Build a Strong Company Culture to Overcome Economic Uncertainty

In our uncertain times, businesses must rely upon every advantage they can muster to remain viable in the marketplace. A healthy company culture can be a key differentiator—and possible solution—for businesses seeking to compete in this environment of change and unpredictability.

What is “corporate culture?” DeskAlerts defines it as “the collective set of beliefs, attitudes, and practices that shape an organization’s workplace.” A positive culture fosters “increased employee happiness, higher rates of staff retention, and better overall business success,” while a toxic culture “might result in disgruntled workers, high turnover rates, and a dearth of creativity.”

So how can leadership strengthen a company culture in challenging circumstances?

Move away from “command and control."

In tough times, business leaders sometimes hunker down, reverting to a command-and-control mindset where all decisions come from the top down and other processes are kept under close scrutiny. But this approach is unlikely to garner the desired results.

Instead, advises Entrepreneur, leaders “should consider letting go of this need and make space for their people’s messy, complex individuality in order to achieve greater transparency and build engagement and trust.”

Keep communicating.

A healthy culture prizes transparency and information-sharing. In hard times, employees naturally want to know what’s going on, and it’s up to senior leadership to keep them informed, as much as is reasonably possible.

Towards that end, a strong culture leverages the benefits of all-staff meetings, team-building exercises, and other means of communications. “Communicating about significant decisions throughout the organization lays the groundwork for … maintaining company culture when turbulence hits,” notes The Washington Post.

Be clear about the company’s mission and values.

Your company values will likely remain constant throughout tough times. But it’s important that everyone within the organization understands this. Take every opportunity to clarify those values and keep them top-of-mind with the workforce.

“Having a ‘why’ behind what you do—and keeping it consistent—is critical to the success of any team,” notes Jack Newton, founder and CEO of Clio, adding that “mission-driven businesses, leaders and employees are well-positioned to weather any storm.”

Promote accountability.

Effective business leaders don’t shy away from taking responsibility for making tough decisions in uncertain times. CEOs and business owners must take ownership of their actions and be clear that they expect the same from employees. Just make sure, as we’ve noted before, that employees have “the resources and support they need to succeed.”

Let employees know you’re listening.

A strong company culture encourages open discussions in the workplace. One key to keeping employees engaged is to listen to their insights and ideas. After all, these team members often have first-hand knowledge of customer preferences, and their suggestions may have a significant impact on future actions and initiatives.

Don’t overwork your team.

Sometimes it seems like pushing employees to do more and work faster is the best way to address difficult situations. Most of the time, it’s not.

Forbes cautions against trying to “squeeze every drop of productivity out of your employees.” Instead, “let them figure out how to be productive” while “offering perks that make employees’ lives easier, like flexibility, autonomy, and meaningful work.”

Clearly, the key to thriving in tough times lies in a company culture that promotes deeper employee engagement. To learn more, read “7 Ways to Create a Culture of Engagement in Your Business.”

Written by Lee Polevoi