How to invest in company culture
Investing in a company culture is the key to success and success. The company culture is unique to each organization and encompasses all of their attitudes, ideas, and attributes. Company culture is reflected in the actions and behavior of each individual who works for the company. According to the decade-long study, companies that are strongly focused on corporate culture have recorded huge growth in revenue, stock prices, net profit and job growth. Although 72% of company executives say culture is the key to success, only 32% believe that their company’s culture is aligned with their business strategies.
Investing in cultural transformation can bring great rewards. Cultural transformation involves aligning employee desires and business strategies, instilling a compelling vision for the future, and gathering support through active communication. Focusing on cultural transformation can bring net profit growth of 85% after 5 years and increase labor force growth by 25% in just 3 years. Cultural transformation can also bring an increase in employee engagement by 50 points, bringing 10% higher customer rating, 17% higher productivity, 20% higher sales and 21% higher profitability.
Although a positive outcome is expected in all digital transformations, less than 15% are successful. Employees are more likely to resist cultural change when corporate culture is poor. If employees feel overwhelmed, changes often bring new responsibilities and they fear they will have more work ahead of them without a reward. In addition, if past efforts at change have failed, it can lead to unintended consequences, compromising employee confidence. New technologies can also detect employees who do not have the necessary skills, which raises the fear of losing their jobs and reduces the likelihood of employees buying purchasing efforts.
When deciding to invest in corporate culture, it is important to ask whether your awards are aligned with the fulfillment of a vision throughout the organization, whether the company culture unleashes employee passion, and whether there is a leadership program that nurtures true values. Investing in a strategic imperative, training skills, aligning work, rewarding success, and a future vision are all important cultural transformations. Ascension Transformation Solutions provides your company with the means to invest in a successful business and cultural transformation.