Corporate Culture seems to be a topic that has just had a new advocate. The Financial Conduct Authority (FCA) and the Financial Reporting Council (FRC) have now been joined by the British Prime Minister Theresa May.
There is without doubt pressure on organisations, especially the Financial Services to put their houses in order. We have seen continued references made to 'culture' over the past few years.
In many cases, these organisations are not sure how to define or assess culture.
Research has shown that by improving the culture of an organisation, you see higher staff retention and an improved bottom line. So why are not more organisations embracing the matter?
- Changing culture usually requires behaviour change.
- Management frequently struggles with behaviour change both for lack of terminology and awareness.
- Culture has a greater impact on success than talent does.
Quantifying and managing organisational culture is critical for bringing an organisation's values to life through:
- Supporting the implementation of its strategies
- Promoting adaptation
- Goal attainment
- A winning performance
Business and banking chiefs are coming under increasing pressure to take the initiative and lead the way in instilling a responsible corporate culture in their organisations. Within days of moving into Downing Street, new British Prime Minister Theresa May expressed her view that the boardroom culture in the UK needs to be overhauled. In particular, she argued that the way organisations are governed needs to be changed, indicating she would be keen to see workers' representatives be given seats at boardroom tables.