14 May The Importance of Developing Company Culture
*This blog post was created from Vivo Team & StartUp Canada’s #StartUpChats. For the full discussion, see here.
One of the most common words in today’s corporate world… CULTURE! We hear it all the time, but what is company culture and what does it truly mean for your company?
For us at Vivo Team, Culture is the character, personality measured by which behaviors get rewarded or punished. It’s the sum of its values and interactions. Culture is sandwiched right in between your company’s vision, mission, and values. It is something you should establish from your first hire. The clarity of core values, vision, mission, and objectives need to be in place so that the first hire can act in alignment and enlist others.
Now that we know exactly what it means and when you need to establish it, WHY is company culture crucial to your business?
Company culture extends from your leaders down, and your leaders are responsible for managing profitability.
The culture is key to retaining talent and increasing employee lifetime value in two ways:
- time in the organization
It is important for your employees to know that your company appreciates them and recognizes that without them, the company would cease to exist! Your employees are your first customer and they need to be advocates for your company, which includes being advocates for your company’s culture.
Culture also comes from the top down, and who’s at the top of your organization? That’s right… your leaders! Your leaders set the tone for culture within your organization in what they do, NOT what they say. Leaders model expected behaviors that others can look at, realize, and then mimic.
Your company’s biggest mistake, especially if you are a startup, is thinking that you don’t have a culture. If one isn’t clearly established, then one will become established based on the behaviors of your employees and chances are, it’s not going to align with your vision, mission, and values. Be sure to stop, look around and ask “what is important around here?” This will be a great first step in developing a strong company culture.
Use The D.O.S.E
It’s important to remember that once the company culture is established, your teams and leaders need to continue to build the support the culture. One of our favorite ways to do just that is using our Vivo Team D.O.S.E.! For more information on how to incorporate a 10-minute team check-in, see here.