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Corporate Culture

Company culture is something professionals across the board are mentioning these days. Yet, not all are actually following the same. Critics are becoming increasingly sceptical about the idealistic statements released on corporate strategy documents. The recent scandals at the likes of Wells Fargo, Barclays and at Volkswagen have added further fuel to such scepticism. A study was thus conducted by the MIT’s research team on more than five- hundred companies, to get in to the crux of the matter. Among sectors, it clearly emerged that construction and health care services perform the best when it comes to integrity. They are closely followed by the sectors of electrical equipments, management consulting and telecommunications. At the bottom lies the internet. Fast food, apparel retail, software and tech giants perform only marginally better. Electrical equipments also score highest on innovation, a parameter where regional banks and grocery stores perform the worst. In fact they score a complete zero, just as home health care does in terms of diversity. In this parameter, it is regional banks that do the best, but even they barely have the rate of a forty- five percent success rate.

Source:https://sloanreview.mit.edu/article/when-it-comes-to-culture-does-your-company-walk-the-talk/

Uploaded Date:25 August 2020

Companies from across the globe are now faced with an existential question. That is on whether work- from- home or WFH, was merely temporary for the duration of the pandemic, or does it become pretty much permanent. Twitter and Facebook for instance have already made long- term plans on the same. A few steps need be considered by companies while finalizing this decision. For a start, critical tasks and the competencies needed for the same must be mapped out. The costs and subsequent benefits too have to be assessed. The entire talent recruitment now needs to be developed in a way that existing jobs can be restructured. This will allow a long- term reworking towards remote positions. Unnecessary coordination among remote workers needs to be minimized. Some tasks may not be possible remotely, but those that can, definitely need a push now.

Source:https://hbr.org/2020/08/is-your-organization-ready-for-permanent-wfh?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert_activesubs&utm_content=signinnudge&deliveryName=DM92967

Uploaded Date:25 August 2020

McKinsey has always maintained that diversity at the workplace, is not only morally and ethically imperative, but also highly beneficial to the actual bottom line of any business. Business research first held in 2014, confirmed that companies with greater gender diversity outperformed the others by fifteen percent. This, rose to twenty- one percent two years later, and then to twenty- five percent by the year 2019. Likewise, for companies whose talent recruitment strategies are geared up to hiring from across ethnicities, performed a whopping thirty- six percent better the same year. This is true for both the US and the UK. One area where greater diversity is still needed is at the board and executive levels. The gap between the companies that are the winners, and those that are laggards, is widening. The overall sentiment towards diversity is quite positive among the people. But the sentiment on inclusion is less positive. Companies need to take bold action to ensure inclusion takes place, in spite of some resistance from certain quarters. A systematic and business- led approach is warranted at this stage.

Source:https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-wins-how-inclusion-matters

Uploaded Date:29 May 2020

Now with a huge proportion of global population engaged in remote work, some valid questions have emerged. One of those is on how the same will work when pitted against any organizational culture. Most people have remained positive while using online platforms such as Zoom. As human beings are social animals, so high speed internet connection and cloud capabilities have somewhat solved the present hiatus in face- to- face communication that people are missing out on. Companies need to fix their talent management systems to ensure that organizational culture can be built and sustained even when people are working remotely. Critical Mass, which is a company based in Calgary, Canada has already identified talent acquisition and further retention to be among the big challenges going ahead. Companies will need to work on how to instil a sense of loyalty among the employees.

Source:https://hbswk.hbs.edu/item/does-remote-work-mix-with-organizational-culture

Uploaded Date:13 May 2020

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