Culture is critical to business. A company culture that is defined can be a guiding and empowering force for employees to do great work and enable your firm to deliver on business objectives.

Yet some may think the idea of culture is irrelevant to business results because it feels intangible. But, in fact, all businesses have a culture and it is reinforced every day—whether its leaders realize it or not. When a culture is shaped with intention, it can deliver real value for the organization. Yet on the flip side, when a culture forms haphazardly, it can actually work against you.

In the financial services industry, where trust is integral and client relationships are the backbone to the work, a firm’s culture can be an important differentiator. When clients understand your values and see it demonstrated though the service you provide, it creates meaningful connections and strengthens their relationship to your firm.

Joining The Culture Club

Creating a culture doesn’t happen overnight, or even in a year, for that matter. It must be shaped with intent, demonstrated consistently and have accountability. Firms might assume it is formed out of a mission statement or a code of conduct. But it is much more than that. Culture is shaped by the people, the workplace and the practices of the organization. Everything from how people engage with each other to the ways that employees feel valued feed into the culture of an organization.

Determining where you place value and how that shows up in your organization are driven largely by the programs and practices that are designed to support your talent, or your human capital.

While there are many ways to shape a culture, initiatives that are employee-centered and can be acted upon consistently are key to being able to shape its direction. They can include:

• Empowering employees: Offering learning and development opportunities and access to tools and resources that create efficiencies and make employees’ jobs easier—such as technology that streamlines processes or service providers outside of your firm to do specialized work—can enable employees to do their best work. When talent matters, you are also more likely to see a workplace culture that values competitive compensation and reward programs. Ultimately, employees that feel respected and valued deliver better results for your business.

• Placing a focus on people managers: Supporting people managers with the tools and resources to do more than be subject matter experts, but to unite teams, earn trust and lead by example, can become a defining part of a culture. Setting a performance expectation around managing people can be as impactful as whether managers are delivering on any business outcome.

• Creating an enabling workspace: Something as fundamental as the work environment—considering the significant role it has on employee wellbeing—can reinforce a culture. Providing flexible workspaces and onsite amenities, for example, are employee-centric features that create a comfortable and convenient environment. That impacts behavior, enabling them to be more collaborative and efficient with their time, creates pride in a workplace, fuels productivity and helps a firm retain and attract the best talent.

• Communicating openly: The way leaders and employees communicate with each other and with clients is reflective of a culture. When leaders are accessible and transparent, they are better able to create trust. That breeds an environment of trust that can be felt inside and outside of the firm.

• Leading by example: Just as important as being able to define and shape a firm’s culture is having leaders committed to demonstrating and reinforcing the behaviors and beliefs. It is integral that leadership subscribe to its tenets so that it can cascade with meaning.

Moving From The Inside, Out

As the financial services industry becomes increasingly commoditized, having a defined and recognized culture can set a firm apart from its competitors. When a culture is meaningful, collaborative and has a positive impact on employees, it becomes the same experience for your clients. They will understand who you are and what you represent, trust will be established and clients will ultimately choose to stay or go with a firm based on how they feel personally connected to it.

Sallie Larsen is the managing director and chief human capital officer at LPL Financial, the nation’s largest independent broker-dealer. Larsen has spent three decades in best practice HR companies such as TRW, Marriott and Capital One and has worked with top HR leaders.