Impact of Corporate Culture - Factors Promoting Success

Abstract

In the context of globalization and integration among nations in the world, the demand toward enterprises in the era of knowledge economy is not only the competition on markets or revenues but also the development of scale and sustainability. Besides the traditional factors such as capital and technology, enterprises need to focus appropriately on non-material factors in order to achieve long-term strategic goals successfully based on manpower. Enterprise culture is a connecting factor among members of an agency to promote the internal strength of the enterprise. This study introduces the concept of “corporate culture” or “workplace culture”, and evidences of the impact of culture on the success of enterprises. Successful businesses have learned the importance of culture in a company and how it can increase employee morale, encourage equitable workplaces, and boost profits. Companies realized that they needed to invest in their employees and fully embrace the importance of culture in the workplace. Assessing the impact of cultural factors on the success of the business in the current period, contributing to promoting and affirming the brand of the enterprise. Research shows that cultural factors have an impact on more than 70% of the success of businesses. Suggestions are also proposed to build enterprise culture that is consistent with directions and policies of the government in the current time.