High-performing cultures drive business success. That sounds like a statement from a motivational poster I'd hang in my school locker, right? In the end, size matters. But in this case — can you guess? — size doesn't matter. You probably thought that the high performance of US Olympic athletes is what makes the US a champion country year after year. Well, you are right, but only partially. Because if we look at it more closely, we see something else we might have missed: today's top performers in all fields share one important aspect when it comes to their work culture: they are not blind followers of common practices and the "common sense" way of doing things.
Creating a high-performance organization is challenging. It requires flexibility, cooperation, and talented people, which we already know. The fundamental idea is to create a culture of high performance.
What are high-performance cultures? Behind all indicators of success (for example, the highly profitable company), the experience is called high-performance culture. The pre-conditions are many, but there is always one thing in common: they are based on knowing your values and how to live by them.
High-performance culture predicts financial success. It's simply a fact. The higher the level of your culture, the more profitable the company and more resilient to market changes.
Let's find out why performance matters below:
3 Keys To High-Performance Company Productivity
Idea Generation
Creating a high-performance culture within organizations is to create an environment where people are encouraged and rewarded for taking ownership over their work. When people feel ownership in their work, it empowers them to be more accountable, productive, and creative. In addition, high- performance cultures have higher employee retention rates. Research has shown that low-trust environments lead to a 15% turnover rate while high-trust environments only have a 4% turnover rate. The above research is only one way to invest in building positive employee relations to increase profits within organizations that you own or work for.
Zero Toxic Culture
If you've ever worked at a company with a high-performance culture, you may have felt like family. The future of the business was not simply numbers on a balance sheet; it was something everyone invested in and helped build. But what are the benefits of having high-performance culture? When you get down to it, high-performance culture is about caring for employees, customers and investing in your company's growth.
Less Employee Turnover
As a business owner, it is important to have an employee retention plan for your business. It can do wonders for your bottom line. Research has shown that companies with turnover rates as low as 20 percent increase their profits in the long run.
When you have employees with low turnover rates, it reduces the hiring costs for your company. You would save on time and money spent on orientation, training materials and even lost revenue from the temporary loss of productivity when the new hire is still training. There are other benefits you gain from having a high-performance culture at work, such as less employee absenteeism, decreased sick days, loss of key talent, fewer disciplinary actions, improved product quality and satisfaction from customers, and improved overall productivity.
Performance Power
When it comes to your company, it pays to be high performing. Keep these tips in mind to pump up your performance, productivity, and profits proficiently.