Using core values and a culture of recognition
Every business wants to be successful, but how do you get there?
It’s not just about a spot-on marketing strategy or having an effective finance plan – it’s also about creating (and maintaining) a culture for success in your business.
Too many business owners neglect the importance of company culture in running a business, when in fact, it’s a key ingredient for success.
Company culture is enmeshed into all aspects of running a business which is what makes it so vital to get right. Don’t just take it from us – a study by Deloitte also revealed that 94% of executives and 88% of employees think that “a distinct workplace culture is important to business success.”
The first step is to set and express your core values
Part of a “distinct workplace culture” is the core values behind your business. Your core values are what you stand for and what you promise to deliver. They are relevant to both your internal dealings and the way you interact with and serve external parties including vendors, customers and other stakeholders.
After deciding on the core values of your company, as the business owner, it is your responsibility to educate your employees on the values and beliefs you intend to uphold.
Once your values are communicated, you must make continual and conscientious efforts to put those beliefs and values into action. Many companies miss this and do not walk the walk, as shown by Deloitte’s study where executives have an elevated perception of the quality of their workplace culture compared to the opinions of their employees.
A culture of recognition
In addition to core values, a positive workplace culture also includes regular recognition of good work.
Recognition can be verbally communicated as well as shown through gestures such as complimentary gym memberships and passes and enforced early knock-off times on Fridays. These might be negligible expenses for your company but they show employees that you genuinely care about their wellbeing and appreciate them, boosting employee satisfaction. Happy and satisfied employees tend to be more productive, which has been confirmed by a 2020 study, amongst others.
A positive workplace culture is mutually beneficial to you as the business owner, as well as your employees.
Core values and a culture of recognition are just two ways you can create a culture for success. If you’re interested in more or would like tailored advice on how to establish this culture for your company, discover our services here, with free exploratory calls on offer.