Company culture defines the environment in which employees work. In order to create the right environment, hiring to fit your company culture is extremely important; the right people should be in the right seats. Poor hiring decisions can lead to business interruption, wasted recruiting and training resources, lower employee morale and more.
As companies enter the new decade, they will be faced with new ways in order to stay competitive in the employee job market. In order to attract and retain talent, we gathered three important trends in company culture for 2020.
The Basics of Company Culture
First, let’s cover what company culture actually means. Culture is the unifying element that holds everyone in an organization together. It encompasses the written (and unwritten) behavioral norms and expectations of those within the company and can set one company apart from others. Just to name a few, culture includes:
- The value of work-life balance issues;
- The way the company is organized;
- The extent to which leaders follow through on mission statements.
Ultimately, if the fit is not right between the company and individual, then both will lose interest and the relationship will probably fail.
Company Culture Trends in 2020
To keep your company competitive in the job marketplace, it is crucial to follow the following in 2020:
1. Employee happiness is important.
There is a strong, positive correlation between employee satisfaction with their company and employee productivity and customer loyalty. So, a happy employee means a happy company.
In order to ensure a productive and happy workforce, your company should focus on creating compelling employee experiences. Meaningful work has become increasingly important, so companies should create and enforce a set of core values that resonate with their employees.
2. Work is wherever you are.
In the upcoming year, globalization and virtual workplaces will play an increasing role in the workplace. With an increasing number of geographically dispersed teams, companies must provide schedule flexibility, especially to account for those who collaborate on a daily basis across time zones. Furthermore, 59% of millennials voted that they prefer schedule flexibility and autonomy over other work perks like overtime compensation.
To navigate this shift, companies should reduce hierarchical control, and give space to employee autonomy.
3. Encourage honest communication.
Making your employees feel heard can go a long in creating an inclusive and dynamic company culture. While getting feedback from your employees is important, creating an open environment is even more important to ensure that your employees feel comfortable to speak their minds and raise any concerns, knowing they won’t be penalized for their honesty.
The first step you can take to encouraging honesty is to start with yourself. Modeling the behavior you want your employees to follow can give them the courage to open up themselves. In addition, rewarding honesty, whether with a simple thank you or more responsibility, can encourage transparency in the workforce as well.
For 2020, companies should start investing in building a culture that values employee happiness and promotes honest dialogue. Want to know how you can become even more competitive in the employee job marketplace? Contact CorpStrat to learn how we help companies attract, reward, and retain their most important assets – their people.