Business culture is the key to success. 72% of executives say that culture is key to performance, but only 32% believe their company culture is aligned with its business strategies. Focusing on cultural transformation can bring big rewards. After 5 years of focusing on company culture, you can see an 85% net profit increase. In just 3 years, there will be 25% workforce growth as well as a 50-point increase in employee engagement. In 2020, 85% of employees were not engaged, creating $ 7 trillion in lost productivity. Increased engagement brings 10% higher customer ratings, 17% higher productivity, and 21% higher profitability.
Employees care about culture, meaning, and motivation. 1 in 3 employees say the primary reason they stay at their current job is that they find the work meaningful. When work is tied to our values, it increases employee engagement, sparks inspiration and innovation, and raises motivation and productivity. Meaningful work is the difference between an employee who actively erodes your culture and one who actively works to better the organization.
Company culture encompasses all of an organization’s attitudes, ideals, and attributes. It is unique to every organization and the people who work there. Company culture can be seen in the actions and behaviors of every employee. Culture transformation means aligning employee desires with their business strategy, instilling a compelling vision for the future, and rallying support through active communication. A poor corporate culture can make employees unwilling to buy into transformation efforts, and while a positive outcome is expected from all digital transformation efforts, barely 1 in 8 are successful.
Establishing a compelling vision, skill training, strategic imperative, and job alignment are all cultural transformation investments that matter. When considering if your organization needs to invest in a culture change, consider the following questions: Is there a leadership program that cultivates the right values? Are employees self-managed and accountable for results? Do communication systems foster effective collaboration? If you answered yes to any of the previous questions, invest in a business and cultural transformation today.
Infographic Source: Ascension Transformation Solutions