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The Magic Formula to Help Create Great Company Culture

Business Tips

Hub Australia

13th June 2019

Company culture defines what your company lives and breathes, your employees daily experiences, and the internal values you hold (which almost always reflect externally).

It’s the key to you attracting and retaining quality staff who are passionate, feel like they have an impact, and want your business to succeed.

Read more: Download the full Company Culture 101 guide here

What defines your culture?

Great company culture is intangible  – it’s not something that you can buy out of a box, but it is something you can invest in. Something as small as an induction process or introductory lunch can outline the culture of the company to new members.

“We needed an environment that would allow us to evolve, and Hub’s vibe and ethos are very much what we’re trying to promote. We wanted to find somewhere that would reflect the type of organisation we wanted to be and help us attract the type of people that we want.”

Engage Marine

Why does culture matter?

A business succeeds when employees not only attend work, but are actively engaged and passionate about what they do. Investing time, energy, and even money into fostering a positive culture has many effects.

Is there a magic formula to give us a great community culture?

Yes there is!

A 2015 study concludes that play, potential and purpose are the defining elements that are the core of a workspaces culture, and these combine to create a Total Motivation formula to measure the worth of culture.

(10 x the score for play) + (5 x purpose) + (1 2/3 x potential) – (1 2/3 x emotional pressure) – (5 x economic pressure) – (10 x inertia)

To find out your team’s score, take the survey from Vega Factor here

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Whether you measure your internal culture through regular staff check-ins, an external survey (such as Great Places To Work), or internal anonymous surveys acting as a pulse check for your business.

It will help you identify any gaps in motivation for your team, and can act as a pulse check for contentment and commitment in the business.

When it comes down to it, not prioritising working towards a great company culture can cost you far more than it can save.

Download Hub Australia’s full guide to Company Culture 101 here

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