As the threat of Covid recedes in the United States, many companies find themselves facing the dilemma of how to move forward in a post-pandemic world. Employees have discovered the advantages of working from home, while employers have realized that productivity can be just as high with workers off-site as it is with workers on-site.
But with more workers meeting and chatting virtually rather than at the water cooler, will the idea of company culture still be relevant? If Zoom meeting rooms take the place of the company cafeteria and department lounge, will we still be able to talk about the relevance of organizational culture?
The answer is a resounding yes. Organizational culture isn’t just about physical space. It’s about leadership and employee mindset, company values, and approaches to collaboration that will propel the company forward as it navigates the post-Covid business environment. As the “new normal” unfolds, company culture will be just as important as ever. Let’s take a look at some reasons why.
- Company culture impacts turnover
Studies have shown that an employee who is satisfied with their organization’s culture shows significantly less interest in seeking a job elsewhere. This is crucial for employers. To put it simply, turnover costs organizations big money. Not only do organizations pay the tangible costs of recruiting new hires, but they also lose productivity as new employees get up to speed and managers spend time training and mentoring them. When an employee leaves an organization, they take their wealth of knowledge and expertise with them.
- Company culture impacts productivity
There is little more detrimental to an employee’s productivity than the feeling that they are not appreciated, respected, or valued. A company culture that conveys to each and every employee that they are an important member of the corporate community will see lasting benefits in the area of productivity. Being a member of a collaborative culture that promotes these sorts of values has been shown to greatly increase employee engagement, which in turn leads to greater productivity.
- Company culture impacts marketing and sales
When talking about company culture, people usually think about workplace culture and employee turnover. But, in reality, the culture around your organizations sales and marketing practices are equally important.
“It’s important to understand that your brand’s overall corporate culture is different from your sales culture. Though they both can directly impact the other, your team’s sales culture is vitally important to your brand’s ability to grow throughout an up or down market. A positive sales culture can help not only new sales, but also organic growth and employee retention,” explains Matt Chollet, President of Catapult, a leading business development agency for agencies. The Catapult Agency has helped their clients uncover over $1billion in new business opportunities, and part of their success is attributed to their positive sales culture.
“When your prospects, and soon to be clients, understand that making the sale isn’t the most important thing to your team, they will be more inclined to lean further into your organization in order to help solve their brand’s problems,” Chollet adds.
- Company culture affects the customer experience
Company culture may be first and foremost about the employee experience, but there’s no denying that the customer experience will also be impacted, for good or for bad, by the culture of the organization. This shouldn’t be a surprise. Employees working in an environment that does not fulfill them or make them feel appreciated are unlikely to go out of their way to make customers feel that way.
Customers will flee from companies that don’t appear to share their values or that don’t provide them with a positive experience. But on the flip side, 73% of companies with above-average customer experience outperform their competitors financially.
At the end of the day, all of these factors add up to one thing: the bottom line. As IBM has shown, there is a direct correlation between employee experience—aka company culture—and the financial success of a company.
Even organizations that don’t return full-time to the office post-Covid should keep in mind the elements of company culture that truly matter in creating the most satisfied, productive workforce possible.Track Latest News Live on CEOWORLD magazine and get news updates from the United States and around the world. The views expressed are those of the author and are not necessarily those of the CEOWORLD magazine.
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