As executives and managers of businesses in Houston, we spend copious amounts of time focusing on the bottom line. We ask ourselves questions daily around how our numbers look, what percentage of growth we have seen, are we trending toward our company revenue goals — the list goes on. But, how often do we monetize our company culture?
This is not earth-shattering news to anyone who has done a candidate search lately, but just to highlight the obvious, our current market makes it challenging to find top talent. On the flip side, key players and strong executives who are looking to make a change are zeroing in on a company’s culture.
Productive employees who are motivated and are performance-driven want to ensure that the next career move they make is to a culture that fosters personal and professional growth. They look for a culture that has the ability and reputation to hire other great talent when it comes time for growth in their internal team.
Reputation and culture go hand in hand. When you look at statistics alone, you will find that a strong company culture can increase retention and improve profit margins by 33 percent. With stronger leadership and individual drivers in an organization who also value culture, your organization will gain the leverage it needs to hire new employees who are drawn to this same mindset of putting culture at the top of the list. To put it simply: Culture drives productivity.
For example, take a look at the newest additions to the work force, which are Millennials and Generation Z. We know they will choose culture and flexibility over compensation. If we are looking at hiring any managers or executives who do not fall into the Millennial or Generation Z bucket, one of the key factors is also on culture.
Talented individuals are looking at company and personal growth opportunities, not just a job. We see candidates continuously research companies, and the first thing we hear about is how they perceive the company. One of their first questions is typically around the topic of culture. Post interview, we receive feedback on their perception of the company culture and how it will impact their professional growth and personal fulfillment within the organization.
We are all too familiar with the word retention. By stabilizing, focusing and strengthening our culture, we inherently increase our retention numbers along with our employee satisfaction. Employee turnover can be stifling to an organization. It all circles back to having culture at the core. Culture is a key element to our overall strategy.
Let’s avoid the insanity trap, which Albert Einstein would explain as, “Repeating the same action over and over and expecting to get a different result.” If we want sustainable leadership and productive teams we should focus on our value add — our culture.