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  "documentTitle": "The Hidden Value of Culture Makers",
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      "text": "Company statement analysis: We scanned 230,000 public statement transcripts from 14,300 companies in the period 2009-2019 for a predetermined set of Culture keywords; these included the word \"culture\" but also those related to our more granular definition such as parental leave and flexible working. Using these keywords and Natural Language Processing allowed us to extract \"mentions\" of workplace culture by year—in total and by company.",
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      "text": "Using our calculation for profit growth we simulated the rise in profits using actual data on EBITDA of all private and public companies globally from S&P Capital IQ for 2019. This points to a boost of US$3.7 trillion to global EBITDA in 2019 of US$11 trillion.",
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      "text": "Impact on recruitment costs: To calculate the cost savings associated with an improved retention rate we assumed a 50:50 gender split in employees and used data from the Center for American Progress to establish the cost of replacing an employee as being equivalent to around 20 percent of their salary. Under this scenario, increasing the retention rate of women by 5 percent would save a company employing 50,000 employees, of which half were women, up to US$8million per year.",
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      "text": "We built scenarios and used our models to simulate the impact that a 50 percent decrease in the perception gap would have on employees' sense of inclusion, ambition for leadership and retention (split by gender).",
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      "text": "Impact on profit growth: To calculate the relationship between the perception gap and profit growth, we used an ordered logit econometric model to estimate the probability of companies who responded to our survey falling within a (self-reported) band of profit growth (ranging from <-21 percent to >21 percent over the past 3 years), conditional on global revenue, number of employees, industry, and average perception gap. The results indicated that companies with lower perception gaps are significantly more likely to demonstrate higher profit growth. We then conducted a simulation to estimate how profitability would change if all companies could decrease perception gaps by 50 percent. This suggested a 33 percent increase in average profit growth from 2.6 percent to 3.5 percent.",
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      "text": "Step 3: Measuring the impact of closing the perception gap",
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