More and more organisations are beginning to realise that a great culture within their organisational structure is one of the main factors for accelerated growth. After all, developing people ultimately develops the business. When COVID-19 started to sweep the globe, most companies had to switch to full-time remote working. Those who had a culture already in place found it easier to manage this rapid change. But where did it all begin, and why is culture so important in the new world of work?
A recent study with three large companies that have implemented and tracked the whole process has opened the door to the experience. Bridgewater Associates, Next Jump and Decurion had several Development Psychologists from Harvard study their organisations. After 2 years, they'd compiled a full workflow of their development along the way, which they attribute to the culture they have generated in their businesses.
Culture is the personality of your company. It’s how you run your business, from the behaviour of the founders or CEO, to how you hire, onboard, give recognition, and evaluate the performance of your employees. HR departments typically own these tasks in most organisations, but forward-thinking, development-focused companies give ownership of these tasks to everyone within the company structure. Creating a work environment that places people’s adult development at the centre of your strategy is the starting point for a great work culture,because your people are the most important assets in your organisation.
The most authentic culture of a business starts with the top of the chain, usually the CEO or top-level C-suite executives. Leaders with the right mindset will achieve the desired outcome: sustainable growth for their people. True success is not measured in traditional terms, but rather in the form of long-term, sustained happiness and growth.
A study conducted by economists at the University of Warwick found that happiness led to a 12% spike in productivity, while unhappy workers proved 10% less productive.
Work culture is a process that cannot be outcome-focused. This can be achieved by continuously working on self-improvement and achieving a higher purpose by helping others and developing yourself. When you place these two things side by side and actively implement them, the outcome will be long-term sustained happiness and growth.
How often as adults can we hit the pause button on who we are and take a breath? A lot of employees crave development; they want to grow. They often think developing skills alone will lead to growth, but this isn't always the case. They fail to realise that personal development is much more important to the integrity of a company. Learning humility, laying out your vulnerabilities and listening to feedback can be a very hard and humbling experience, but a hugely rewarding one.
Two core components in people are confidence and humility. As children, we are taught how to be more confident, how to be kinder, and how to be a better person. When and why do we stop trying to improve these skills? One of the core principles of developing culture holds these two traits as an important foundation when recruiting, onboarding, and rewarding employees. Studies have identified the best candidates to have a balance of these two traits.
We help them grow by providing a solid framework from the first day they start. All employees must be on board with your company culture, future goals, mission statement, and expectations. Providing a work environment that allows them to understand that ‘wrong’ is not a failure, it’s an opportunity to grow and develop, is essential. There are very few failures or mistakes that are not fixable.
A survey by Deloitte showed that 83% of executives and 84% of employees rank having engaged and motivated co-workers as the top factor that substantially contributes to a company’s success.
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The study results from the three companies after two years were overwhelming. Implementing a work culture within their organisations led to an increase in productivity, and employee turnover dropped from 40% to single digits. Making changes produced happier employees and increased turnover. This is causing many companies to sit up and take notice of these new work practices. Of course, the only way that you can see progress is by measuring the results. You must first implement the strategy, get all employees on board, then measure and constantly redefine the process.
Without a regular connection to your people, the mission, vision and energy of the business can quickly dilute and degrade your cultural fibre. Assessment tools and surveys can help you gauge your culture; they may even reveal gaps between the culture you want to attain and the culture you currently have. Get on board today and start implementing these changes to create a great work culture. The results speak for themselves!