For evidence that corporate culture is crucial to a company’s bottom line, look no further than the recent Bank of America employee fraud scenario, in which more than 5,000 workers were fired and $185 million in fines were levied. As a recent Forbes article put it, the Wells Fargo case is “an indictment on corporate culture and leadership practices.”
That is, in part, why more investors are paying attention to culture-related issues such as corporate governance when making long-term decisions.
“What were once seen as nebulous things on the balance sheet, such as intellectual property, the corporate culture, the brand, or the reputation of a company are increasingly important,” says David Styles, director of corporate governance for the Financial Reporting Council. “In the long term, these affect the bottom line, so a number of investors are now engaging with firms on the topic of corporate culture.”
Culture is also a key recruitment tool for employers of all sizes, says Suzanne Hough, chief human resources officer for benefits administrator Hodges-Mace. “Today’s job candidates have high expectations of their future employer,” Hough explains. “They regard an environment of cultural compatibility as just as important as a good salary.”
Because most mid-market firms employ workers from Baby Boomers to millennials and across geographic regions, company culture must appeal to a wide range of stakeholders. Here are a few companies that have had success managing their corporate culture — and a look at the practices that set them apart.
Intuitive Research and Technology
Number one on Fortune’s 2015 list of 25 Best Medium Workplaces, Intuitive Research and Technology is a 16-year-old, Huntsville, Ala.-based aerospace engineering and analytics government contractor with the enviable boast of no layoffs, ever. The company offers everything from unlimited tuition reimbursement to flexible scheduling. Another popular perk: unexpected, on-the-spot bonuses that allow the company to give an “immediate response” to performances that stand out without waiting for an annual review.
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