Imagine you were the CEO, and you had the power to steer your company towards unparalleled success. What would you change? Over the past seven years, we've asked this very question to hundreds of participants across multiple organisations within the insurance industry, delving into their insights on what truly drives business performance.
The answers have consistently highlighted one critical theme: the pivotal role of culture and people. Our analysis reveals that the beliefs of employees, at all levels, when given the perspective of a CEO, align closely with the levers of people and culture as the foundation for achieving success: of the top 14 themes, 11 were directly related to this.
Here are the first set of insights looking at the top factors we found in our analysis of being “CEO for the day” and an outline of why they are deemed essential by those who experience the organisation's heartbeat every day.
Creating a Strong cultural foundation through team culture and design
A cohesive team culture is important to people. Developing a strong, purpose led, and values based cohesive team culture supports growth and adaptability to change. Central to employee motivation and collaboration is the sense of belonging. People who feel connected to their organisation’s purpose, mission, vision, and values are more likely to align their daily activities with these foundational principles.
Revisiting and optimising the organisational structure are also important and ensures alignment to the strategic objectives and clarity in roles and responsibilities. At the same time, enhancing internal relationships and communication builds trust and engagement, essential for a healthy culture. Organisations can foster a positive cultural foundation by anchoring people to the big picture, promoting accountability and collaboration and have clarity in how individual roles, teams, departments, divisions etc fit within the operating model.
Leading by example
So many of the themes in our analysis were underscored by the critical role of leadership and management. Leaders are the cornerstone of a successful culture and set the tone by promoting the culture of accountability, collaboration and continuous improvement through role modelling. Transparency in communication and recognition of individual contributions further strengthens this foundation. Businesses whose leaders model values and behaviours, establish clear routines, and provide inspiration while holding teams accountable, create an environment where individuals thrive, and teams deliver results consistently
Investing in People
Ongoing training and development are crucial for supporting people and fostering career growth. Investing in people development ensures a knowledgeable, competent and motivated workforce. Implementing comprehensive development plans for both new and existing team members improves retention, performance and job satisfaction. Organisations that invest in people through coaching and feedback and structured learning opportunities enhance performance and prepare people for career progression.
So, there you have it, the first part of our “CEO for a day” series that looks at the importance of people and culture in driving business success. Part 1 of our insights highlights that by focusing on key factors such as fostering positive culture, leadership, and development, organisations can create a thriving workplace where both employees and the business can excel. The voices of the employees have spoken clearly: to achieve true success, organisations’ focus must be on cultivating a culture that values, empowers and invests in its people.
At CXO2 powered by The Bridge, we start with culture because we know that organisational culture is what makes or breaks a business. It is the backbone of strategy, a driver of customer experience, results and the commitment to doing the right thing. A positive, adaptive, and supportive culture helps businesses better navigate the complexities of today’s business environment and gain competitive advantage. We work with business leaders to build high performance cultures by design where purpose thrives, leadership excels, and individuals flourish.
Stay tuned for part 2 where we continue to explore this topic. If you’d like to discuss culture, leadership & capability with us, reach out to me directly - Maria@cxo2.com.au or https://www.linkedin.com/in/maria-de-fina-stavrinides-b5ab765/
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