The majority of employers believe corporate culture affects business performance, accroding to a recent study.
Waterstone Human Captial's Most Admired Corporate Cultures 2008 study, based on interviews with 340 senior Canadian executives, found 82 per cent of executives believe culture has a strong, or very strong, impact on an organization's performance.
Other key findings:
• 61 per cent of executives say their organization's corporate culture drives sales and increases revenue, 53 per cent say it lowers turnover and 57 per cent say it gives a sense of belonging.
• 81 per cent of executives surveyed say that their current leadership has lead to the creation of their organization's culture;
• 90 per cent of executives surveyed believe that a new leader can change an organization's corporate culture;
• 46 per cent of executives surveyed have a process for integrating new leaders with their corporate culture.
• 80 per cent of executives surveyed define corporate culture as leadership's behaviours;
• 74 per cent define corporate culture as an organization's values;
• 72 per cent define corporate culture as employee's behaviours.
• 68 per cent of executives surveyed say their organization's corporate culture has a strong impact, or, a very strong impact on their ability to retain top talent.
• 62 per cent of executives surveyed say cultural fit is more important than necessary skills, in the hiring of new talent.
As part of the study, Waterstone also compiled a list of the top 10 most admired corporate cultures.
Top 10 most admired corporate cultures (in alphabetical order):
• Boston Pizza International Inc. (Richmond, B.C.)
• Four Seasons Hotel and Resorts (Toronto)
• Intuit Canada (Edmonton)
• McDonald's Restaurants of Canada Ltd. (Toronto)
• Purolator Courier Ltd. (Mississauga, Ont.)
• RBC (Toronto)
• Shoppers Drug Mart (Toronto)
• Tim Hortons (Oakville, ON)
• Westjet (Calgary)
• Yellow Pages Group (Montreal)
© Copyright Canadian HR Reporter, Thomson Reuters Canada Limited. All rights reserved.