What makes working at Apple different than working at IBM? The answer is pretty transparent; it’s the culture. Yes, culture touches everything from an organization’s structure, policies, and communication channels to whether the company celebrates the holidays with a big office party or just a holiday card. But, did you know that culture can affect an organization’s financial value?
According to a recent Columbia Business School/Duke University study titled, “Corporate Culture: Evidence from the Field,” 91 percent of the executives surveyed said they believe improving their company culture would increase their company’s value. Likewise, an organization’s culture can also have a negative effect on the bottom line because culture sets the tone for how employees behave. In fact, 84 percent of executives surveyed said that a hostile or negative culture increases the risk of employees breaking the law and/or committing unethical acts.
Business leaders should pay heed to their organization’s culture to create a winning employee engagement strategy that will impact the bottom line. Companies with high-performing cultures actively engage with their employees. Here’s how:
So, whether your company’s culture is buttoned up or buttoned down, leaders should make sure that it suits the work at hand and the people who work there. Your company’s bottom line is counting on it.