Culture is the New Currency and it can be highly rewarding.

Culture is the new currency and investing in it can yield great rewards.

However, aligning culture with the bottom line and putting people first are not easy feats. According to a recent global report by Heidrick & Struggles, an increasing number of leaders are prioritizing culture and actively working on cultivating a strong one. 92% of leaders surveyed in Australia are doing just that.

Not surprisingly Australia leads as one of the countries with the highest Diversity and Inclusion in Top Management Leadership with women.

Business leaders are faced with the challenge of juggling external expectations, internal stakeholders, and day-to-day operations.

Gaby Riddington from Heidrick & Struggles explains, "Leaders are expected to tackle: diversity and inclusion, sustainability, work/life balance, hybrid working, and digital transformation, to name a few. We are no strangers to being asked what the right thing to focus on first should be.

She further adds "The best leaders acknowledge their blind spots and address them directly. Leaders must also create an environment where employees can try, fail, and learn from their experiences. A feeling of empowerment and ownership will enable them to contribute meaningfully to the company’s success. They are then motivated to share their ideas and collaborate, further nurturing an innovative culture"

This begs the question, how do we define & establish culture in our organization, and what challenges do we face in doing so? Is it solely the CEO's or MD's responsibility?

How do we track and correlate organizational culture to personality and character? And most importantly, what are we doing to define a metric to link culture to financial results and the bottom line?

Whether in old or new companies, fostering a strong culture is crucial. Company boards can increasingly play a significant role in defining and establishing cultures and linking the CEO's/MD's performance to a positive work culture, retention, productivity, and extraordinary performance. High and frequent attrition in Leadership Teams & Senior Management is often a strong indicator of the culture and leadership styles in play.

Let's continue the conversation. How do you define culture in your organization and what steps are you taking to align it with the bottom line

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#culture as a competitive advantage

#frequent attrition in leadership teams

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