No matter how brilliant it is, the perfect strategy will not work when corporate culture stymies execution. And as business strategies are tweaked or combined because of new market opportunities and threats, the ability of organizations to adapt to, and embrace change, becomes a decisive characteristic separating high-performance organizations from the pack.
The People-Profit Chain™ from i4cp identified the top five culture KPIs that correlate to market performance and found that for high performance, your company should:
1) Be a good place to workCompanies not only need to be thought of as good places to work, they actually have to be good places to work.
Read: The Road to High Performance Starts with Being a Good Place to Work
2) Respond quickly to market changesBusiness leaders aren't just stuck trying to hang on while the world tilts on edge. i4cp research has shown that that high-performance organizations are nearly 3x more responsive to changes in the market than are their lower-performing counterparts. So how do they do it?
Read: How to Ensure Your Corporate Culture Can Respond Quickly to Market Changes
3) Increase readiness to meet new challengesHigh-performance organizations are 2.1x better at creating environments that are ready to meet new challenges; and as one of the 25 KPIs that correlates to market performance, this readiness to meet new challenges is founded on a single word: preparedness.
Read: Biting Ears and Anticipating Change
4) Share organizational values that guide behaviorCreating and sustaining a corporate environment of shared values--one that is collaborative and truly cohesive--is no small feat, particularly for companies operating across continents and cultures.
Read: Collaboration and Shared Values
5) Ensure your corporate culture supports changeWhy are some companies able to ride the waves of change while others flounder? A major determinate is the level of agility built into the corporate culture and the ability of leaders to see opportunity where others see only risk.
Read: Agile Cultures Take the Fear Out of Change
Are you a high-performance organization? Check out The People-Profit Chain™ Assessment to benchmark your current performance and learn how you can improve revenue growth, market share, profitability, and customer satisfaction.