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[People Matter] It’s time to focus on company culture

A positive company culture can create a work environment where employees feel valued, motivated, and engaged, which can lead to better job satisfaction, higher productivity, and… View Article

COMMENTARY

[People Matter] It’s time to focus on company culture

A positive company culture can create a work environment where employees feel valued, motivated, and engaged, which can lead to better job satisfaction, higher productivity, and increased customer satisfaction.

There have been several studies on the importance of company culture in retail.

  • One study conducted by Harvard Business Review found that companies with strong cultures outperformed their competitors in revenue growth, stock price, and net income.
  • Another study by Deloitte found that companies with positive cultures have 72% higher employee engagement levels and are 4.5 times more likely to have highly engaged employees.

The importance of company culture in retail cannot be overstated. It can impact everything from employee satisfaction and productivity to customer satisfaction and financial performance.

No two companies have the same goals or value proposition, meaning no two cultures are the same. Broadly, a positive workplace culture is one that is created with the business’s mission and core values in mind, and is sustained by employee input, shifting priorities, and diversity of thought.

According to Tea Colaianni, Founder and Chair of Diversity In Retail “The advantages of a positive company culture in which everyone feels they can bring their authentic selves to work are all too clear. Creating an inclusive working environment which values individual differences and encourages teamwork builds a sense of pride and ownership.

“Time and time again we have seen that when colleagues are motivated and engaged, customer satisfaction improves, productivity increases and organisations can attract and retain talent which is critical in a highly competitive market like retail where businesses compete for the best people.”

“At Diversity in Retail we work with many of the leading retailers in the UK and we are very encouraged by their commitment to creating a positive culture in which colleagues can thrive and reach their full potential.

2022 study from Quantum Workplace found that 66% of employees said, “Their [workplace] culture positively impacts their work every day.”

A positive company culture can be advantageous for both employees and the organisation as a whole including:

  1.     Increased employee satisfaction and engagement: A positive company culture can lead to increased job satisfaction and engagement among employees, as they feel valued and respected in their workplace.
  2.     Attracting and retaining talent: A positive company culture can help attract top talent and encourage employees to stay. When employees feel that they are part of a supportive and positive work environment, they are more likely to be engaged, satisfied, and committed.
  3.     Enhanced productivity: A positive company culture can lead to improved teamwork, communication, and collaboration among employees, which can lead to enhanced productivity.
  4.     Better decision-making: A positive company culture can encourage open communication and creativity, allowing for better decision-making and problem-solving.
  5.     Improved reputation: A positive company culture can lead to a better reputation for the organisation among both employees and the public, which can lead to increased business opportunities (and attracting top talent).
  6.     Stronger sense of community: A positive company culture can create a sense of community and belonging among employees, which can improve overall morale and motivation.

Do you work for an organisation with a positive company culture?
Why not put yourself, your team or your business forward for a People in Retail Award?  People are the heartbeat of any successful organisation and their enthusiasm, knowledge and commitment to go the extra mile is what transforms a ‘good retailer’ to a ‘knock out’ amazing company with a growing bottom line to match. Find out more here.

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