CORPORATE CULTURE
Corporate culture refers to the beliefs, artefacts and behaviors that determine how a company’s employees and management interact and handle business transactions. The leadership of an organization is responsible for setting the tone of the expected culture. They therefore must be clear on the kind of culture that they want within the organization. The Human Resource Department plays a critical part of aligning policies with the desired culture.
Good corporate culture helps in creating a sense of belonging and pride among company stakeholders. In such a case stakeholders are normally proud to be associated with the organization. They will for example wear branded merchandise with pride and confidently sell the organization to prospective clients (both internal and external); therefore, enhancing both the organization brand and employer’s brand.
Industry leaders have shown that the best way of achieving organizational objectives is to embed the organization strategy with the organization culture. These two have to work in tandem. It is unheard of to have a good organization culture and bad strategy and still achieve desired goals or vice versa. The winning formula is having a good strategy, supported by a good culture!
Some of the areas that businesses can focus on to create a good culture are:
Hiring the right people
Ensuring there is clarity of roles and goals
Employee wellness
Involving employees in decision making process
Putting equal attention to both extrinsic and intrinsic motivators
Having the right leadership to model desired culture
The right culture plays a huge role in retaining talent, increasing productivity, fostering team spirit, boosting the employee’s morale and bringing about a happy and dedicated workforce. All these factors affect the overall success of a business.
Reference:
https://www.investopedia.com/terms/c/corporate-culture.asp
