One third of Britains leave their job because of poor company culture.* However, over half the CEOs surveyed from SMEs in the UK thought that company culture was just ‘nice to have’ in their business rather and an imperative part of productivity, success and revenue growth.
A ten year study by John Cotter and James Heskett demonstrated that a company with a strong culture could grow their revenue by over 682% compared to 166% in companies with weak cultures. **
According to the Chartered Management Institute, improved leadership and culture could increase productivity in the workforce by 23% and save businesses £2,200 per person per year. So for every 50 workers, poor culture is costing the economy over £100,000. If just one third of the workforce is disengaged, that’s over £23 billion per year!
How much is wasted in your business? Do you have a clearly defined culture? Is everyone clear on what it is?
Make your culture stick with a culture playbook.
* The Culture Economy Report – https://www.breathehr.com/resources/culture-economy
** Kotter, J.P. and Heskett, J.L. (1992) Corporate Culture and Performance. Free Press, New York.