Everyone's Investing in Culture Now. Here's Why. (Part I)
- petesavage5
- Mar 17, 2023
- 2 min read
PLACEHOLDER FOR CONTENT. ARTCLE IS WIP.
The Culture Wave is Here
Budgets are now shifting toward initiatives that have a predicatable impact on employee engagement, recognition, loyalty, and retention. Companies are looking for help from trusted partners. A window of opportunity is openning right now to position as a go-to supplier for this unique kind of programming, with very little additional effort.
Employee Engagement's Impact on Revenue & Profits
Higher employee engagement levels can increase profitability by 22%. (Gallup)
Businesses with high employee engagement are 21% more profitable than their counterparts (Gallup)
Companies with high-performing company cultures experienced a 682% increase in revenue compared to only 166% increases in revenue for firms without these cultures. (Forbes)
Employee Engagement's Impact on Productivity
Companies with highly engaged workforces scored 17% higher on productivity. (Gallup)
Business productivity increases by 31% when employees are happy. (Harvard Business Review)
71% of executives say that employee engagement is critical to their company’s success. (FastTrack 360)
Employee Recognition's Impact on Key Business Metrics
90% of HR respondents said that an effective recognition program drives business results. 91% of them agree that it has a positive effect on retention. (Reward Gateway)
72% of businesses agree that recognition impacts engagement positively. (Harvard Business Review)
Recognition programs can help drive an 11.1% increase in average employee performance. (Gartner)
Employee productivity, performance, and engagement are 14% higher in organizations with recognition programs than in those without them. (Deloitte)
A simple expression of thanks by someone in authority led people to be 50% more productive. (Journal of Personality & Social Psychology).
Another big reason is culture's impact on recruitment, hiring and retention. We'll look at the abundance of stats for that in a separate article.
In the meantime,
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