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.
Managing Risk and Energising Creativity in FMCG
The general perception is that risk is usually critical for highly regulated industries, Club members were surprised to find out that an FMCG firm came to us to see how to energise creativity whilst managing risk. Managing risk encompassed collaboration to manage risk, removing barriers, proactive & effective risk management, and feeling safe and learning. Members were even more surprised to find out that both outcomes (energise creativity and managing risk) had the same starting point: experiment and try out new things; with four key behaviours underpinning it: Innovate, Radical, Strategic and Active Learning.
Managing Risk and Innovation in a highly regulated sector
This sparked the conversation as other more regulated industries got to a similarly surprising outcome: that Innovation was key to driving a healthy Risk Mindset.
One firm found that taking ownership of managing risk was the starting point identified by CultureScope’s predictive analytics modelling. The team thought that Empower would be a key behaviour; and were amazed to find other key behaviours defining risk ownership; namely: Team Focus, Strategic, Innovate, Outer Focus and Conformity. This allowed them to design their interventions accordingly; as they looked at what was amplifying the negative behaviours and hindering the positive behaviours, in their frameworks, processes, educational material, governance etc.
Another organisation shared that for them, driving Conformity was correlated to driving Innovation, which came as a revelation to the leadership team who thought that Conformity worked against Innovation.
Identifying problem areas and role models
Two Club member organisations took us through the approach they’d taken to implement a Culture change agenda to drive healthier risk management.
In both cases the approach was similar in that it first included a deep dive into all data cuts resulting from the combination of an organisation’s demographic and/or performance data, with results of the CultureScope survey. For example, one organisation found that they were recruiting people with the sought-after behaviours, but that these stopped exhibiting these behaviours with time as the place was not receptive of them. This is a common issue that we see across many industries, and why we look at both the People and the Place (the organisation) when measuring culture and tackle the Place first to provide the environment for a behaviour to be manifested.
Another organisation found that Empower, Expressive and Deliver Focus, 3 key behaviours set by their industry Regulator, were observed depending on length of service and age. The longer the service or the older the person in the room, the more they were empowered and expressive, and the least they were delivery focused. Some of the initiatives that this organisation put in place to embed these 3 behaviours across the company included coaching leaders to allow people to make decisions, encouraging younger staff to take responsibility, and female to gather opinions and share back, and praising those who challenged issues, and finding role models to learn from.
Although CultureScope doesn’t hold individual employee names for confidentiality reasons, the tool provides characteristics that helps the company identify role champions.
Hani Nabeel, Chief Behavioural Scientist at iPsychTec, took the forum through the exciting product improvements that have been delivered and are in the pipeline, to facilitate data analysis for our clients. The processing time for delivering predictive analytics went down from 3 minutes (180 seconds) to 2 seconds, whilst at the same time processing 10 additional demographic or performance criteria provided by an organisation. Clients who are certified users of CultureScope were left excited to have even more actionable insights at their fingertips.
Next Round Table
Club members all recognised the importance of translating culture in quantitative language – which CultureScope provides – to get internal buy-in, measure and monitor culture and the success of intervention initiatives. Members agreed to focus on the Business Case for Culture at the next forum.
At iPsychTec, we leverage our award-winning, ground-breaking behavioural diagnostics and predictive analytics tool CultureScope to provide actionable insights to drive businesses forward, reduce risk and generate sustainable competitive advantage.
We combine our decades of corporate experience with behaviour diagnostics and predictive analytics capabilities together with most advanced technology to help organisations of all sizes and stature successfully undertake organisational culture change management.
Speak to us today to learn more about our ground-breaking diagnostics and data collection tools and analysis.