FOR IMMEDIATE RELEASE
Positive Work Culture Means Cash in the Bank - Revenues Outstrip Competition 3-1
Vancouver, BC (October 25, 2007): Too many businesses spend too much time and effort on financial results alone, and not enough time on the positive corporate cultures that breed financial success. According to Vancouver-based corporate coach Eitan Sharir, President of Dynamic Achievement Group, constructive corporate cultures are key to increasing revenues, often as much as three times higher than “defensive” cultures.
Sharir has worked with major Canadian and international companies, and cites research demonstrating that companies and organizations that maximize the efforts of their employees and create an environment that encourages success, actually see financial results superior to their competitors.
Sharir says while most corporate executives recognize the need for stronger leadership, too many of them still aren’t acting to make the necessary changes.
“They buy into the notion of positive culture in principle, but too many managers still don’t think it’s worth the effort, for whatever reason,” Sharir says. “That said, we’re seeing a slow shift in attitude, with enlightened leaders starting to realize that it pays to focus on developing a healthy organizational culture to achieve both competitive advantage and financial rewards.”
Studies show that improving corporate culture leads to superior financial results that far exceed those of companies that do not pay attention to their cultures. The most recent study on corporate culture by Waterstone Human Capital has found that the top 10 companies in Canada - in terms of how their cultures are perceived - are also among the most successful financially, with revenue growth triple that of the average revenue growth posted by companies listed on the TSX 60.
“Waterstone’s most recent list of top 10 most admired corporate cultures in Canada, reads like a who’s who of successful Canadian businesses, including WestJet Airlines, Tim Horton’s, Dell Canada, Research In Motion and more,” said Sharir.
“I’ve found the same in my own experience with employers like TELUS, Vancity, Kwantlen College, Interior Savings Credit Union and London Drugs. They have dared to invest in positive cultures, and then reap the benefits of doing better financially. They also generally have more satisfied employees and the best customer service.”
A long-term U.S. study of 207 companies by Kotter and Heskett found that companies with constructive cultures increased revenues over an 11-year period by 682 per cent compared to 166 per cent for those companies with defensive cultures. Net incomes improved by 756 per cent for companies with positive cultures, compared to just one per cent for their competitors.
“Changing corporate culture involves defining your purpose at the outset, letting your employees know in advance what the ‘prize’ is for the ‘price’ of change, and providing real examples of other organizations that have posted better financial results and created improved work environments,” Sharir adds. “The most important thing is to involve everyone, give the changes time and to have all your employees approach their chosen vocation as ‘what they do’ in life, not just ‘a job’.”
About Eitan Sharir and Dynamic Achievement Group
Eitan Sharir is the President and founder of Vancouver-based Dynamic Achievement Group and an expert on workplace culture and developing stronger leaders and teams. Since 1994, he has been helping the world’s top corporations achieve superior results by focusing on both the individual and the organization, with the aim of achieving immediate, significant and long lasting success.
Media contact:
Eitan Sharir, President
Dynamic Achievement Group
Phone: (604) 926-6465
E-mail: eitan@dynamicachievement.com
www.dynamicachievement.com
