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How Investing In Company Culture Can Benefit Your Bottom Line

Livia Jenvey |  May 19, 2019 

Recently I had the benefit of attending a thought leadership summit in Los Angeles. During one of the leadership strategies session, there was a panel discussion on the value of shaping culture in business today.

One question was asked to each of the panel speakers if it was valuable to invest in creating a robust company culture and would doing so provide a benefit to the overall business' bottom line. Each of the panel leaders unanimously answered there was a definite benefit in business leaders investing in creating a robust company culture. As each of these leaders found, this was key in each of their success as organizations.

Statistically, business leaders who have invested in the company culture have a 14% turnover rate vs. a 48% turnover rate to companies who didn't invest in this area.

It is a two and a half times difference in the cost of having to deal with the impact of turnover, which on average, can cost thousands and take up to six months to replace one employee.

Thus as a business leader, if you're not doing so already, creating a robust culture in your organization can be a well worth the investment.

Now to help you begin the process, here are a few tips to consider:

1. Assess Your Current Culture

What is the current culture in your organization? Take a moment to look at how your company gets things done. Look at what is both positive and negative in how the culture works today.

2. Learn From Others

It starts at the top leadership level in how you desire to change the current culture you have in your organization. If you want to make any changes to your current culture dynamic, gather feedback. To do this successfully learn from others, gain insight and information on what would provide a more positive impact on the prevailing culture.

3. Set a Clear Vision

To create the long term benefits in your company culture takes having a clear vision of what is your desired outcome. Similar to having a clear idea of where you want to expand or grow your company, the culture will play a big part in this. Set a clear vision of what your company culture is to be. 

Use these tips to help you assess your current culture to help it become one where you have less turnover — allowing you to get to achieve the financial benefits of creating a robust company culture in your organization.

 

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