Elevate Each Other: Culture Drives Success by Devin Cornelius

[Devin Cornelius is currently in his final semester as a student-athlete at the University of Central Missouri, pursuing a Master’s Degree in Sport Management. He is currently a Sport Management intern at Athletic Lab.] It is the way that successful high-performance facilities typically separate themselves from competitors. It can be the determining factor of a major recruit’s college choice. By definition, it is the act of developing the intellectual and moral faculties, especially by education. ‘It’ is culture and the term is tossed around regularly. Evaluating the impact that organizational culture has on business is crucial to understanding why it is so important. The following evaluation is not comprehensive but explores topics significant to the area of culture related to the performance of organizations within industry and employee retention. Dr. John E. Sheridan was able to examine what cultural characteristics within an organization created a statistically significant difference in the retention of new employees. Hazard rates, in this context, are the rates in which new, entry-level employees voluntarily leave their position. In his study, Organizational Culture and Employee Retention, Sheridan found that, on average, organizations emphasizing interpersonal relationships retained new employees for an average of 45 months while organizations emphasizing work task values retained new employees for 31 months. (Sheridan, 2010) Within this example, this 14-month difference is significant in a variety of ways. Sheridan explains that the difference in mean duration of ‘survival’ results in an opportunity loss of approximately $44,000 per new employee. Based on firm hiring rates within the study, the opportunity losses related to these differences in retention were between 6 million and 9 million dollars annually. In fairness, Sheridan examined accounting within his work. However, accounting is a market with high turnover, [...]

By | 2017-07-24T08:33:03+00:00 July 21st, 2017|Internship, News|1 Comment