Employees in today’s workforce want to work for a company with a good culture; somewhere they fit in and feel that their ideas are heard. But, really, how important is it?
Corporate culture isn’t simply about employee happiness at work. It impacts some of the most critical factors of performance:
9 reasons to create positive company culture
- Engagement: Engagement is a direct outcome of a strong company culture. When employees clearly understand the culture of their organization and what is expected of them, they feel more connected, involved, and supported in their roles.
- Passion: If employees love their company’s culture, they feel truly invested in and passionate about the work they’re doing.
- Innovation: In its Getting to Equal 2019 study, Accenture says that the secret to innovation is workplace culture. Innovation is essential for survival in today's business world. People also need the right culture to flourish.
- Productivity: After all, happier workers work better. According to a 2016 Gallup Meta-Analysis, highly engaged employees are 21% more productive.
- Quality: Healthy corporate cultures lead to employees who value high standards and an atmosphere to deliver products and outcomes that meet those high standards.
- Reputation: Reputation matters. A Goldman Sachs study revealed that companies’ external reputation is determined to a great or very great extent by the attitude and working culture of their employees.
- Employee retention: A positive corporate culture makes people stick around. Engaged employees are 87% less likely to leave an organization, according to the Corporate Leadership Council.
- Recruiting: Culture is important to applicants. In fact, a Randstad OmniPulse survey showed that 86% of people would not apply for or continue to work for a company that has a bad reputation with former employees or the general public.
- Financial success: Gallup’s Meta-Analysis tells us that employee engagement consistently affects key performance outcomes, regardless of the organization’s industry or company – in fact, companies in the top quartile of employee engagement are 22% more profitable than those in the bottom quartile.
How we create and maintain culture at Challenger
Since becoming an independent company in September 2018, Challenger has been dedicated to its employees, its clients, and its overall success. Across the last ten months, in addition to standing up the internal functions of our business and carrying out our client engagements, we established the Challenger Culture Committee, a team of Challenger colleagues dedicated to creating and promoting corporate culture through events and outreach.
Challenger’s mission statement: “We challenge conventional thinking to unlock growth and enable an uncommon customer experience” coupled with our values “authentic collaboration,” “bold thinking,” “lifelong learning,” and “uncompromised quality” are what drive us. We worked together as a team to establish our mission and values, and now we work together to carry out that impact with our colleagues and clients every day.
Creating a People-driven company culture
A company cannot simply be a collection of individuals; it must be a team – and that’s what Challenger is. We welcome the ideas and opinions of our colleagues regardless of role, tenure, or geographical location. We ask for help, work together, and learn from others. We celebrate accomplishments together and work toward common goals.
Challenger is a people-driven business. Our success comes from the knowledge, dedication, and execution of our top-notch team. Our employees are not dispensable; each brings a unique perspective and experience to our organization. It's for this reason that we are so dedicated to fostering a positive environment and corporate culture at Challenger.
Our culture is what helps us attract and retain our remarkable team, develop and deliver extraordinary products and experiences for our clients, and grow our company.
We value teamwork. We value progress. We value curiosity. We value excellence. We live these values every day, individually and as a team. The Challenger Culture Committee helps us recognize these values beyond our day to day work as well, whether it be through our global service days, diversity and inclusion initiatives, wellness week, or an outdoor happy hour on a Friday afternoon.
Contributor Lauren Francati
Lauren Francati is a Senior Analyst on Challenger’s New Product Development team, focusing on the creation and management of Challenger’s virtual learning offerings. She is also the head of the Culture Committee at Challenger.