practices creates your company’s culture and customs. 

Why Purposeful Culture?  It significantly lowers turnover, creates better financial performance and establishes the foundation to attract top talent.

What is Purposeful Culture?  It is guided by the company’s vision and mission statement. 

  • It is passion driven from the top down.
  • Internal communication provides purpose and is strong. Communication provides the ‘Why’, not just communicating what you expect the end result to be.
  • It is a commitment to excellence and offers opportunities for growth.
  • It is a priority to hire not solely based on skill but incorporates hiring practices to search for candidates with compatibility and high Emotional Intelligence.
  • It is a culture that is flexible rather than ridged and fosters respect of your team and your clients.
  • It encourages creativity, accountability and builds loyalty with team members and customers.   Purposeful Culture creates a sense of control over basic aspects of work.
  • Synergy is created and fueled by your team and customers.

Culture whether it is purposeful or toxic takes on a life of its own. Purposeful Cultures reflect high energy that is driven by a shared objective.  It fosters self-starters, mutual trust respect and maintains long-term momentum at a high level.  Conflict is dealt with fairly, constructively and with transparency.

A Purposeful Culture promotes openness.  Setting a stage where team members proactively seek and adapt to new information. They challenge themselves by seeking new and best practices.  Critical forward thinking is welcomed.  Innovation flows through the heart of the company.  Employees hold the knowledge of every step and detail of their job.  If they come up with a more efficient way to complete their job while maintaining quality it is a win for all.

A Purposeful Culture rewards contributors in significant ways that are not always monetary.

People like to be recognized.  It can be as simple as a shout out at a department meeting, feature them in an article in the company newsletter or post it on an employee bulletin board. Keep in mind that being recognized in front of higher ups and peers is one of the most significant recognition's you can give to an employee.

I hope we have made an impact on the importance of company culture.  Sign up for our blog to automatically receive information in your in box.  https://leadingchangeinstitute.com/Subscribe      Our next blog -  How To ‘Integrate Purposeful Culture Into Your Company’. 

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