Harvard Business Review posted an article entitled "What Great Companies Know About Culture".
It was great to read because it took the 20 of the top 25 businesses listed on the Great Place to Work Institute's and asked their executives their take on having a great work place environment. There's no surprise that most of the companies had a lot of things in common. To find out more, read the article.
It's so great having access to these insights from the best.
Harvard Business Review published a great article about corporate culture back in 2013.
In "Six Compoenents of a Great Corporate Cutlure" John Coleman very simply lays out some fundamental areas of focus when looking at a company's overall culture.
Included in the article are some very fascinating statistics. Such as:
"According to James L. Heskett, culture 'can account for 20-30% of the differential in corporate performance when compared with ‘culturally unremarkable’ competitors.'"
As a business owner, I am only too aware that increasing productivity by 20-30% is substantial!!! In larger companies it could equate to hiring fewer people all together! What a HUGE benefit!
Also, the article stated:
"Steven Hunt notes at Monster.com that one study found applicants who were a cultural fit would accept a 7% lower salary, and departments with cultural alignment had 30% less turnover."
Again, a lot of business expenses need to be allocated to recruitment, training and retention. These figures support the idea that investing in corporate culture can be wise not only socially, but financially as well!
There are several great links in this article to other well written pieces on this subject. Check them out!
Rachel is a single-mom of 4, mediator, entrepreneur and multi-business owner. With a focus on communication, efficiency and proven business practices, she would like to change the world by improving society's emphasis on effective communication, collaboration, understanding and compassion. Let's make the world a better place by being better humans.