We believe in the power of culture to drive growth. So much so, that our entire business is built around it.
Much has been written about culture in the past decade. But it’s fair to say there’s never been a more pressing time for organisations to focus on culture than today.
The pandemic has caused seismic changes across the business landscape. Where we work, how we work and why we work are all new challenges that companies must address.
Culture extends far beyond co-working spaces, coffee machines and wellness days. It serves as a key differentiator between organisations, impacting everything from brand loyalty to customer satisfaction to a company’s ability to attract and retain top talent.
But there’s one other benefit that may surprise you.
Thanks to new research, we can now definitively prove that a strong culture has a direct impact on company profitability.
What is a strong culture and how do you know you’re getting it right?
Culture is the result of a company creating the conditions for a defined set of behaviours and beliefs to thrive.
When a culture is well-defined, aligned with purpose and understood by leaders and employees internally, it has the potential to differentiate your business. It can influence the way you work and the experience that your people and your customers have in every interaction with your organisation.
In today’s world, this has never been more important.
To adapt and thrive in our changing business landscape, you need to have visibility over the behaviours that your leaders and people demonstrate. These are the behaviours that will shape your culture.They will either propel you to new heights or send you tumbling backwards.
Thankfully, when you understand the dominant traits and behaviours within your organisation, you can start to evaluate what is required to spark a shift in mindset.
This is the first step towards building a culture that can engage your people and create differentiation in the marketplace.
The data doesn’t lie – understanding how culture impacts profitability
With this in mind, how does a strong culture impact commercial value?
In a landmark global study, PwC surveyed 3,000+ global business leaders across forty-two countries, including China, France, the United Kingdom and the UnitedStates.
Looking across industries, the survey found unequivocal evidence that “amplifying cultural traits can be a source of competitive advantage for companies”.
The research, conducted post-pandemic in 2021, reveals the most current and up-to-date insight into how culture is impacting the world of work.
Get this: 81% of respondents that believe their organisation was able to adapt well during the past 12 months say, “our culture has been a source of competitive advantage”.
What’s more, companies with a distinctive culture are 48% more likely to generate greater revenue, 80% more likely to have satisfied employees and 89% more likely to have satisfied customers.
These findings show that culture is much more than a set of internal values. As we can see, a strong culture is directly linked to higher profitability, greater agility and overall business growth.
At a time when many businesses are precariously positioned, a strong culture is no longer just a ‘nice to have’. It’s an absolute must for any business that wants to inspire innovation, spark growth and drive tangible commercial value.
Want to supercharge your culture?
We believe culture is never an accident, it’s an outcome. That’s why it’s so important to take practical steps to define your culture today.
Our new online assessment tool, Culture Unleashed, is designed to do just that. Fusing the best elements of engagement theory and behavioural psychology, Culture Unleashed guides your employees through a series of questions to uncover their unique behavioural characteristics.
The tool benchmarks against eight traits associated with high-performing businesses, revealing your company’s dominant traits, key watch-outs to consider and areas of improvement.
Sound exciting? We think so, too. Sign-up for a demo today.