Defining/Redefining Your Corporate Culture & Creating Higher Profits in the Wake of COVD-19.
Since the beginning of the pandemic every corporation has been preaching about a “new social norm” with regards to how business is being conducted. Everyone has taken this to mean working from home and conducting conferences virtually. However, one very important factor that has been overlooked is how a company’s culture changes in the face of economic upheaval.
Whether one chooses to recognize it or not, a “company’s culture” is the single most important factor that drives profits. A clearly defined culture not only gives a proper direction for the employees but also for the customers/investors. Every top-performing company has taken the time to write their corporate culture, to educate the public about it and modify it as the company grows.
In the wake of this pandemic, companies have been redefining their culture and balancing their profit-making goals with their ethical considerations. For example, every company had a choice of firing or furloughing employees. The former would have been easier to maintain or increase profits whilst the latter may have meant lower profits but maintaining the loyalty of talented employees who may help drive profits later. Whilst both are business decisions, the latter has more of an ethical component to it.
Every company should be conducting a shareholder analysis that includes corporate rights and responsibilities. Redefining your corporate culture to become more socially accountable has proven in the past to be very profitable for many companies.
A company’s corporate culture is very unique and specific to each business so if you would like to learn more about how your company can define or redefine its corporate culture to become more profitable, then contact our experienced international corporate lawyers at Emily@eaglaw.co