10 Companies with the best Corporate Culture
Ten companies have been identified in a research conducted by the University of Minnesota that have the best corporate culture. Starting the list is MITRE due to its competitive pay, benefits, generous retirement plan and constant corporate training which includes education and wellness programmes. Next up on the list is Nike due to the intense loyalty the company manages to create among its employees. Chevron finds itself eight on the list thanks to its immense focus on diversity at the workplace. The next three names on the list are Southwest Airlines, Facebook and management consulting giant McKinsey. Like Facebook, another social media outlet Twitter comes fourth on the list. Coming third is Bain and Co. which has been renowned for its culture of teamwork that gets fostered among all. Apple comes one spot off the top due to the immense creativity and innovation that employees get encouraged to try out here. Right on top of the list is Alphabet which is basically the mother company for brand Google. No wonder, the tech giant manages to recruit, train and retain some of the brightest talent across industries.
Reduce Organizational Drag
A representative from one of the top business consulting firm, Bain and Co. explains how time is not properly measured by companies the way money is. While trackers are invested for the purpose of reducing financial wastage, time lag goes largely unaccounted for. Email chains for example are a waste of time as they imply the receivers to read and understand them. Meetings are another item that can be ticked off, they are especially unproductive for front line supervisors. This leads to work being carried over to the weekends or late night, though there isn’t any real requirement. The speaker also spoke about the network effect and how one machine in itself is not wholly productive but a network brings exponential benefits. A change in patterns from the top is needed. Senior executives for instance bring enormous work for themselves but a lot of others too. All start teams meanwhile do have lots of egos but if they collaborate they can bring success as experienced by the US basketball team at the 1992 summer Olympics in Barcelona.
Is Culture your Sustainable Competitive Advantage?
Most business leaders are tested on their abilities to grow the revenues of the company they are working with. However, in the long run, building a sustainable competitive advantage will go a long way. One of its crucial elements is to empower employees in such a way so that they can flourish. In order to do so, the first step is to have a clear vision of the company culture. This organizational culture then needs to be aligned with individual norms and behaviors. Once implemented, proper monitoring has to be done on whether the said culture is being followed. Business leaders must strive to effect positive transformation in the organizational behaviour. For this the mission and vision statements need to be in sync with the business goals. These statements must capture the soul of the organization. Consequently the talent recruitment must be done giving preference to aspirants who values align with company culture. There must still be enough space left for further inputs to be drawn in from various sources during work.
How to turn Company Values into shared Employee Beliefs
It is well known that the majority of US professionals are disengaged at work. This disengagement is most stark in the millennial generation and least among the traditionalist executive class. Companies often outline in the corporate strategy document about valuing people or desiring diversity, but most fail to execute the same. This leads to a disparity between such mission or vision statements with the people in charge of executing them. A lot of people join organizations with their inherent value systems. Companies must leverage such existing values to convert them into shared organizational beliefs. They need to encourage people to do away from existing hierarchical decision making process and instead imbibe a more agile work schedule. Such shared beliefs flow organically from the bottom to the top instead of the other way.