Brian Wallace, Founder & President, NowSourcing
When looking for a job, we are often advised to find something that we love. While many may view this as wistful thinking when it comes to their profession, recent studies have shown that it is more important to invest in company culture than ever.
Meaningful work is the hallmark of the way a person pursues a certain career. Over 33% of Americans reported that the reason they stay at their job is because they feel as if it has a sense of meaning and importance to others.
It is not secret that as humans we all want to be valued for what we do. As an employer, creating a meaningful workplace is not only a basic human right but it also has been shown to increase the productivity and revenue of a firm. Companies that had a strong focus on company culture saw a 685% increase in their revenue within one year.
Revenue is not the only thing that increases when company culture is emphasized. Research saw a 901% increase in stock price and a 756% increase in net growth. The methodology behind this makes sense: when employees feel valued they are more willing to be more productive. Productivity contributes assets to the company that result in a financial gain for everyone.
It is not only productivity that increases when company culture is a focus but also several other skills that are relevant to a company. Research shows a 10% increase in customer ratings, 20% increase in sales, and 21% increase in high profitability.
These physical and emotional gains in the company show that company culture must be addressed if businesses want to thrive. 2020, has shown a significant decrease in employee focused policy and as such there has been a collective over seven trillion dollar loss due to lack of productivity.
When looking at the data, it is hard to deny a shift to employee-based culture. However, change in any form may not be universally accepted by employees. This can be hard for an employer to understand especially when the change in policy will directly benefit the employee.
If you are an employer, you have to understand that change is scary. Many times when companies issue the word “change” it is often associated with job loss, too much responsibility, and fear of the unknown. In order to see the financial benefits to changing culture, you must be willing to stick with and by your employees.
About the Author: Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency in Louisville, KY and Cincinnati, OH which works with companies ranging from startups to Fortune 500s. Brian runs #LinkedInLocal events, hosts the Next Action Podcast, and has been named a Google Small Business Adviser for 2016-present. Follow Brian Wallace on Linked