Discussions on the importance of culture are finally moving from the HR department to the boardroom as its link to growth and bottom line are more readily recognised. Studies are demonstrating that it is a valuable asset and a source of competitive advantage. Indeed, it is culture that increasingly fuels growth, innovation and high-performance.
The need to be innovative and agile, increased competition and digital disruption are just some of the factors that are driving culture change in many companies. For example, some leaders are finding that their current culture simply doesn’t provide the safe-to-fail environment that encourages innovation or the kind of behaviours that will win new customers and hence it is impeding growth.
A bad company culture can be extremely damaging, leading to disengaged employees and poor performance while a healthy one can fuel success. The quote, “culture eats strategy for breakfast”, is becoming a truism but there is still some way to go before all leaders make culture the priority it should be.
Rialto has a track record of helping organisations across a range of sectors effect culture change/development programmes. Its approach is to delve into the psyche of an organisation and undertake a root and branch analysis of how it works at all levels. Typical steps in a culture change/development programme include:
Culture development programmes require time and a high-level of commitment and buy-in from the top tier. Leaders must model the right behaviours and ensure that managers build them into their performance management programmes so their importance is recognised across the organisation.
Rialto also works with organisations on the marketing and communications campaign that must to accompany any culture development programme. This should be seen to be led from the very top of the organisation so employees recognise its importance.
Studies are starting to put a price on a bad company culture and the cost for UK plc reportedly runs into billions. Rialto believes a healthy corporate culture is a fundamental requirement for a modern-thinking business that wants to succeed in an increasingly competitive environment. And it is increasingly a source of long-term value. Get the culture right and so many other positives will fall into place: employees will be engaged and aligned with the corporate mission; it will be easier to implement strategies; and the external brand will be enhanced.
It is culture that increasingly fuels growth, innovation and high-performance