Will it come down to company culture to master the crisis in Life Sciences?
In times like today – you all know what I’m talking about – it becomes even more clearly how important company culture is to make it through rough times. And don’t get me wrong, it’s not a decision whether or not you have a company culture. You have a company culture either way but it’s no doubt good to be in charge of it. And these can be the times when your real company culture shows and you find out whether you are or whether you are not.
Do you know your company culture?
Company culture or corporate culture can have many forms, often it refers to an organization’s social order and expected work practice whether it is specifically outlined or not. Cultivating a great company culture is important not only for employee engagement, happiness and retention, but also for a thriving business; regardless of the economic climate. (Culture Economy Report). A lot of the factors involved in creating company culture are fairly abstract and refer to beliefs and behaviors that can obviously differ a great deal. On top of that company culture is more implied as it is expressly defined. In the ideal case it develops organically over time as a result of cumulative traits of the company’s employees. All of them.
Innovation and company culture
In the fast-changing and in our times right now very closely monitored business of Life Sciences it’s especially important to look at company culture from all angles. Meaning that it’s surely about things like dress code, business hours, office setup, employee benefits, turnover and hiring decisions but it’s also essentially about treatment and satisfaction of clients, patients and even the public eye as well as every other aspect of operations. Being as innovation-driven as Life Sciences have to be and innovation largely depends on people, company culture can be seen as a highly responsible factor in generating human energy. Company culture is the driving underlier to a company’s forward movement.
Time to make a difference!
Get into the drivers seat since the most effective drivers of culture are 1. CEO/Leadership communication; 2. People manager interaction & communication; 3. Employee-driven efforts; 4. Employee recognition programs; 5. Internal communications group; 6. Total rewards linkage. And not to forget: the ever growing demand for top talent in Life Sciences gives a significant advantage to companies with a clear vision of values, principles and their narrative. Because over 77% of adults take into consideration a company’s culture and 79% weigh a company’s mission and purpose prior to applying. (Mission and Culture Report 2019)
So prepare to be taken into consideration. On all levels! Because, after all:
“Investing in building and nurturing a company’s culture is the wisest investment any business leader or management team can make! Financially, it is a low-cost investment with a high probability of economic returns.” (Safeguarding Intangible Assets by Michael D. Moberly)