Beyond COVID-19: Crisis response or road to recovery?
Crisis response or road to recovery?
In this series of articles, we have explored some significant changes to the external and internal environments in which your organisation operates, including:
In response to these significant changes, the EVP modernisation process outlined in our previous paper will deliver significant benefits to your organisation (particularly if you incorporate Gartner’s ‘Human Deal’ foundations1). However, the modernised EVP will inevitably present some challenges for your organisation’s:
This paper will discuss the first of these challenges: organisational culture.
A successful organisational culture “needs to be strong enough to:
The culture that existed in your organisation pre-pandemic is unlikely to position your organisation for future success, as “the shift in how we work, where we work, and what attributes are important – has undergone a sea-change post pandemic.”3
In response to this ‘sea-change’, has your organisation updated “a clear culture, vision and purpose” and have “your employees bought into this?”4
Your modernised organisational culture must take account of the ‘pandemic epiphany’; the need for “employees to find meaning and purpose in their work.” Employees are now asking themselves5:
These questions from your current and future employees need to be answered in a positive and inclusive manner by the foundations of your organisational culture.
We understand that organisational culture has many components, including your EVP, however improvements in the following two key areas will greatly enhance your culture:
Exploring organisational purpose first, “two-thirds of non-executive employees” in a recent survey “said that their sense of purpose is largely defined by work.”6
McKinsey recommends that organisations should establish “a corporate purpose that considers the company’s role and contribution to society” and provides “employees with meaningful ways to reflect on the company’s efforts and their impact.”7
Three steps to improve organisational purpose are:8
Four attraction and retention strategies are proposed by Workhuman to “attract and retain the top talent” needed “to thrive”9:
Finally, Gartner suggests10 two key attributes of a successful organisational culture:
Modernising your EVP and your organisational culture will bring great benefits to your organisation. However, these changes will test the capability and style of your leadership team, and this topic will be examined in our next paper.
Norton Rose Fulbright assists organisations to efficiently and effectively address the legal aspects of the update and modernisation of their EVP and organisational culture to “attract and retain the top talent” needed for the organisation “to thrive”. Please reach out if we can assist your organisation in this respect.
The corporate taxation of cross-border groups is at the brink of significant change. In 2021, after years of discussions, the members of the OECD/G20 Inclusive Framework (IF) on Base Erosion and Profit Shifting agreed a blueprint to impose new taxing rights in respect of low-taxed income of large multi-national enterprises (MNEs).
© Norton Rose Fulbright LLP 2021