Culture is a key business driver for success. Great culture drives employee engagement, which leads to stronger brand identity and higher profits.
Here are 7 reasons culture should be at the core of your business strategy.
#1: Engaged Workers Are Key to High Performance
Companies with high staff engagement ratings consistently outperform their competitors with respect to:
- Customer ratings
- Turnover (for both high and low-turnover organizations)
- Safety incidents
- Shrinkage (theft)
- Quality (defects)
A recent Gallup study concluded, organizations that averaged 9.3 engaged employees for every actively disengaged one had 147% higher earnings per share (EPS) compared to competitors (State of the American Workplace 2013, Gallup).
#2: Disengaged, Unhappy Workers Cost You Money
Gallup estimates disengaged employees cost the U.S. $450 to $550 billion every year! If your employees are not performing to their potential, then your company isn’t either. Disengaged workers are more likely to promote negative stories about your company with coworkers, miss work and drive customers away.
#3: Great Culture Attracts (and Retains) Top Talent
The economy is turning. The talent pool has options. Every company wants to hire those top 10-20% performers. Why will high performers choose you over the pack?
Do you worry, not only about getting the right talent, but also that your best people may head out the door? Studies show that companies with low employee engagement have turnover rates 25% to 65% higher (varies by industry) than those with low engagement scores.
Give top performers what they need to both join your team and to stay. Even more than a great salary–people will choose and stay at a job for a great boss, a strong culture, a sense of purpose and opportunities for growth and career advancement.
Couple great culture with a smart communications strategy and talent will find you.
#4: Culture Is Your Brand
Yelp. Twitter. Google Reviews. Facebook. Consumers can pull back the curtain and see what’s behind your brand like never before.
Dell spent millions advertising great customer service. But all those ads couldn’t counter Dell Hell–the virtual town square for angry consumers telling their lousy customer service stories. Dell lost its identity, its share price plummeted and its market share eroded.
In today’s transparent world–smart companies know that culture drives brand. Will you stay ahead of the curve?
#5: Great Culture Is a Magnet for Media and Raving Fans
Zappos, a billion dollar company with a tiny marketing budget, has culture stories that dominate the web. That’s because their unique culture creates stories that media, customers and others want to tell.
More consumers want to know: What’s the story behind your brand? And those consumers who care about your backstory are the consumers that are twice as likely to blog, review and rate your company among their social networks. It’s the consumers who care about your backstory that shape the buzz about your brand.
With today’s consumer revolution afoot, your back story is your brand story. Make sure it’s telling the right story and then bring it center stage.
#6: Engaged Employees Will Drive Innovation
Did you know that an engaged workforce will drive innovation? The most successful
companies are tapping into the creative power of
employees, customers and partners to stay ahead. Workforce engagement fuels out-of-the-box
thinking, which leads to more effective
management practices, business strategies
& customer service.
#7: Great Culture Is More Fun.
Need we say more? Give us a call. We’d love to talk to you about how to create great culture and unleash passion and purpose in your organization.