The Ledger: How culture can provide a competitive edge

In light of the Great Resignation, recruiting and retaining talent is more of a priority than ever. According to PwC’s 2021 Global Culture Survey, work culture not only served as a source of strength during the pandemic but also gave businesses a competitive advantage in their markets.

Click to enlarge

Source: PwC Global Culture Survey 2021


Workplace culture is a growing priority among senior leadership

53%

2013

61%

2018

67%

2021

Organizations’ top 5 cultural priorities

  1. Retention and recruitment
  2. Digitization
  3. Innovation
  4. Health and safety
  5. Collaboration

Why?

Reason #1

A strong culture → organizational adaptability
Culture is a source of competitive advantage: 81%
Culture is an important topic on the leadership agenda: 86%
The way people act is consistent with what we say about culture: 85%
Our culture enables successful internal change initiative to happen: 88%

Reason #2

Companies with a distinctive culture are more likely to see business increases across the board compared with ones without
Revenue: +48%
Employee Satisfaction: +80%
Customer Satisfaction: +89%