By: Amber Schiada, Vice President & Director of Research, JLL
Culture is intangible, hard to measure actively, yet easy to sense when you walk into an office space. Workplaces are rarely neutral when it comes to communicating a buzz of engagement or a sluggish vibe of resignation. Company culture can significantly affect very real business outputs. Companies that actively developed their culture returned 516 percent higher revenue and 755 percent higher income, according to a study of 207 organizations over 11 years.
Developing company culture is about creating a sustainable investment in your workforce, capitalizing on its limitless potential. On culture’s importance to the function of teams, corporate direction and growth, Wehuns Tan, CEO of Wishabi, says, “Culture is infectious—it’s viral and it’s central to accelerating your business. When you have a united team that is rushing toward a common goal, you will create a rocket-ship trajectory. Every industry needs unbounded exponential growth to succeed in today’s world.”
Companies who actively developed their culture returned 516% higher revenue and 755% higher income.
A number of literature rightly argue that improving company culture lies with making employees happy through creating a desirable working environment. Henry Stewart, author of “The Happy Manifesto,” writes that happy employees lead to “better customer satisfaction, lower staff turnover, less sick leave and easier recruitment, which all lead to greater growth and profitability.” Indeed, organizations that are on the “Best Companies to Work For” lists by the Great Place to Work® Institute consistently outperform major stock indices by 300 percent and have half the voluntary turnover rates of their competitors.
To read the entire report, visit: http://www.jll.com/research/163/fully-engaged-report