A great ROI is every business owner's dream. Establishing a strong company culture allows you to achieve growth and increase ROI. Research shows that a thriving company culture enables organizations to adapt to a changing business environment and achieve better financial results.
Let’s discuss the difference between successful company culture and weak culture and the effects on ROI.
Why Company Culture Matters
Organizational culture can either be positive or negative. Additionally, culture profoundly impacts workers and an organization's daily operations. It's important for business owners to institute values that make up the culture they wish to have. Then, business owners must integrate, establish, and cultivate a positive company culture.
A Culture that Merely Survives
Does proper workplace culture increase ROI? The answer to this question lies in the kind of components of company culture embedded in your business.
A poor culture leads to a lower ROI. One indication of poor culture includes a lack of cohesive goals and values that drive all employees and management. For instance, a recent Wells Fargo scandal is attributable to a lack of values among employees. In the scandal, Wells Fargo employees opened multiple fake accounts to satisfy their monthly sales goals.
Inconsistent customer experiences mark a culture that merely survives. Employees also have low pride and enthusiasm.
Lastly, companies with poor cultures lack company mission, training, and procedures. Goals are also usually inconsistent with the company's vision.
A Culture that Successfully Thrives
Organizational development and culture result in a higher ROI. It’s essential to embrace culture development to achieve organizational goals and objectives. Know that a healthy workplace culture boosts employee retention, productivity, and morale.
Establishing a company culture also enables your business to attract better talent. Ideally, highly talented employees remain critical to your company's ability to innovate. Innovation increases your firm's competitiveness and increases ROI in the long term.
Thriving company culture also earns your company more business. For instance, Zappos' excellent company culture enables the company to make over $1 billion in yearly revenues. Part of this includes excellent customer and community service.
Healthy workplace culture also increases participatory leadership, and an inclusive decision-making process boosts employee morale. Increased productivity often translates into better financial performance and increased ROI.
Proper organizational development and culture allow your company to minimize conflict and heighten the ability to achieve preset goals and objectives.
Healthy workplace culture also improves performance and team collaboration. Better team performance contributes to an increase in ROI.
Culture Checklist
If you are unsure what a healthy culture entails, a checklist should come in handy. At PRO Resources, we help you implement everything listed here. The items include the following.
Organizational Structure
A good organizational structure optimizes operational efficiency. At PRO Resources, part of our services includes advising you on the ideal organizational structure.
Mission and Values
Mission and values make up a vital aspect of robust company culture. Our team helps you develop a company mission and values consistent with your industry.
Strong Leadership Styles
Strong leadership styles play a pivotal role in spurring team performance. Our team recommends the most suitable leadership styles for different departments and scenarios.
Training
Training is a crucial facet of an excellent corporate culture. Our training programs give your employees much-needed professional development.
Procedure/Handbooks
PRO Resources formulates requisite procedures and handbooks on your behalf. This makes sure everyone is on the same page about culture, mission, and values. And, keeps you compliant with employment laws in your state.
Wellness and Safety
PEOs implement measures that bolster employee wellness and safety. One such action includes labeling hazards at your manufacturing facility and increasing safety awareness.
Developing Workplace Culture with PRO Resources
Does proper workplace culture increase ROI? Absolutely! Business owners need to develop values that contribute to organizational success. PRO Resources can help you increase ROI, improve culture, establish training programs and boost employee wellness. So, contact us today and talk with a trusted advisor to see how our HR services help your business thrive.