4 Ways Improving Company Culture Can Boost Your Revenue

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Human resource divisions are tasked with not only finding suitable candidates for an open position but also with ensuring that the new hire is a good fit in an existing and evolving culture. This is because creating a productive workplace equates to creating a profitable one.


According to Entrepreneur, companies that engage their staff have a more committed workforce, workers that are satisfied with their jobs and therefore are more likely to stay, perform above expectations, and foster high morale among their peers.

The corporate culture is loosely defined as a unique working environment. When seeking to build the best company culture possible, many HR professionals agree that providing the right incentives and rewards enables team-building, recognition, and greater achievement. However, traditional top-down employee recognition programs are becoming a thing of the past. In their place are rewards programs that use a points system.


In this scenario, teams and individuals are aware of what is expected to win points and what the eventual rewards will be. These can range from a day off to a gift card. Standing out among their peers is also recognized in a number of ways, including receiving an impromptu ovation from co-workers for a job well done. The point is not to attract talent but to retain it and to support assimilation, collaboration, team building, and innovation. It is these attributes that comprise today’s best company culture.


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The environment is also important in the evolving workplace. Many of the top workplaces foster workplace attributes such as the concept of mixing work and play. An increasing number of break rooms include not only modest kitchen facilities but also game tables such as air hockey and pinball for a different form of team play. Here the concept is to allow team members to become comfortable with each other so they may re-energize and share ideas.


In The State of the American Workplace, a semi-annual poll conducted by Gallup, employee engagement is deemed vital to a company’s success. The study found that staffers whose engagement level was 75% or higher were significantly more productive than their peers who were not as engaged. These achievers posted higher customer ratings and had less absenteeism and turnover than those in the bottom percentile. According to a report on CBS News, employee turnover costs about 20% of a given job’s annual income to find and hire a replacement. Read on to see National Business Capital & Services'  list of tips to consider when building a team aligned with the right corporate culture.


How to Build the Best Company Culture:


Live Your Core Values


delivering happiness creating company valuesThe concept of getting everyone to row in the same direction applies here. Know what your company’s purpose is, and instill its importance and values. This can take the form of a simple graphic stating those values that may be displayed in the break room as well as in the boardroom.


Get with the Program


Achieving and maintaining morale may sometimes require thinning the herd. Those who cannot or will not meet corporate standards send a negative message to others. It is difficult to demand high standards from all yet allow some to repeatedly turn in a sub-par performance. The positive effect could be seen immediately in greater productivity from remaining staffers who appreciate that the bad apple(s) are gone.


Recognition & Rewards


It feels good to be recognized, influence others, and inspire everyone to do more. The result is greater productivity. Another aspect of recognition that the Gallup poll revealed was that management who choose to focus on workers’ strengths eliminate active disengagement.


Building the best company culture does not have to be a budgetary line item. It is important to note, especially for smaller firms, that incentives and rewards do not have to be monetary. A simple perk such as a management parking place for a month or even several free car washes is meaningful. A company-wide email touting the staffer’s achievement is also great for morale. The fact is that employees who feel appreciated and valued are more productive, and their contribution also contributes to a healthier corporate bottom line.


Related: 5 Factors That Make a Successful Employee Recognition Program


Resolve Issues Quickly


No company is Shangri-La. Problems surface and must be dealt with as quickly as possible to avoid morale and productivity issues. A paper by the Harvard Business School recommends that these forums be conducted at least quarterly so that staffers see that their voices are being heard and that actionable progress is being made.


Tie Corporate Achievement to Team Accomplishment


In other words, deliver on your promises when staffers have delivered on fulfilling corporate objectives. If a promotion has been promised and the goal fulfilled, act swiftly to make it happen. Nothing inspires like success. Move an achiever up through the ranks, and others will want to be the next to gain recognition.


Productivity will likely increase as well.


By devising and supporting the best company culture possible, productivity and revenue could also increase exponentially. That provides a win-win for all parties.


National Business Capital was just named Long Island's 2019 Top Small Employer by Newsday. Find their original post here



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About the Author

Megan Capobianco

Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.


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