Culture can and does impact your bottom line

Gone are the days when you join a company for life; where you started at the bottom and worked your way up, retired with the company pension and a career devoted to that one company. As companies hire and fire, so too are employees able to jump ship, and with the increasing skills gaps in the market, it’s the candidates who have the upper hand. However, whilst money is an important element, a company’s culture combined with learning and development opportunities, now seems to be the pivotal factor in a person’s decision of which company to join. Culture pertains not only to a company’s ability to attract and retain the best candidates, but also to business success. Culture forms a company’s DNA.

Today, culture is seen as critical but it is incredibly misunderstood in the actual value it can provide. If you’re looking at culture as a mission statement or vision statement you’re missing the point. Most often company culture is assigned to HR or an area of the business as a task to ‘deal with’, only looked at once to twice a year during annual engagement interviews with employees or during a KPI setting. But culture is something you have to invest in and foster every single day; it is values, it is people’s behaviour, so actually overlooking it for a future company is not an option. Culture runs through the entire organisation, not just a division, and thus should be treated accordingly, it is similar to the company’s P&L and arguably just as, if not more, important.

At Temporall we’re enabling organisations to change by building the capability from within. We do this through our methodology, by listening and truly understanding what our clients’ goals are, the outcomes that they’re looking to achieve, and combined with our Culture & Innovation Index that captures where they are today. We examine People, Organisation, Technology and Leadership together in tandem and make culture a corporate strategy to be designed, nurtured and measured. This enables companies to not just succeed in today’s market, but also to remain resilient and attentive to future disruptive opportunities and threats. Culture is integral to a company’s success.

The companies that design their culture are the ones that learn to continually be adaptable and create systemic value. Culture has to be seen as a core operating procedure, because those companies that do that and do it well, will outperform their competition and also thrive in the future economy.