Culture is the word on the street for any organisation but there is no such thing as the prototype “excellent culture”. Each organisation’s own unique DNA drives its culture through its leadership style, market dynamics, and risk appetite.
Culture is everything about the firm’s values, beliefs and behaviours. It determines how work is transacted and defines how colleagues and customers are treated, remunerated and valued.
The need for a change to a more ethical culture, which values investors, consumers and colleagues, has been driven by a recent spate of high-profile misconduct scandals and regulatory investigations that followed the financial crisis.
Every firm should spend time to consider:
1) Defining a target culture and adopting a joined-up approach
2) Defining risk appetite and performance transparency
3) Defining acceptable leadership and colleague behaviour
4) Rewarding individuals appropriately – both financially and through progression
5) Encouraging and mobilising employee engagement
Culture is the invisible glue that binds the organisation together and may mean the difference between success or failure!