July 6800 Condensed Course
Summary of Readings
The readings discuss various issues ranging from organizational culture, change, accountability, executive level turnover, and growth mindset.
Palmquist (2020) looks at how boycotts unsettle boards, noting that boycotts are a type of corporate crisis that often leads to increased turnover at the board level.
Members of the board who fall on either end of the political spectrum are aware of the impact of boycotts. According to Palmquist (2020), conservative directors are more steadfast in their convictions than their liberal counterparts.
It is just as probable that conservative board members will resign in the aftermath of a right-backed boycott as it is that liberal board members would do so in the face of a similarly aligned boycott.
The Colombia Accident Investigation Board (2003) highlights the role of organizational culture in the way crisis are managed and addressed.
The report dwells on how the history and culture at the Space Shuttle Program contribute to some of the events, mistakes, occurrences, and issues at the employment level.
PwC (2019) highlights how recent developments have led to disruptions in the process of internal auditing. Global megatrends have gained momentum as seen in the way new and disruptive technologies are changing the way organizations operate and organize. Internal audit leaders are confronted by the disruptive forces that are introducing new requirements and doing away with traditional functions and processes.
Raffoni (2020) discusses accountability issues in teams, noting that there is a need to hold people more accountable in the confines of the workplace. Next-level leaders confronted by the issue of accountability will need to clearly define roles and responsibilities, have a scorecard to measure outcomes, conduct regular feedback and progress check-ins, track performance, stay aligned via regular meetings, stay organized, and outline future goals.
The Ontario Energy Board (OEB) (2018), in its effort to introduce new best practices, has established new mandatory governance reporting and record keeping requirements. The OEB intends to institute a culture of quality and robustness in decision making in the utility business. Best practices include director independence, director skills, board and committee structures and functions, and supporting documentation and practices.
In the HBR Spacial Issue, Dweck (2019) shares on the issues surrounding a growth mindset finding that a growth mindset is possessed by those who feel that their skills may be improved by exerting effort, using sound techniques, and soliciting feedback from others.
My main takeaway from the readings is that the modern workplace is experiencing changes as more disruptive forces emerge influencing growth, culture, management, and best practices at every level from management to the employee, and how these stakeholders relate to other components of society. It is almost impossible to exaggerate the importance of a company’s culture. Companies that either put no importance on their internal culture or let a poisonous culture to flourish and expand throughout the firm will surely face a variety of issues. It is now widely understood that a company’s culture, which is defined as the set of ideas and patterns of behavior that impact how individuals behave inside an organization, is a crucial component in determining that company’s success. As a result, an increasing number of firms are focusing on the influence of their culture. This provides HR professionals with a really unique leadership opportunity to choose how to implement cultural change inside an organization. It is easier to comprehend a company’s culture than to attempt to quantify it.
From the readings, I now have a new understanding of how and why culture is important to organizations, and why it must factor in disruptive forces like a common place in modern life. For example, the COVID-19 pandemic has altered how organizations relate with their customers. The core of an organization’s culture is its members’ common knowledge of “how things are done.” This view may or may not align with the stated goals, values, or standards. Because they have a pulse on how their workers feel, effective HR departments are in a unique position to be at the forefront of managing and shaping culture. However, as firms that struggle with their internal cultures can attest, corporate culture management may be difficult. In addition, it may be particularly challenging when a situational shift is necessary. This is largely due to the fact that a company’s culture consists of a number of interrelated and mutually influential elements. These elements include attitudes, roles, procedures, communication strategies, roles, and objectives. Changing a culture requires significant effort, and thorough planning and strategy are important. The process must begin at the highest levels of the business and be a company-wide initiative. But first, I feel that organizations must establish when it is okay to alter the culture and then they will be able to select how to most successfully impact the cultural transformation.
In my assessment, recent disruptive technologies such as the growth of the e-commerce sector in North America has and will continue to change how organizations are run from the bard management to executive management, and interactions between employees and customers. Businesses that aspire to become more adaptable and innovative must regularly undergo a cultural makeover. Nevertheless, the most challenging component of transformation is generally the process of implementing and sustaining the long-term adjustments required to prosper in the new environment. Especially if a firm has long placed a premium on operational stability and efficacy, the demands of innovation and agility may first seem to be in contradiction with established corporate culture norms.