In order to thrive and stay competitive, companies need to embrace change and be ready to get creative in the face of any possible challenges. Studies consistently show a number of benefits to companies that embrace change in their culture, including:
- Increased output: According to , companies that embrace essential practices in innovation outperform their industry peers, delivering 2.4 times higher economic profit.
- Increased employee engagement: Adaptive work cultures encourage workers to be more engaged and responsive to company needs. shows that highly engaged teams experience 21% higher profitability and are 17% more productive than teams with low engagement levels.
- Increased customer centricity: Companies that embrace change often place a higher focus on customer needs, which gives them a competitive advantage – , 32% of customers would stop doing business with a brand they loved after just one bad experience.