SYDNEY--(BUSINESS WIRE)--Mar. 22, 2016--
According to a report issued by Korn Ferry (NYSE: KFY), the preeminent
global people and organizational advisory firm, cultural leadership
starts at the top. Business executives in Australia cited the CEO as the
most important factor in strengthening culture, followed by rewarding or
penalizing work or behavior that impacts cultural values and, recruiting
executives with the right cultural attributes.
Korn Ferry’s report, “The
Tone from the Top - taking responsibility for corporate culture”,
presents a series of in-depth interviews with CEOs and non-executive
directors from some of Australia’s most respected organizations. They
were asked to identify who has responsibility for culture, the role of
the board, and how culture and strategy can align. The report shares
their insights into what strengthens and derails culture.
Korn Ferry’s Executive Chairman, Australasia, Katie Lahey said: “It is
clear from our discussions that the CEO is regarded as the most powerful
driver of culture and that the appointment of the CEO should include a
deep interrogation of cultural values of potential CEOs by the board.
“If organizations accept, as many do, that the cultural leader is the
CEO, it is imperative to recognize that the CEO, after setting the tone,
then lives it.”
The report explored the relationship between strategy and culture and
how fault lines can form in organizations that allow toxic sub cultures
“When culture is dramatically breached, the fall-out can be costly to
the brand, the bottom line, the social license to operate – and the
long-term health of the organization. Leaders should not wait for a
public breach of culture to identify and act on issues. Cultural work
needs to be part of the day-to-day way an organization and its people
operate,” said Ms Lahey.
“Business leaders need to move from thinking about their organization’s
success solely in terms of their financial performance to thinking
'culturally' about organizations and all the elements that contribute to
performance,” she added.
Note to editors
Korn Ferry conducted interviews with: Vivek Bhatia, CEO & MD of iCare;
Paul Brasher, Chairman Incitec Pivot Ltd; Elizabeth Bryan, Chairman of
Virgin Australia; Melinda Conrad, NED of Ozforex & Reject Shop; David
Crawford, Chairman of Lend Lease, South 32 and Australia Pacific
Airports Corporation; Tom Gorman, CEO Brambles; Brian Hartzer, CEO of
Westpac; Christine Holgate, CEO & MD of blackmores; Jayne Hrdlicka, CEO
of Jetstar; Greg Medcraft, Chairman of ASIC; John O’Neill, Chairman of
The Star Entertainment Group; Andrew Pridham, CEO of Moelis and Chairman
Sydney Swans; Simon Rothery, CEO of Goldman Sacs, ANZ. The interviews
occurred between September and November 2015.
About Korn Ferry
Korn Ferry is the preeminent global people and organizational advisory
firm. We help leaders, organizations, and societies succeed by releasing
the full power and potential of people. Our nearly 7,000 colleagues
deliver services through our Executive Search, Hay Group and Futurestep
divisions. Visit kornferry.com for more information.
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Source: Korn Ferry
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