Five questions to ask to shape your corporate culture to create competitive advantage in 2017.
Energy & Mining International published an article, “Five questions to ask to shape your corporate culture to create competitive advantage in 2017,” written by Russell Reynolds Associates' Stephen Morse. In the piece, he shared his insights about how to shape an organization’s culture and articulated five questions that should top the agendas of energy executives in 2017. The article is excerpted below.
The price volatility in the energy market over the past few years, coupled with technical and operational innovations, have created unique organizational dynamics in the sector. As a consequence, energy companies are increasingly looking to align their organizations’ culture and human capital to these market realities in order to create competitive advantages.
Following our discussions with senior leaders in the energy industry, we have articulated five questions that should top the agendas of energy executives in 2017:
How do we create a culture that fosters a strategic growth orientation?
How do we inculcate a culture that promotes better operating performance?
How do we institutionalize operational discipline?
How do we build an enhanced performance orientation into our culture?
How can relationships and collaboration build a sustainable cultural competitive advantage?
Executives must embrace organizational culture and values to enhance both their own effectiveness and the abilities of their teams. An effective culture starts at the top – with leaders who set a clear vision for the executive team and the entire organization – and extends beyond the organization and into the marketplace.
1. How do we create a culture that fosters a strategic growth orientation?
A culture that excels at strategic growth is one that is known for innovation and an emphasis on long-term planning and independent thinking. This is important today with the rise of new technologies, data analytics and next-generation digital, which have all impacted the energy operating environment. It will be critical for leadership to create a culture that encourages and rewards experimentation and the implementation of new ideas.
2. How do we instill a culture that promotes better operating performance?
Energy companies are moving away from large, complex, centralized organizational models towards more decentralized, agile structures. As a result, best-in-class company cultures are known for openness to different thoughts and ideas and alternative ways of fixing problems. Best-in-class organizations have hybrid and matrix structures and are known for their transparent communication and their flexibility in terms of thinking and ways of working.
To read the full article, click here.