6 Components of Positive Company Culture

Fostering good corporate culture has clear economic benefits. For companies that achieve this goal, employees tend to be more productive, customers tend to be more loyal, and management tends to be more effective. That being said, defining great corporate culture can be rather difficult. How exactly can a business owner tell if he or she is promoting a positive culture in the workplace? John Coleman of the Harvard Science review has identified 6 core components of great corporate culture: vision, values, practice, people, narrative, and place. Here is a brief overview of what each of these notions entails:

Vision. What kind of impact does your company aim to make on the world? Your company vision is often expressed in your mission statement: make sure that it is both strong and clear.
Values. What specific principles guide you toward achieving that broad goal mentioned above? Good examples of company values include customer service, fair wages, or transparency.
Practice. Of course, your principles mean very little unless they translate into real world results. To achieve the aforementioned goals, for example, you might offer a satisfaction guarantee, pay employees above the national average in your field, or release certain records to the public, respectively. Putting your money where your mouth is can earn tremendous respect from customers and employees alike.
People. You alone cannot create company-wide culture: you need to prioritize hiring people who share your values and who are willing to work hard to put them into practice.
Narrative. What is your company’s story? Why makes you unique? How do you fit into the context of society or the world?
Place. Physical environment plays a large role in psychology and in productivity: do you offer your employees a space that truly encourages success?

Learn more about how you can foster a company-wide culture of excellence at the Precise Payroll blog!