Mastering the art and science of business culture is the key to success. Company culture encompasses all of an organization’s attitudes and attributes, is unique to every business, and can be seen in the actions and behaviors of every employee.
72% of executives state that business culture is key to performance, yet, only 322% believe their company culture is aligned with their business strategies. Cultural transformation aligns employee desires and business strategy, instills a vision for the future, and rallies support through active communication.
Why should you invest in business culture? According to a decade-long study, firms with a strong focus on corporate culture saw massive revenue, stock price, net income, and job growth. Focusing on cultural transformation can bring big rewards, including an 85% net profit increase after five years and a 25% workforce growth in just 3. Additionally, cultural transformation increases employee engagement, which brings its own rewards: higher productivity, sales, customer ratings, and profitability.
Employee engagement is essential for a successful business. In 2020 alone, $7 trillion in lost productivity was generated because 85% of employees weren’t engaged. This emphasizes that employees care about culture, meaning, and motivation. When work is tied to employee values, it increases engagement, sparks inspiration and innovation, and raises motivation and productivity.
Meaningful work is the difference between an employee who actively erodes company culture and works to better the organization. While a positive outcome is expected from all digital transformations, barely 1 in 8 are successful.
Employees can resist culture change for a variety of reasons. Fear of job loss, lack of trust, feeling overburdened, rules and roadblocks, and skills gaps are all reasons employees might reject change. Investing in business and cultural transformation is made simple by ensuring a positive outcome for your company.
Changing company culture helps businesses develop a future vision and strategic imperative, implement skill training and a reward success system while also aligning organization and job functions to the vision. Transform your business today:
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Last Updated on May 20, 2021.