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The changing dynamics of trust

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The Changing Dynamics of Trust

Hybrid working has been a topic of much discussion and debate since the COVID-19 pandemic forced many organisations to adopt remote work policies. It is important to reflect on the lessons learned over the past few years and look forward to what the future holds for our businesses and our people. And that formed the theme for the latest CultureScope club event on the 20th March, which was attended by a variety of global businesses all grappling with this same challenge of building trust and maximising performance in the new world of work.

One key takeaway from the conversation is that organisations are dispersed along a continuum of ways of working, from fully remote to office-based. This dispersion has a significant impact on the ways in which we build and maintain trust. Line managers, in particular, have a key responsibility in this area and are often looked to as a weathervane for the attitudes of the wider organisation.

It is important to note that there is no single “right answer” when it comes to culture. Every organisation needs to settle on a way of working that is right for them. However, the way we implement culture is crucial. Trust, as demonstrated through looking at the issue of where people work, will become a key differentiator for employment in the future.

Hybrid working is not without its challenges. According to Jo Owen, researcher and best-selling author on remote working, leading a hybrid team can be hard, but that’s good news because it will force leaders to upskill. Hybrid working will also force leaders to change their game, reskill, and move away from command and control to trust, influence, and persuasion.  Trust is becoming more important than ever. Team leaders need to trust that their teams are working productively when they are out of sight at home. Top leaders need to trust their team leaders to make the right decisions about when the team should be in the office: a top down diktat fails because one size does not fit all, and it shows no trust in team leaders to decide what works for them.

However, despite the growing awareness and acceptance of the benefits of hybrid working, many businesses are merely coping with the new reality rather than fully embracing it. To thrive in the new world of work, businesses need to adopt a strategic approach that maximizes the benefits of hybrid working while mitigating its challenges.

One way to support this is by using data-driven tools like CultureScope to gain insights into organisational culture and identify areas that need improvement. By leveraging such tools, businesses can make informed decisions about how to implement hybrid working effectively, build and maintain trust among team members, and support their employees in adapting to the new way of working.

And so, in summary, 2023 promises to be another year of change and adaptation. Organisations will need to continue to navigate the challenges of hybrid working, but with the right mindset and approach, these challenges can be overcome. By focusing on trust, upskilling, and reskilling, leaders can help their organisations thrive in the new world of work.

How are you measuring trust and the impact of hybrid working on culture? Let us know your thoughts and share your experiences by leaving a comment; and if you are a leader keen on participating in our next ‘CultureScopeClub’ forum, do get in touch with us.

Finally, if you want to hear more about CultureScope and how it is has been used to enable organisations to make their desired culture a reality, then reach out and we can schedule some time for a quick conversation.

About CultureScope

CultureScope, powered by iPsychTec, is a ground-breaking and scientifically validated approach to behavioural and cultural measurement. It is based on the largest ever behavioural research study over a 7-year period, with over 51,000 participants in 61 countries across 60 organisations and supported by 3 leading business schools. It quantifies the culture of an organisation using revolutionary diagnostics, by assessing individual and organisational behaviours (how do I behave and what do I observe around me) and linking these with organisations’ outcomes to provide advanced predictive analytics, actionable business insights, and a road map to enable organisations to understand, change, and embed their desired organisational culture.

‘What kind of innovation do we need?’

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In today’s rapidly evolving business landscape, leaders are being asked to both grow and transform their businesses. Whether it’s responding to new market opportunities, changing customer demands, or disruptive start-ups; the reasons to evolve are numerous. Exactly how you achieve growth and transformation at the same time, is a challenge that many struggle with.

Innovation is key, but not every company can (or even should) be an Apple or a Google. With so many flavours of innovation to choose from it can be challenging to know which will work best for your company and how to enable it.

Cultural barriers

Research from McKinsey shows that just 26% of transformations meet their objectives, while 70% fail due to resistance or low employee engagement. Such resistance is often due to cultural barriers like lack of trust, fear of failure, resistance to new ideas, and reluctance to challenge the status quo. This underscores the significance of culture in successful transformation.

In fact, a survey by the Katzenbach Center found that 84% of executives and analysts believed that culture was critical but only 30% said that their organizations managed culture effectively. This suggests that while many businesses are aware of the importance of culture, they are struggling to put in place the necessary strategies and processes to manage it effectively.

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‘Is our culture fit for Consumer Duty?’

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2023 finally sees the Financial Conduct Authority’s (FCA) Consumer Duty requirement come into force. It brings with it a simple principle – to deliver good outcomes for retail customers. This is underpinned by cross-cutting rules that bring clarity to the relationship firms must develop with their customers.

“Our rules require firms to consider the needs, characteristics and objectives of their customers – including those with characteristics of vulnerability – and how they behave, at every stage of the customer journey. As well as acting to deliver good customer outcomes, firms will need to understand and evidence whether those outcomes are being met.” (FCA)

As well as promising to end ‘rip-off charges and fees’, the aim is to make it easier for customers to cancel or switch products and access customer support.

But this is about much more than improving service and removing sludge. It is fundamentally about creating an impetus to ensure the cultures of FS firms embrace a customer-first approach.

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Diversity is an attitude not a statistic

By Blog

Introduction

Diversity is now a pivotal strand of business strategy, regularly discussed at board meetings, team events and even product pitches.

It is also a topic often discussed at networking events and seminars, including at this month’s ‘CultureScopeClub’ forum. This quarterly event, hosted by iPsychTec and Chaired by Paul Bennett of Lloyds Banking Group, is attended by practitioners working in Audit, Risk,  Compliance, Transformation D&I Strategy and HR, representing global businesses across a range of industries.

This post captures some of that discussion, which explored current approaches towards D&I with regards to the importance of values and behaviours, building it into your organisational narrative and, despite the title of this post, the critical role of data.

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“It changed our (working) lives in one day” – what team development should really look like

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The Challenge

Dashboard is led by a team of highly skilled and professional individuals. However, these c-suite members rarely work together and have limited face-to-face time with each other, meaning that a strong connection amongst the group had not fully developed.

As such, the company decided that a team development programme was required to establish a more collaborative relationship

between this group of individuals. After being recommended iPsychTec’s  TeamScope programme, Dashboard engaged the firm to provide a bespoke experience that could address and overcome their challenges and deliver commercial benefits as a result.

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CultureScopeClub – Forum 2

We were pleased to hold the second edition of the CultureScopeClub, a forum that brought together leaders in Culture and Talent comprising financial services, oil and gas, utility, nuclear, fintech, professional services, media and FMCG etc. Chaired by Catherine Dineley, Head of Group Culture at Lloyds Banking Group, the discussion focused on Managing Risk.

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Culture is a big word. It can mean different things to different organisations, and it is often used in the wrong context. It is not just about your mission statement or core values, although those are important aspects of culture. The most important aspect of culture is how these translate in behaviours, how you do business on a day-to-day basis with all stakeholders – customers, suppliers, shareholders, and employees. If you don’t have that right, then everything else will be an uphill battle for the long-term benefit of all involved.

Many companies think they have great cultures, but their employees disagree or feel disengaged from the company vision and goals because the behaviours they observe are not aligned with the vision, for example, there may not be clear lines of communication between management teams and staff members at every level.

The good news is that successful companies are leading the way by taking responsibility for driving a cultural change to unlock business potential. They recognise that they need proactive methods of managing their workplace culture. To be successful, it is essential for an organisation to use predictive tools and analysis with proactive follow through, such as the strategies that CultureScopeClub members use with their workforce science analytics.

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LEADING CULTURE FROM THE TOP: DO BOARDS HAVE A ROLE?

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“If you are a non-executive board member and you are not really close to the inside of the organisation, then you are not doing your job.”  Said Alison Gill – a behavioural psychologist who specialises in board effectiveness said in a recent webinar.

The corporate governance code clearly states that the board’s role is to promote the long-term sustainable success of the organisation – which involves being clear how the culture is aligned to the purpose, values and strategy of the organisation.

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SPLITTING DIVERSITY FROM INCLUSION

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“We are all in this together” – but are we really?  After this great re-set, employees and customers are watching very closely to see what businesses and organisations are actually doing – actions, verbs, behaviours – to focus more on the employee experience, fostering a sense of belonging in a safe and positive way, where groups are accepted both culturally and socially and are treated equally.

Diversity and Inclusion (D&I) are almost always used together giving the impression that they mean the same thing, or can both be achieved by doing the same thing.  It is time that we make the case for splitting up this couple to drive home how different they are from each other.

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