The ability to hire and retain good people is the biggest challenge facing most companies today. I often hear comments like the millennials don’t care, nobody has any loyalty anymore, the work ethic today is not what it used to be, etc. What that tells me is we have to be better at hiring the “Right People”.
Words like “Core Values” and “Culture” get so much press today that you can get numb to them. However, they are a key to solving the “People Problem” and enhancing your overall business.
Why Company Culture Is Important
In September, USA Today published an article by Rhonda Abrams (see article) that outlined 5 reasons why culture is important and why you should not allow yourself to become numb. She states that a good culture:
- Boosts employee loyalty. Employees who are a good fit with your culture are likely to be loyal and satisfied, reducing employee turnover.
- Helps recruiting efforts. What attracts the best new applicants? A business in which people feel good about going to work—a company with integrity, respect for all, and, perhaps, a reputation as a fun place to work.
- Attracts customers. Much as your culture can attract new talent, it can also draw new customers. When you treat employees with respect, they treat customers with respect, and that keeps them coming back.
- Drives decision-making. If you've nurtured a business culture that is committed to integrity and honesty, then you already have a framework in place for making decisions.
- Establishes a positive community reputation. You may not realize it, but the word gets out to customers, vendors, and fellow business owners about how you run your business. When you are seen as a fair and decent employer, as well as a good businessperson, it enhances your reputation in your community.
Creating a good culture is a journey. It’s not as easy as changing your janitorial service provider and it definitely doesn’t happen overnight.