Successfully running a business of any size is a complex feat. Among the many other considerations of running a business today, your organization’s culture must be balanced with the broader business objectives. Creating a thriving culture is the bedrock of any successful organization, and requires fostering an environment where trust, respect and integrity are at the forefront.
This is a topic near and dear to us, and one we’ll explore at the NAVEX Next Virtual Conference on September 19. Join us as we dive into why culture matters, how a strong culture minimizes risk, and what steps can be taken to build and sustain a culture that stands the test of time.
Why a strong culture matters
A strong culture is the foundation of your risk management strategy. How so, you may ask? When an organization’s culture is truly thriving, employees are more likely to act ethically, meet their compliance requirements, and make decisions that align with the company’s values.
Conversely, a weak or unhealthy culture leads to increased compliance risks, diminished trust and respect at all levels, and even impacts the quality of products and services. And it doesn’t end there – organizations may lose their best and brightest employees, leading to a talent drain that can be difficult to reverse.
Signs your culture is not thriving
Identifying the signs of an unhealthy culture is crucial for mitigating risks before they escalate. Common indicators include high employee turnover, low productivity, poor communication, negative sentiment surveys, and increased whistleblowing reports in key categories like Business Integrity, HR and Workplace Respect, and other culture-related risk areas. On the other hand, a complete absence or diminished volume of whistleblower reports may also signal a different problem – employees may feel unsafe or unsupported in raising concerns.
Cultural issues can manifest in various ways, such as high levels of burnout, a negative tone in emails and meetings, a noticeable lack of collaboration between teams, and the list really does go on.
Building a thriving culture through trust and action
Building and maintaining a thriving culture requires a concerted effort to promote respect, empathy and accountability in the workplace. How? A few strategies include comprehensive training programs to educate employees on respect and kindness in the workplace and manager training to ensure leaders are equipped to deal with potential cultural issues within their teams. Workshops, executive town halls, and community groups can also foster inclusiveness by allowing team members to feel heard.
Accountability is another critical component of a strong culture. Employees must understand that everyone is subject to the same rules and will be held accountable consistently. Regularly communicating (and delivering on) core company values, conducting engagement surveys, and rewarding achievements are just a few ways to reinforce a positive culture. Other elements of a respectful and supportive work environment include a well thought out and practical onboarding process, regular feedback and equal opportunities for the workforce for promotions and career opportunities.
The role of GRC in supporting culture
Compliance and HR teams are both pivotal in shaping an organization’s culture. At the NAVEX Next Virtual Conference, attendees will learn from our own experts – Carrie Penman, chief risk and compliance officer and Cindy Raz, chief people officer.
Join their session, “A Roadmap for a Thriving Workplace Culture: Minimizing Risk Through Intentional and Consistent Action,” for valuable insights into building a culture that minimizes risk, promotes ethical behavior, and drives business success.
