The term ‘culture’ has been gaining more and more popularity in the business community. When people talk about Startup Culture, they usually say things such as happy hours, free food, ping-pong tables, and nap rooms among others. But what is it exactly and why is it so important?
Startup culture is a set of shared values, goals, attitudes, and norms that characterize a particular organization. It provides guidelines and expectations for your employees and customers and is the most powerful resource to attract, recruit, hire, and retain talent for your company.
In a large corporation, culture is typically informed by the identity of the company, including its mission statement, products, and customer service. However, in startups, the core values tend to reflect the personalities and ethos of the people who worked for the business in the early days. In most situations, each individual working in a startup contributes to the overall culture.
Key company culture Statistics:
46% of job seekers cite company culture as very important when choosing to apply to a company.
47% of active job seekers cite company culture as their driving reason for looking for work.
91% of managers in the U.S. say a candidate’s alignment with the company culture is equal to or more important than skills and experience.
65% of employees think they would be more productive at home than in the office.
According to Glassdoor's 2019 Mission and Culture Survey, nearly four in five employees and job seekers consider a company's mission and culture before applying for a job. This is only becoming more important as younger people move into the workforce. 65% of 18-to-34-year-olds are likely to place culture above salary; that's higher than any other age demographic surveyed.
In 2023, workplace culture will continue to be as important as or more important than products and services. More than ever, founders will need to prioritize defining company culture from the beginning before it’s too late. The investments of focus, time, and resources will pay off higher talent, better communication, increased productivity, and customer loyalty.
A good work culture can lead to employee satisfaction which makes them passionate about doing their job while also being invested and loyal to their workplace. In a way, company culture is a tool that keeps employees happy enough to produce their best work and that means the company can push new boundaries and tread new ground.