Creating and maintaining a strong culture in your business is a critical factor in driving sustainable business results, and the solution to creating a competitive advantage. And while 90% of executives say culture is important, only 15% of them say their culture is where they want it to be.
We’re going to break down the reasons why culture is vital to your organization and how investing in culture can help set you up for success.
Why does culture matter?
Culture is how your team thinks, how your leadership acts, and the elements of your
business that interact to create growth for your people and business.
Studies have shown that strong cultures contribute to higher employee engagement, increased productivity, better customer satisfaction, and improved financial results. Conversely, organizations with weak or toxic cultures face a host of challenges, including high turnover rates, low morale, and decreased innovation.
Culture is not a one-size-fits-all concept. Every organization has its unique set of values, beliefs, and goals that shape its culture. Therefore, it’s essential for leaders to assess their current culture and identify areas that need improvement or alignment.
Marketplace shifts require shifts in culture
Changes in the marketplace have recently been the driving force behind culture shifts or resistance in organizations. Things like remote work and remote management, technology advances, economic changes, and work flexibility have created so much change that ignoring the need to address and build culture around these shifts is vital.
Many leaders aren’t equipped with the skills needed to manage these shifts due to a lack of experience or training. Curious how healthy your workplace culture is today? Check out these 12 ways to gauge your culture.
Investing in culture
Creating meaningful change in organizations, as we describe it, is often likened to scaling a mountain. The destination is in view, but the journey is demanding and full of obstacles. This analogy resonates deeply with us as we take on the role of guides leading businesses on their cultural transformation journey. As you invest your time in focusing on your culture, keep these 4 things in mind:
- Cultural Transformation is a Long-Term Commitment
Cultural transformation is a gradual climb that often takes more than three years. However, despite the long timeline, the positive impacts of this transformation begin to manifest early on. It’s a sustained effort, not a one-time project, that requires perseverance, commitment, and continuous engagement.
2. The Journey is Ongoing
Cultural transformation is not about reaching a metaphorical summit and then stopping. Instead, it’s a continuous process of evolution and adaptation. Even as your organization grows and changes, keeping culture front and center is essential to prevent it from falling by the wayside.
3. Leadership and Trust are the Foundation
Without mutual trust within a team, no significant progress can be made. Coupled with trust, strong leadership forms the bedrock of our model. Leaders serve as catalysts for change, and their effectiveness sets the bar for the entire organization’s performance.
4. Measuring Aspects of Culture
While financial metrics are critical for business success, they don’t provide a complete picture. By considering factors beyond financial performance, businesses can better understand the effects of their actions on the human element. A healthy culture creates an environment where employees feel valued and have a sense of belonging. When a company’s culture aligns with its employees’ values, it can significantly reduce turnover and enhance recruitment.
Leaders drive culture
Leaders have a responsibility to demonstrate the beliefs, values and purpose of the company and reinforce behaviors that reflect those values. Organizations succeed when their purpose is authentically aligned with strategy and operations.
At Keystone we provide a diverse array of in-person and virtual workshops to ignite discussions about authentic growth at the intersection of business and human needs. Our sessions cover various themes, including leadership, strategy, and culture. These workshops are designed to infuse leaders from every industry with new perspectives and pioneering ideas with the goal of enriching their workplace environment.
If you need help getting started, schedule a call today: https://www.keystonegroupintl.com/contact/
