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Great Culture; Increased Profitability

Having a Great Company Culture Will Lead to Increased Profitability

How do you know if your company has the kind of culture that will lead to increased profitability? You don’t necessarily need to hire an outside consultant or even conduct a study; if you walk around your offices, you’ll be able to tell pretty quickly. When employees are happy and excited about the work they’re doing and about the company they work for, you can be certain that your company culture fits the bill! To discover how great company culture leads to increased profitability, read on!

 

What is a Good Company Culture?

A great company culture is a business’s way of expressing its core values, or purpose. You don’t have to be an e-commerce giant like Zappos or Google to develop one; in fact, some of the most successful startups are famous for their company culture. In many ways, it’s easier for smaller companies and startups to develop a stellar company culture than their larger counterparts.

 

Does it Really Lead to Increased Profitability?

Well, there is good news and bad news. There’s plenty of evidence that companies with strong cultures are more profitable (Google is great example). However, most research also shows that culture doesn’t directly lead to profitability: rather, it’s two sides of the same coin. That said, we wouldn’t be doing our jobs if we didn’t try and coax you towards creating an engaging company culture! Regardless of whether or not you see direct monetary results, do remember that having an engaged team should make your life easier as a leader—and hey, maybe your employees will love their jobs so much they’ll stay longer and work harder too. Win-win.

 

How Can I Apply this in My Business?

This seems obvious, but many business owners think culture is about foosball tables and free lunches. (however, if you are looking for a foosball table, my favorite is Tornado)While these perks can be fun, culture is much deeper than that. Your culture is your company’s purpose and mission—it defines what your business stands for as well as how it treats employees and customers alike.

 

Questions Answered

If you hire employees who are passionate about your company’s purpose, then it’s reasonable to assume that they will be more engaged in their work. And when employees are engaged in their work, you can rest assured that profitability will follow. People don’t like working for organizations that lack purpose. A mission statement provides an important sense of meaning and inspires those who align with its cause(s). Those who believe in what your company stands for tend to stay committed even during difficult times. Great company culture leads to increased profitability.

 

If you want o know more, check out this article on the future of employee experience

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