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Cultivating a Culture of Recognition: Takeaways from CultureScope Club’s Q2 Session

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Our recent Q2 session on “Cultivating a Culture of Recognition” run by Lloyds Banking Group served as an excellent platform for clients from various organisations to collaborate, share insights and learn from each other’s journeys in getting recognition right.

Aligning Recognition with Culture

An organisation’s culture is the lifeline of its operations, and recognition can be a powerful tool to reinforce or supress certain behaviours that drive an organisation’s desired culture. We had the privilege of learning about the significant strides various organisations have made in this area. As discussed in the session, it’s imperative to align both formal rewards and informal recognition with an organisation’s cultural values. We heard about a variety of creative ways companies are doing this from sharing stories of “culture champions”, to framing peer to peer recognition nominations in the desired cultural values.

Building Purposeful Recognition Programmes

The essence of any good recognition programme lies in its purposefulness. Recognition should not be a one-size-fits-all process, but rather, a bespoke experience tailored to the individual. We learned that many organisations have the same challenges around ensuring recognition is meaningful and adequately tailored to the audience. It became clear that meaningful storytelling is a powerful driver of successful recognition and reward programmes.

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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.

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‘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

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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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By Blog

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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“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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