Creating culture has been a hot topic in the business world for many years. However, every company already has a culture. A company’s culture is its personality. As with people, a company’s personality either draws folks in or pushes them away.
In my new book, The Magnetic Advantage: How Great Companies Attract, Retain and Engage the Best People, I introduce the term: Magnetic Culture. This type of culture is specifically designed to ATTRACT, RETAIN, and ENGAGE employees.
Characteristics of Magnetic Culture
A Magnetic Culture is a powerful tool for creating competitive advantage. In fact, Peter Drucker said, “Culture eats strategy for breakfast.”
Provided below are qualities of a Magnetic Culture:
Powerful Attraction
A magnet is an object that creates a force field; an invisible force that pulls other items to it. In the same way, when a company has a Magnetic Culture, it draws people towards in.
Holding Power
Companies with a Magnetic Culture have highly-engaged workforces who will commit to the company. Therefore, magnetic companies hold people. Not literally, but they do hold the employees’ hearts and commitment.
Pulls Together
A Magnetic Culture pulls people together instead of pushing them apart. This culture encourages teamwork.
The bottom line is that companies with a Magnetic Culture are more profitable because they are able to attract and keep the best people. Productivity is higher, customer service is better, and turnover costs are minimized.
The bottom line is that companies with a Magnetic Culture are more profitable because they are able to attract and keep the best people. Productivity is higher, customer service is better, and turnover costs are minimized.
How to Create a Magnetic Culture
So, how do you create your very own Magnetic Culture? There are two primary steps.
1. Create your Guiding Principles
To create a Magnetic Culture, you first determine what the company stands for and where it is going. You do this by creating your Vision Statement, Mission Statement and Core Values. Each are briefly defined below.
- Vision Statement: Desired future state of your company
- Mission Statement: Defines why your company exists
- Core Values: Your company’s deeply held beliefs
These guiding statements form the foundation for your culture. But they are only the foundation, you must build the rest of the house!
2. Bring your Guiding Principles to Life!
You can’t just create the guiding principles and stick them in a drawer or on a plaque. That won’t give you a Magnetic Culture! You have to bring those guiding principles to life by integrating them throughout the company.
Frances Hesselbein, founder of the Leadership Institute, said:
“Culture does not change because we desire to change it. Culture changes when the organization is transformed; the culture reflects the realities of people working together every day.”
This is where many business leaders miss the mark. They spend lots of time creating their guiding principles and don’t do anything with them. What a waste of time!
To create your Magnetic Culture, your guiding principles must be woven into the fabric of the company. In my book, The Magnetic Advantage, I give several ways to integrate your guiding principles and create a thriving culture.
Additionally, leaders must model the Core Values that they put in place. People will follow what you do, not what you say. Further, saying one thing and doing another causes people not to trust you.
Culture is something you simply can’t fake. If you want to create a Magnetic Culture, you must integrate your guiding principles throughout the company, and most importantly, model those behaviors yourself!
Culture is something that you simply can’t fake. If you want to create a Magnetic Culture, you must integrate your guiding principles throughout the company, and most importantly, model those behaviors yourself! #MagneticAdvantage Click To Tweet
To Sum it Up
A Magnetic Culture will motivate employees to go the extra mile, reduce turnover costs through employee retention, and create an overall culture of engagement. Your company will enjoy greater profits and your customers will be happier.
Do you want to learn more about creating your own great culture? Check out my book The Magnetic Advantage.
What are some things that your company does to build a great culture? Share below in the comment section!
