Corporate culture is interesting because it affects almost every aspect of a business.
How is the company culture within your workplace? Are people enthusiastic about coming to work and collaborating with their teams? Or, do employees seem uninterested and actively avoid other staff members? The term company culture is used in various ways and many professionals only focus on the aspect of it, that’s most important to them. Company culture is often used interchangeably with corporate culture, organizational culture and workplace culture. With that being said, do you really know what company culture means?
Corporate culture refers to the shared values, attitudes, standards, and beliefs that characterize members of an organization and define its nature. Corporate culture is rooted in an organization’s goals, strategies, structure, and approaches to labor, customers, investors, and the greater community.
The beliefs and ideas that a company has and the way in which they affect how it does business and how its employees behave.
Simply stated, organizational culture is “the way things are done around here”.
A positive culture can account for 20-30% of the differential in corporate performance when compared with “culturally unremarkable” competitors.
Corporate culture is interesting because it affects almost every aspect of a business. It’s also usually at the root of common business problems such as turnover, employee engagement, communication and leadership. In short, company culture can affect key business drivers and revenue. A recent BioSpace Community Poll asked biopharma professionals, “Do you feel your company has a positive work culture?” 69% of participants said yes and 31% of participants indicated no. We analyzed the responses and discovered the top three factors utilized to rate biopharma company cultures.
Team / Group Dynamics
How you interact with your colleagues and other staff members can heavily influence the culture of an organization. Do people enjoy getting together and collaborating on important projects or goals? One respondent who indicated that their company had a positive culture commented, “collegial space and colleagues.” Group dynamics can be one of the most important areas assessed when it comes to culture, because it can often be easily observed. At the most basic level, you can see if a team likes working with each other. Another participant in the survey said, “Sharing success, focus on teams and team spirit is rewarded.” If a group genuinely enjoys collaborating then there is usually a sense of harmony, calm, and satisfaction.
Transparency / Communication
Is information shared freely between different departments? Do executives and managers communicate well with other staff members? Without transparency and good communication, it can be difficult to establish high levels of trust throughout an organization. A respondent who indicated they had a positive biopharma culture said, “Transparency and candid feedback is given in a psychologically safe manner.” However, a respondent who indicated no said, “Information is not freely shared. People seem afraid of the CEO. Results are demanded and if they are not what is expected, the reason is often blamed on the person doing the experiment.”
Growth Opportunities
The potential for professional growth is a topic that has come up a lot within BioSpace’s research. It is a component in what life sciences professionals believe makes an Ideal Employer. Growth opportunities were also a recurring theme in this biopharma culture poll. Many employees are inspired when they see internal promotions and advancement within an organization. One survey participant mentioned, “A lot of positive veteran workers, which shows commitment and great leadership. Definitely allows for individual employee growth. Additionally, members of all teams are motivated by their work.”
Are you working in an organization with a positive company culture? What aspects do you think are most important when deciding if a company has the type of corporate culture you are looking for? Respondents to a BioSpace Community Poll regarding the biopharma industry were most focused on team and group dynamics, internal transparency/communication and growth opportunities. How does your organization measure up in those three areas?
Porschia Parker is a Certified Coach, Professional Resume Writer, and Founder of Fly High Coaching. She empowers ambitious professionals and motivated executives to add $10K on average to their salaries.
