3 WAYS A HEALTHIER WORK CULTURE WILL HELP YOUR BOTTOM LINE IN 2024
Announcement posted by Growth Faculty 24 Jan 2024
January 24, 2024 (Sydney): A new whitepaper released today could finally convince business leaders to prioritise workplace culture.
Ahead of its major business events with global culture authorities Adam Grant and Amy Edmondson this month and next, Growth Faculty's Business Case for a Strong Work Culture shows how and why a healthy work culture improves staff engagement, customer service, profitability, innovation, execution, and competitive advantage.
The whitepaper includes research from world experts in organisational culture and leadership, including Adam Grant, Patrick Lencioni, Jim Collins, Tiffani Bova, Seth Godin, Amy Edmondson, Mark Green, Liz Wiseman, and even rugby legend Dan Carter, as well as local case studies Nous Group and Thryv Australia.
Karen Beattie, Founder and CEO of Growth Faculty, says culture should be THE number one priority for Australia's business leaders.
"Our research builds on Gallup's 2020 findings showing a strong Return on Investment (ROI) for time and expenses directed towards culture and employee engagement.
"Engaged staff see companies improve on most measures, including turnover (up to 43%), absenteeism (81%), wellbeing (66%) and profitability (23%)," says Ms Beattie.
Growth Faculty's whitepaper includes 10 ways workplace culture will help your bottom line. Here are three:
1. Strategy enablement - Culture enables companies to reach their goals.
Karl Treacher, CEO of The Culture Institute, says "The world has now moved into the true digital era, an era that demands a particular strategy and culture. A human-centric culture of learning and AI symmetry." He estimates that almost all organisations currently have culture change needs with better leaders acting immediately.
2. Innovation - Innovation thrives in a culture where individuals aren't paralysed by fear
Harvard professor Amy Edmondson says a healthy culture is a place where people who risk speaking up with questions and concerns and even half-baked ideas and mistakes are congratulated, not punished. "Every time we withhold our thoughts, we rob ourselves and our colleagues of small moments of learning," says the Thinkers50 #1 Management Expert of 2023.
3. Talent Retention - A healthy culture is a learning culture
Research by LinkedIn in 2018 revealed 94% of employees will stay longer at an organisation if they get adequate career training and development. As Adam Grant will explain at his in-person tour of Australia in February, evidence shows that in learning cultures, those engaged employees will lead to their organisations innovating more and making fewer mistakes.
Growth Faculty's whitepaper is available for free to download now (email required).
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About Growth Faculty
Growth Faculty is a leadership learning platform that brings together the world's brightest minds with the tools, mindset, and ideas to grow teams and businesses. The organisation helps build high-performing leaders and teams by connecting them to inspirational thinkers, proven frameworks and resources through live, virtual and highly interactive learning events. For over 20 years, Growth Faculty has hosted global thought leaders, including President Barack Obama, Michelle Obama, Hillary Rodham Clinton, Brené Brown, James Clear, Adam Grant and Jim Collins.
In a world that needs great leaders. We create them. www.growthfaculty.com.