A recent survey finds there are discrepancies among business owners in how to foster an efficient and profitable company culture.
While the benefits of developing and fostering a strong company culture are apparent to business owners, determining what drives company culture is where differences of opinion set in. Results from the September Small Business Pulse Survey by The Alternative Board (TAB), a provider of executive peer advisory boards, show that the majority of respondents agree their companies live by the values they promote.
Careers Editor, Rigzone
However, it seems they are promoting different values.
The survey, which distinguished between business owners who identified their company as having a strong company culture and those who identified their company as having an average or weak company culture, found that overall, 93 percent of respondents agree company culture boosts creativity and productivity.
And here come the differences.
While 62 percent of strong culture business owners strongly agree their company’s culture boosts productivity and creativity, 21 percent of weak culture business owners feel the same way. Seventy-five percent of strong culture business owners believe employees are more productive in companies with flexible hours and scheduling, while just 58 percent of weak culture business owners share that sentiment. And 46 percent of weak culture business owners felt telecommuting away from the office made employees less productive compared to only 29 percent of strong culture business owners.
More distinctions occur in regards to how to improve company culture. While 35 percent of weak culture business owners felt that demonstrating strong leadership would best improve their company culture, 25 percent of strong culture business owners felt the same way. And 41 percent of strong culture business owners spend most of their time and money on employee motivation and collaboration, compared to 28 percent for weak culture business owners.
“Average/weak culture owners might see a bigger benefit if they put more emphasis on employee satisfaction,” TAB Chief Marketing Officer Jodie Shaw said in a release. “According to the numbers, a good place to start is increased flexibility and helping employees understand how they fit into the bigger picture of the business.”
Kathleen Eisbrenner, CEO of portfolio LNG company NextDecade, LLC, recently described to Rigzone company culture as being “a pervasive environment that impacts internal team interactions and decision making, as well as those of the company with external partners, customers and stakeholders.”
Half of strong culture business owners strongly agree it increases profitability as well, compared to just 20 percent of weak culture business owners.
It seems as though the weak culture business owners should take note of what the strong culture business owners are doing within their organizations. Of course each company is different and has unique goals and needs, but both groups of respondents believe company culture will benefit the organization, so it’s certainly worth the effort.
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