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THE HIDDEN SIDE OF MANAGING RISK

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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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FOSTERING PSYCHOLOGICAL SAFETY IN THE WORKPLACE

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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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Innovating Positively

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In 2018 Deutsche Bank founded Breaking Wave, an organisation tasked with operating as an agile fintech with all the advantages of calling on all the knowledge and resources of its established parent. This week, at a time when so many organisations are thinking about how to bring innovation into their culture, we spoke to Breaking Wave CEO Richard Collin about this unique cultural journey (take a look: www.ipsychtec.com/webinar).

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