Recent surveys suggest that the job market in India witnesses one of the highest employee turnover rates in the world. Building a company culture that attracts innovative and industrious employees and retains them has become the focus of some of India’s top finance leaders and builders in India , such as Uday Kotak, Sanjiv Bajaj and Harshil Mathur. Let us take a closer look at understanding company culture and improving it.
Company culture or organisational culture is the set of values, goals and behaviours shared across the workplace. It permeates both business and interpersonal aspects of the company. “Company culture is the backbone of any successful organisation,” says entrepreneur and media personality Gary Vaynerchuk. Building a culture on shared values and employee satisfaction will help attract and retain talent. Having a great organisational culture provides both purpose and vision to the employees and stakeholders. In the long run, the organisational culture translates into brand identity as well.
Benefits of a strong corporate culture
A strong corporate leaders in India forges a deep bond between the employees. It fosters a lasting sense of loyalty and belonging. Shared values are a great motivator for success. Companies with a good work culture attract the best of talent and are successful in retaining them. Most business decisions are made with stakeholder inclusion and welfare in mind. This attracts both investors and customers. One of the most tremendous benefits of a solid, and cohesive corporate culture is that it leads to better team building and improved teamwork. This, in turn makes the organisation highly efficient across various levels.
Auditing your current company culture
Some of the top finance leaders of India endorse the idea of having routine and regular company culture audits. The organisational culture, the value system upon which the company rests, may undergo a great deal of change over time. Employee turnover, business and market demands, a lack of efficient communication may alter perceptions. It is essential here to involve a third-party consultant in conducting a company culture audit. This could involve company wide surveys, anonymous suggestions and feedback, or even open dialogue. A company culture audit can be a reality check for you, the business leader. It could point to all the empowering things at your workplace or could denote a need for course correction.
Understanding your company culture
Your organisational culture is unique to your company and its employees. It underscores the values, ethics, behavioural patterns, goals, and vision that make up your unique identity. Workplace cultures can broadly be categorised as clan, adhocracy, market, and hierarchy cultures.
- Clan culture focuses on interpersonal relationships and nurtures a collaborative approach. Most small businesses and start-ups adopt horizontal structures and look upon employees as one large family
- Adhocracy culture values innovation and initiatives. Some of the top financial business leaders in India focus on cultivating an adhocracy culture due to the advantages it provides in terms of employee initiatives
- Market culture focuses on target achievements, results, success stories, and reputation. Established companies with a large employee base often function on market culture
- A hierarchy culture functions on an established chain of command. Each level of employee has clearly defined roles and responsibilities, and goals are set at the top management levels
The tone of your company culture will be set once you learn to identify what your company culture is and where your organisation fits. Many of your processes and initiatives may depend on this as well.
5 tips for improving your company’s culture by top financial business leaders of India:
- Lead by example – Some of the top financial business leaders in India believe that strong company culture can only be built and sustained by continuous efforts from the top. This means demonstrating the values you wish to see in your company culture where your commitment and involvement is important
- Review decision-making process – Building and maintaining a robust company culture may require a review of the decision-making process in the organisation. Initiatives, financial decisions, hiring vendors and employees and processes should align with the culture and values
- Improve communication – Open and clear communication is the best tool you have to develop your company culture. This will invite ideas, 360° feedback, and innovative approaches and allow for values and the culture to permeate across various levels and verticals of an organisation
- Focus on hiring, orientation, and onboarding – Hiring employees who are a right fit for your company with regard to the culture could be one of the most important things you do to maintain your organisational culture. Orientation and onboarding are effective only when it includes an introduction to the company culture, work and values training, and inclusivity programs
- Recognise contributions and celebrate success – Employees bond with the organisation, which recognises their contributions and celebrates their success. Initiate a culture of rewards and recognitions across different levels
The culture of your company is its identity. Employees prefer to work in organisations where their values are shared and their achievements cherished. A look at inculcating a cohesive and robust work culture can go a long way in hiring and retaining talent. Let us look at the benefits of improving your company culture and some tips that will help in this effort.