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Corporate Culture

Dr. MRIDULA MISHRA

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MRIDULA MISHRA . Learning Objective • Corporate Culture • Development of Corporate Culture • Benefits of a Strong Corporate Culture • Creating Strong Corporate Culture • Fundamental Components of Corporate Culture • Corporate Values • Corporate Culture and Financial Success Dr.

and the practices and behaviours that demonstrate and support them • Culture reflects what the company considers important and what it considers unimportant Dr. Corporate Culture • Corporate culture refers to the underlying beliefs. values. and assumptions held by individuals within an organization. MRIDULA MISHRA .

Development of Corporate Culture • Conscious vs Unconscious • Conscious – specific steps are taken to define the intended culture • It is codified and used as the foundation for the development of business strategies • The employees can better understand what is expected of them in relation to the company and how they can contribute to the big picture • The public has clear information of what is expected from the company Dr. MRIDULA MISHRA .

MRIDULA MISHRA . Development of Corporate Culture • Unconscious – the culture develops organically based on the actions. communications and personal values of the senior leader or business founder • Inconsistencies between actions and communications in the perceptions of the employees and public can lead to a culture different than the one assumed by the leader • Inconsistencies can lead to reduced engagement levels Dr.

MRIDULA MISHRA . business strategies and actions and behaviours • Alignment of employees’ personal values with corporate values Dr. vision and values – communications. What does it mean to have a strong corporate culture? • Clear understanding of what the company’s mission. vision and values are • Pervasive and consistent messages supporting the mission.

Benefits of a strong corporate culture • Employee engagement • Customer loyalty • Financial growth • Hiring • Trust and transparency • Other Dr. MRIDULA MISHRA .

youtube. MRIDULA MISHRA . Strong Corporate Culture – Example  A strong corporate culture derives its power from specific practices that employees understand as symbolizing and representing the culture  A strong corporate culture sets out an intended experience for your customer (Southwest Airlines http://www.com/watch?v=tnOxvbGOTbM)  Strong cultures have powerful effects on how a company’s people work together Dr.

MRIDULA MISHRA .Creating a Strong Corporate Culture Dr.

MRIDULA MISHRA . Become Conscious about your Culture Take time to think about:  Who are we / what do we stand for?  What is our purpose?  How do we want to behave?  What is the objective of the company?  What experience do we want our customers to have?  How do we want to differentiate our self from our competition? Dr.

MRIDULA MISHRA .Codifying your Corporate Culture Fundamental components: • Mission • Vision • Values Dr.

MRIDULA MISHRA . Mission Statement  A corporate mission statement should state the current objectives of the company – what are we currently working toward achieving?  Mission statement should be brief. clear and succinct  Mission statement should provide opportunities for growth Dr.

MRIDULA MISHRA . Vision Statement  The vision statement refers to where the organization sees itself in the future  A vision statement should provide inspiration. excitement and invoke a compelling change or impact Dr.

MRIDULA MISHRA . Corporate Values  Corporate values define the behaviours and philosophies that guide the organization’s internal conduct as well as its relationships with outsiders  Values must be well defined to enable employees to understand expectations Dr.

Corporate Values – Example  Maple Leaf Foods (excerpt of values) Do what is right . behaving responsibly. acting with passion. passionate and humble - By having the self-confidence and courage to be completely candid and direct.com/en/corporate/careers/our-high- performance-culture) Dr. willing to communicate openly in a trusting manner. especially when delivering winning results  (Source: www. MRIDULA . conviction and personal humility. and treating people with respect Dare to be transparent.mapleleaf.By acting with integrity.

com/about_us/corporate_values ) Dr. MRIDULA MISHRA .fourseasons.fourseasons.com/about_us/service_culture ) Corporate Values  Building Communities  Advancing Cancer Research  Supporting Sustainability (www. Other Formats  Four Seasons Hotels and Resorts Corporate Mission  Who We Are  What We Believe  How We Succeed  How We Behave (www.

Creating a Strong Corporate Culture Dr. MRIDULA MISHRA .

Create Actions and Strategies  Bring words to life  Connect intended culture to specific business goals and objectives  Walk the talk  Create the standards  Build a powerful and consistent message to employees and the public Dr. MRIDULA MISHRA .

MRIDULA MISHRA . Communicate  Meet with staff and explain the meaning behind the words. Have it connect to their hearts and take on a personal meaning to them  Communicate strategies  Use various communication mediums  Create conversations with staff and acknowledge situations where employees demonstrate the culture Dr.

MRIDULA MISHRA . Customer Experience  Employees have a high level of understanding of the culture to translate it into the desired customer experience  Employees model specific practices that symbolize and represent the culture  Customer experience will differentiate your business from the competition Dr.

Monitor and Evaluate • Informal feedback from employees and customers • Questionnaires • Turnover • Internal communications • Length of day • Dress of staff • Stories Dr. MRIDULA MISHRA .

MRIDULA MISHRA . “Unsaid” Rules What are “unsaid” rules? • Inconsistencies between the intended culture and management’s actions that create new beliefs by the staff or public • Management’s perception vs staff / public perception Dr.

How to Get Back on Track?  Communicate  Change strategies  Develop rituals  Celebrate cultural successes Dr. MRIDULA MISHRA .

MRIDULA MISHRA .What is your corporate culture? Dr.

Corporate Culture and Financial Success  Companies with strong corporate cultures have been found to experience 3. MRIDULA .5 times the three-year average revenue growth as compared to the S&P TSX 60 Composite Index (56% versus 16%)  The three year average asset growth was nearly five times as high (63% versus 13%) Dr.

Corporate Culture and Financial Success  WestJet’s culture has helped the company have an average three-year revenue growth of 105% prior to the recession  Employee engagement as a result of the culture has saved the company money on expenditures such as advertising. recruiting and customer reward programs Dr. MRIDULA .

25% in an industry that typically sees growth in the 4% range (Source: Waterstone Human Capital – Canada’s Most Admired Corporate Cultures) Dr. Corporate Culture and Financial Success Manulife Financial • Three year average revenue growth of 107% • Three year average asset growth 140% Boston Pizza • Three year average revenue growth of 69. MRIDULA .

MRIDULA MISHRA . Corporate Culture and Future Trends  Savvy Gen Y and Z kids  Customers will control the business relationship  Social networks will fuel the participatory economy  Sustainability becomes a competitive requirement  Work shifts from full-time to free agent employment  Working in the cloud Dr.