1.

Corporate culture, also known as company culture, refers to a set of beliefs and
behaviors that guide how a company's management and employees interact and handle
external business transactions.

2. Types
#Clan culture, which is mainly focused on teamwork.
#Adhocracy culture is primarily focused on innovation and risk-taking.
#In a market culture, where the bottom line is the main priority.
#A hierarchy culture that follows the traditional corporate structure and has a clear chain of
command.

The six elements of great company culture

3. Community
Employees express a sense of winning together and sticking together when times are tough.

Top features separating the Best Workplaces from other organizations include:

1.Celebrating special events

2.Sharing profits
3.Treating layoffs as a last resort

4. Fairness
When rating equal compensation and recognition, employees score these companies 37-
42 percentage points higher than the national average.

Employees at these companies also report issues with favoritism and politicking far less often.

5. Trustworthy management
Trustworthy, credible and personable managers have a significant positive impact on:

1.Employee retention
2.Overall workplace satisfaction
3.Employees ’ willingness to recommend their company
4.Motivation to give extra effort at work.

6. Innovation
When managers create a safe environment to express ideas and make suggestions,
employees are 31 times (!) more likely to think their workplace is a breeding ground for
innovation. Workplaces that have innovative cultures inspire employee loyalty, confidence and
willingness to give extra.

7 . Trust
Many of the 100 Best Companies trust their employees to work flexible hours and from
remote places. This flexibility makes employees more dedicated and engaged because they
feel trusted to meet their business goals in a way that works for their life.

8. Caring
Every company says it values employees. The 100 Best Companies don't say it; they show it.

DHL went beyond physical safety to ease employees ’ minds during the pandemic. For
example, the company sent motivational messages to employees through their package
scanning devices. It also offered virtual yoga classes and facilitated meditation sessions.

9.ETHICAL CULTURE PAYS

Over half of senior executives believe that corporate culture is a top-three driver of firm value
and 92% believe that improving their culture would increase their firm ’s value (Graham,
Harvey, Popadak & Rajgopal, 2017). Evidence from research suggests a strong ethical
culture can provide significant benefits to an organization, such as:

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1. Increased employee job satisfaction, affective commitment, and willingness to
recommend their organization to others.
2. Reduced employee burnout and increased intention to stay.
3. Decreased illegal activity and increased moral behaviors.
4.Improved organizational performance, value, and innovativeness.

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The importance of developing a corporate culture

Researchers have found that organizations that have well-conceived cultures supported with
good policies that attract workers who fit well with the environment ultimately have more
committed and productive employees.

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Need for Corporate Governance

The need for corporate governance was felt because of the increasing non-compliance of the
standards related to the financial reporting and accountability by the board of directors and
management which in turn was the reason of the huge losses to the investors of the company.

The fall out of big companies was enough to bring about the importance and need of
the corporate governance which is supposed to draw a distinction between the powers of
the management and the board of directors.

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Examples of corporate governance
Specific processes that can be outlined in corporate governance may include the following:

action plans;
performance measurement;
environmental, social and governance principles;
disclosure practices;
executive compensation decisions;
dividend policies;
decision-making practices;
procedures for reconciling conflicts of interest; and
explicit or implicit contracts between the company and stakeholders.