Why Invest in Business Culture Transformation?

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Why Invest in Business Culture?

Developed by Nowsourcing

The Art & Science Of Business Culture

 

72% of executives say culture is key to performance

  • Only 32% believed their company culture is aligned with its business strategies

 

Why Invest In Business Culture?

  • Culture Is Key To Success

    • According to a decade-long study by John Kotter, firms that had a strong focus on corporate culture

      • Revenue: +685%

      • Stock price: +901%

      • Net income: +756%

      • Job growth: +282%

    • Focusing on cultural transformation can bring big rewards

      • After 5 years, 85% net profit increase

      • In just 3 years

        • 25% workforce growth

        • 50-point increase in employee engagement

      • Increased engagement brings its own rewards

        • 10% higher customer ratings

        • 17% higher productivity

        • 20% higher sales

        • 21% higher profitability

 

In 2020, 85% of employees are not engaged — Creating $7 trillion in lost productivity.

 

Employees Care About Culture

  • Meaning & Motivation

    • 1 in 3 employees say the primary reason they stay at their current job is that they find the work meaningful

      • Millennials & Gen Z expect their work to help meet societal needs

    • When work is tied to our values

      • Increases employee engagement

      • Sparks inspiration and innovation

      • Raises motivation and productivity

    • Meaningful work is the difference between an employee who actively erodes your culture and those who actively work to better the organization

 

A poor corporate culture can make employees unwilling to buy-in to transformation efforts.

 

  • Why Do Employees Resist Culture Change?

    • Lack Of Trust: Past efforts to change have failed or had unintended consequences, compromising employee trust

    • Over-Burdened: Change often brings new responsibilities, employees worry they’ll face more work with no reward

    • Rules & Roadblocks: Employees are unlikely to embrace changes to rules and procedures — especially if reprimanded in the past

    • Skills Gaps: New technology can expose employees who lack the necessary skills, prompting fear of job loss

    • Fear Of Job Loss: History of failed projects resulting in restructuring and job losses may make employees feel at risk

 

57% of private equity dealmakers say cultural issues hinder value creation.

 

Level Up Your Culture & Create Value

  • What Is Company Culture?

    • All of an organization’s attitudes, ideals, and attributes

    • Seen in the actions and behaviors of every employee

    • Unique to every organization and the people who work there

  • Culture transformation means

    • Aligning employee desires and business strategy

    • Instilling a compelling vision for the future

    • Rallying support through active communication

    •  

While a positive outcome is expected from all digital transformation efforts, barely 1 in 8 are successful.

 

  • Culture Transformation Investments That Matter

    • Strategic Imperative: Define a single strategic imperative to focus your efforts — When you have fifty strategies, you have none

    • Future Vision: Establish a compelling vision — What does your future look like and how does it position you to dominate your market

    • Skills Training: Equip your workforce will the skills needed to meet your vision — Enable high-performance and career advancement

    • Job Alignment: Facilitate organizational and job function alignment so that employees can exercise their passion every day

    • Reward Success: Ensure reward systems align with your vision throughout the organization — Share successes regularly

  • Does Your Organization Need To Invest In Culture Change?

    • Consider these questions

      • Does the company’s culture unleash employees’ passion?

      • How is the organization dealing with barriers to change?

      • Are employees self-managed and accountable for results?

      • Do rewards align with vision fulfillment across the organization?

      • Is there a leadership program that cultivates the right values?

      • Do communication systems foster effective collaboration?

 

                    

 

Sources:

To invest in business and cultural transformation with Ascension Transformation Solutions 

Monday - Saturday, 7am to 6pm

1213 W Slaughter Lane Unit 100

Austin, TX 78748

 

469.608.1517

Info@AscensionTS.com

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