If Management Overlooks Corporate Culture, CEO Says It’ll Cost Them

Corporate culture got you down?

Sure, you may tolerate your commute, enjoy your challenging job and inspirational colleagues but if the corporate culture isn’t in check, it’s game over.

We checked in with Greg Besner to get the scoop. He’s the founder of CultureIQ, a company measuring employee culture across nine categories. For starters, how do you define corporate culture? He says every company has “its own unique DNA made up of employees’ perception of the company’s vision, values, behaviors, etc.”

As such, he mentions you can really only quantify company culture once you measure employee feedback. As employees reveal their own experiences in pillars such as innovation, agility and wellness, organizations can “gauge progress of their culture building efforts and identify areas that require attention.”

Here’s why culture is so important for management to understand: Studies show that engaged employees are 87 percent less likely to leave their organization, per Besner. Plus, high turnover puts pressure on recruiting to hire and train new employees.

Did we mention the dollar amount associated with turnover? Yeah, it’s pretty costly.

He adds, “Once you recruit and train great people, you should be as thoughtful and proactive as possible to retain them by providing every employee a voice and every company the tools to listen.  I think about this every day at my own company.”

Culture essentially fosters a positive working environment. When companies curate their own organizational culture, Besner says, “They are more likely to achieve longer lasting relationships with employees and stronger long-term financial results; this has been supported by recent research as well.”

Publish date: October 10, 2014 https://stage.adweek.com/digital/if-management-overlooks-corporate-culture-ceo-says-itll-cost-them/ © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT