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Looking to Transform Corporate Culture? Start With Core Values

Oct 1, 2020

For those of us in compliance, corporate culture probably ranks as one of the least quantifiable business attributes to measure.

CEP Magazine

For those of us in compliance, corporate culture probably ranks as one of the least quantifiable business attributes to measure. However, the 2019 MIT Sloan Management Review/Glassdoor Culture 500 report, “Measuring Culture in Leading Companies,” described research by several financial economists who consistently found a correlation between positive corporate culture on the one hand and increased profitability and shareholder value on the other.

Culture is a reflection of how a company thinks about itself, how it wishes to be regarded in the marketplace, and how it characteristically tackles business challenges, so thinking about culture can help an organization establish a framework for achieving its business objectives. As a set of shared norms and core values, culture can also provide a useful point of reference for employees when they face difficult decisions about priorities and when they execute those decisions. Effective compliance begins with adherence to these values.

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Understand.

During this phase, we work to step away from any assumptions and guesses about what our customers needs, and let our research findings inform our decision-making. We learn more about our customers, their problems, wants, and needs, and the environment or context in which they will use the solution we offer.

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During the Define phase, we analyze our research findings from the Understand phase and determine what is the most important problem to solve — and why. This step defines the goal. Then we can give a clear problem statement, describing what our customers’ needs are that we are trying to solve, making sure that we heard and defined their problem correctly.

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This phase is an important part of the discipline in our process. People often settle for the first solution, but the most obvious solution is often not the right one. During the Solve phase, we brainstorm collaboratively with multiple stakeholders to generate many unique solutions. We then analyze our potential solutions and make choices about which are the best to pursue based on learnings in the Understand phase.

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