Company culture is defined as the values, attitudes and behaviors that contribute to the unique social and psychological environment of an organization. It's otherwise known as the “way things get done around here.”
Although culture is in vogue right now, its status as a major player in organizational success goes back decades. In the 1990s, Harvard Business School researchers James Heskett and John Kotter examined the corporate cultures of 200 companies. They assessed how each company’s culture affected its long-term economic performance.
They found that strong corporate cultures that facilitated adaptation to a changing world were associated with better financial results—up to 900 percent appreciation in equity value.
But how can you foster a strong company culture? In my recent AMEX OPEN Forum column, I share five simple steps I think can help.