Corporate culture can be likened to a company's personality that shapes how employees, customers, and stakeholders interact through shared values, attitudes, and practices.
Companies with a distinctive culture were 80% more likely to report high employee satisfaction compared to those in companies without such, According to PwC's 2021 Global Culture Survey.
Four Types of Corporate Culture
According to two University of Michigan academics, Kim S. Cameron and Robert E. Quinn, who introduced the Competing Values Framework in their 1999 book, "Diagnosing and Changing Organizational Culture," corporate culture is categorized into four main types:
1. Hierarchy
2. Market
3. Adhocracy
4. Clan
How to Foster a Healthy Corporate Culture?
As your business expands, it's crucial to remain mindful of your corporate culture. While there's no universal approach to cultivating a positive company culture, certain practices can help steer you in the right direction.
Below are the four key steps for establishing a robust company culture:
- Define Your Values: Clearly define the values and principles that reflect your company's mission, vision, and goals.
- Lead by Example: As a leader, your actions set the entire organization's tone. Hence, it would help if you embodied the values and behaviors you want your employees to emulate.
- Foster Open Communication and Collaboration: Create an environment where open communication and collaboration are encouraged by providing opportunities for feedback, brainstorming, and sharing ideas.
- Invest in Your Employees: Prioritize your employees' well-being and professional development by offering training and development opportunities, recognizing and rewarding achievements, and creating a supportive work environment.
