MANAGING in the

NEW WORLD

Corporate Culture

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

The importance of a positive company culture is now pretty well acknowledged. Several studies have pointed out how companies which do well on the culture front, tend to record higher rates of profitability. For individual companies to achieve this, it is necessary that the internal culture gets aligned with the corporate strategy. For this one thing to do, is to improve the role fit. This is not just something done during the recruitment stage, but indeed a pervasive task. Leading talent recruitment portal LinkedIn, has found out through its study how about two- thirds of employees would rather forego a high pay package, than tolerate a poor work environment. These roles need also to be connected to the broader purpose. Likewise, deliberate efforts need to be made to ensure that connections are established at the workplace.

Source:ttps://hbr.org/2020/04/build-a-culture-that-aligns-with-peoples-values?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert_activesubs&utm_content=signinnudge&referral=00563&deliveryName=DM75960

Uploaded Date:16 April 2020

Several big businesses have been guilty of not willing to change at times of much societal and technological change. The phenomenon is known as loss- aversion, a term much used in the social sciences. This has been very well explained in a recent book The Power of Bad: How the Negativity Effect Rules us and how We Can Rule It. It has been co- written by two authors. One of them is Roy F Baumeister, who is a renowned research psychologist, while the other is John Tierney, an award- winning journalist. Well- funded organizations remain cautious to the point of never exploring realistic business innovations. To change this mentality, the top leaders of the firm, need to build in a “tough- minded optimism”, a term coined by the legendary leadership scholar- John Gardner. Startups are doing a better job of reinforcing innovations. This book mentioned also cites the power of four, where four positive points are needed to counter one negative.

Source:https://hbr.org/2020/02/dont-let-negativity-sink-your-organization?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert_activesubs&utm_content=signinnudge&referral=00563&deliveryName=DM69213

Uploaded Date:27 February 2020

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