Your Company Culture can Boost Productivity
What if we told you it’s possible to improve the output and productivity of your startup - simply by making your workplace an enjoyable place to be? This model has been pioneered, and proven successful, by high-tech companies such as Google and Facebook.
Company culture is a set of guidelines that influences intra-company interactions and job norms, and affects everything from people’s punctuality to their mood at work. It’s not something that can be artificially created, but instead is just an expression of moods within a company.
It starts from the top of the company structure: If a CEO or CTO’s behavior is toxic, than it will ruin the work environment for the entire team. Culture influences the retention rate of employees, provides norms for internal communication, and can help build a brand for your company.
Here are some facts about the effect of culture on company productivity, which show the positive effect it can have:
A happy employee is 12% more productive than average, while an unhappy employee is 10% less productive.
Happy employees outperform competition by 20%, and increase company growth by 2%.
A defined engaged culture leads to 26% less turnover, 20% less absenteeism, and 15% improved productivity.
Here are some examples of unique company cultures and how it leads to their success:
The company most famous for its amazing office culture. From nap pods to free meals and events, their goal is to make going to work fun, rather than a chore. They assume that the freedom to have fun in the office will allow their employees to be more productive in a stress-free environment.
Salesforce doesn’t offer the amazing meals or luxury headquarters that Google does, but instead it creates a culture centered around philanthropy. For up to 50 hours a year, salesforce pays their employees to volunteer in their community. It focuses on making people feel good morally, expecting that good nature will translate into their work.
Even though Wix is now an established company with around 2,000 employees, it’s culture has remained in the entrepreneurial, small company mindset. Wix has a very innovative working environment, with a strong focus on feedback both internally from employees and externally from consumers. This commitment to communication at all levels of its business has allowed Wix to grow tremendously over its 10 years as a company.
No matter the type of culture you are trying to develop, there are examples of companies who have worked to form a similar mission. Even if you don’t have the resources to replicate the lavish perks of a global corporation, they can serve as a guide for you to plan out what kind of company you want to be. With these examples in mind, here are some things you can do to grow your own company culture:
Creating unique traditions
This will help distinguish your company from competitors, which will accomplish two things. First, it leads to a unique brand associated with your product, as you can incorporate your traditions into marketing your company. Second, it helps unite your coworkers, making it more likely they will want to stay and be a part of your culture.
Listen to your team
The best judges of your company culture are the people working for you. Polling the office on things like open vs. closed layouts, or what kind of snacks to stock, will lead to a feeling of inclusivity in the decision making process, as well as boosting their productivity through their preferences.
Aim to foster collaboration in the workplace: According studies, there is a 4x ROI on a collaborative environment. This is due to cost reductions, business optimization, and improved decision making. A collaborative environment boosts creativity, as people are constantly bouncing ideas off of each other. People will be more willing to reach out and ask for help, which will make the office more efficient.
But keep in mind…
When developing a culture, it is important to keep in mind not just how you want a company to act on a daily basis, but also how it will work in challenging times. There are cautionary tales of startups who failed due to having too relaxed of a culture, and suffered from a lack of leadership during difficult times. However, by incorporating the steps mentioned above, your company can be ushered into a new level of productivity.
As a early-stage Venture Capital firm, Samurai Incubate Israel is always looking for the strong, unified teams with innovative technologies and ventures out there.
Think you have what it takes? Apply for a Samurai investment today: https://www.samurai-incubate-israel.asia/samuraiinvestment