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FRC establishes a Culture Coalition to boost organisational culture across business
“Embedding a healthy corporate culture, through improving behaviour, is vital to the success of any business.”
These are the words of FRC Chairman, Sir Winfried Bischoff, in a recent speech at the Financial Times Banking Standards Conference. Although primarily addressing the banking community, Sir Winfried stressed the importance of maintaining a good corporate culture across the business spectrum. In all honesty, if we were to select important excerpts from his speech we would probably find ourselves reproducing the majority of it here. So let us instead concentrate on one element, the formation of a Culture Coalition which aims to assess how effective boards are at establishing company culture and practices and embedding good corporate behaviour.
The coalition draws together a wide range of interested bodies including CIPD, the Institute of Business Ethics and the City Values forum. Through experience, project work streams and observation the coalition aims to provide guidance to businesses on assessing, measuring and embedding a good organisational culture.
Every organisation from a one-man band to the largest multinational corporation has an organisational culture which is unique to it. Formed from every action and interaction businesses culture is less ‘what is done’ and more ‘the way things are done’. Leaders who spend time and effort in boosting organisational culture can see its influence spread to embrace suppliers, investors, customers and others; something which is particularly important when looking to build a culture of innovation which sets collaboration at its heart.
Business culture ultimately influences every aspect of a business from reputation and governance through to customer excellence and employee engagement. It’s not surprising therefore that the FRC has taken this initiative and we will watch its progress with interest.