Are you a business owner considering a change in corporate culture? Are you a business owner that isn’t? No matter where you fall on the scale of consideration, making changes to your corporate culture could have long lasting impacts on the efficiency of your business.
Corporate culture defines the productivity of your employees. Employees who are valued and work in a meaningful work environment are more likely to perform with higher capability. 33% of Americans surveyed say that the meaning of their work is what keeps them at their company.
Valued employees contribute substantially more profitability to a company. Companies that have a large emphasis on company culture reportedly see a 685% increase in profitability, a 901% increase in stock price, and an over 756% increase in net growth.
Employees thrive in these types of environments because it means that they have control and meaning behind the work they produce. Consumers benefit from healthy company culture because they receive a better product, customer care, and experience with the company.
This increase in customer care is in direct relation to an employee based company culture. Increased employee engagement has proven results of 10% increases in customer ratings, a 20% increase in company sales, and a 21% higher profitability rate than those companies that do not emphasize company culture.
2020 saw a significant decrease in employee engagement especially through the shift from in person to remote work. Companies have collectively lost over seven trillion dollars due to a lack of productivity. In order for this to be remedied companies must make changes to culture.
Culture needs to be emphasized regardless of the financial returns it can give to a company. Employees are the reason that a company is successful and as such, they deserve to be valued. Executives need to make this a priority today.