EMPLOYEES
Individual and collective employee performance can be affected either positively or negatively by the corporate culture you embrace. (www.kellyservices.com, “Corporate Culture Affect Employees”)
The cost of losing an employee is about 38% of the departing employee’s annual wage. (John Dooney, manager of strategic research at the society for Human Resource Management)
MEMBERS
Industry has discovered the value of loyal customers: they buy more, buy more often, are cheaper to serve, have higher retention rates, and are more profitable than newly acquired customers. (Aruthur Middleton Hughes, “How Customer Service Builds Loyalty and Profits”)
The cost of acquiring new customers is five times the cost of servicing established ones. (referencing analysis by Reichheld, The Gallup Management Journal, “The Constant Customer”)
When a brand inspires both rational loyalty and emotional attachment, customers will continually reward it with their business. (The Gallup Management Journal, “The Constant Customer”)
FINANCIAL PERFORMANCE
Sustained success has to do with managing culture. Organizations change without an awareness of what drives the organization’s culture may be the reason close to 90% of all projects fail. (Toby Elwin, “The Cost of Culture, a 50% turnover of the Fortune 500”)
Examples from an 11 year Harvard Business School study show a variety of areas in which companies with the “right” culture outperformed their counterparts: revenues were 4.1 times higher, stock price was 12.2 times higher and return on investment was 15 times higher. (www.renovacorp.com, “The Impact of Corporate Culture on Economic Performance”)
According to a study by the Hay Group, failure to consider cultural integration is a common and often disastrous mistake made by merging firms. (Jesse James, “The Importance of Corporate Culture to Merger Success”)
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