According to research by Deloitte, 94% of executives and 88% of employees believe a distinct corporate culture is important to business success.
WHY IS IT SO IMPORTANT TO DEVELOP A COMPANY CULTURE?
What is company culture? There are various definitions of company culture, but simply put, a company culture is the personality of a company. It expresses your company’s internal and external identity. It defines for onlookers, clients and employees HOW your company does business – how your employees interact with one another and how the team interacts with the outside world. It characterizes the way you do business. It’s your identity and your image; in other words, how your people and customers perceive you. Company culture is the atmosphere in which your employees work and includes a variety of elements such as work environment, company mission, value, ethics, expectations, and goals. Culture has always been important, but today it’s more than just a catchword. Culture sets your company apart from the competition, attracts the right talent and brings in the right customers. According to the Pew Research Center, more than 30% of the current workforce is made up of Millennials. These persons born between 1981 and 1996 (ages 23 to 38 in 2019) want to work at companies that “fit” – companies that share their values, give purpose to their work, and that make them enthusiastic about coming to work every day. A company culture will tell them whether or not the company has that certain “fit.”
WHEN DID THE CONCEPT OF CORPORATE CULTURE BEGIN?
The term Corporate Culture developed in the early 1980s and became widely known by the 1990s. Corporate Culture was used during those periods by managers, sociologists, and other scholars to describe the character of a company. This included general beliefs and behaviors, company-wide value systems, management strategies, employee communication, relations, work environment, and outlook. By 2015, Corporate Culture was influenced by national cultures and traditions, economic trends, international trade, company size, and products.