While money certainly talks, ultimately it doesn't talk loudly enough to make your most valued employees stay and prospective employees join. For that, a company needs to focus on culture. For old school management, corporate culture may seem like new age mumbo-jumbo. And while it's hard to define exactly what constitutes that culture, a lack of it is clearly costly. Studies show that businesses landing on the “Forbes 100 Best Companies to Work For” list have strong corporate cultures and 65 percent less employee turnover. Happier employees result in a stable workforce and higher productivity and company profit.
So, what exactly is corporate culture? Generally, it's a collection of attitudes and actions that help employees take pride in their work and feel part of team and a larger common goal. It is a sense of belonging. Trust in leadership is one of the core components of a healthy culture. That trust is fostered when upper management communicates honestly and routinely, even when projects aren't going as planned. A lack of faith in management leads to an unproductive and demoralized workforce that is unable to help a company move forward. A strong corporate culture communicates goals and seeks employee input before making major decisions that could have significant impact, making it clear that their ideas are valued and that many diverse minds are better than one. A company's most valuable employees are those that feel they are part of a team working toward an achievable goal. They are, in turn, energized by the feeling that upper management appreciates that effort.
Trust and a strong sense of culture are also built on diversity. A strong workforce feels free to express ideas without fear. A company that resists the urge to always hire people that fit a particular mold will excel. Don't hire clones. Celebrate diversity of thought. Hire employees that complement the strengths and weakness of the existing employees but who aren't mirror images of the workforce you already have.
A thriving and dynamic culture will result in retaining and attracting talent to drive corporate growth and success.