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“Create culture” instead of “measuring” it!

It has been surveyed that around 50% of an organization’s employees leave their jobs just because of unhealthy and poor organizational culture. Thus, if coming upon to the point of measuring your organizational culture and values on a regular basis will provide you with important data on how to sustain a positive and happy work environment which will help you achieve success and stick to your loyal employees.

But again the question arises, how the organizational culture is to be measured? There are several ways, but one should understand the difference between Workplace Environment and Workplace Culture. Although they are correlated with each other but there is a vast difference between these two terms, wherein Workplace Environment describes shared perceptions within the organization, while an organizational work culture includes many more factors, like emotional components as well as values, beliefs, assumptions, and other aspects that form the set of standard functioning within the organization.

Organizational Culture is an intense factor that drives a company. It’s a term more like which brings stability and is based on relationship and mutual understanding history. Regular Assessments The Culture assessments of any organization are something that has to be done not just once in a year but on a periodical basis. Which keeps an organization aware of what the running scenarios are ongoing within employees. This results in more awareness about the culture from different perspectives, which might save the situation to get worse.

Business needs scorecard (BNS) BNS is a scorecard that maps positive and potential values using 6 main different categories to measure organizational culture finance:

This includes the VALUE and BEHAVIOUR which boosts the growth of an organization with aspects of profits and stability

Fitness: This includes and dragoons the effectiveness with regards to productivity, efficiency, performance and etc.

Evolution: This point involves the values and behavior that shows ingenuity, resourcefulness, innovation, individuality and creativity and all such factors which helps the organization to evolve more and more.

Culture: It describes each individual’s belief, faith, engagement, supportive behavior, relay, proper communication, and at last a protective and concerned environment.

External Relations: It is all about how well you present yourself and maintain relationships with our customers, competitors, Clients and etc.

Contribution towards Society: It contributes to the relation of an organization with the external society.

Employee Retention: Always maintain and improve employee retention strategies. And to maintain this an organization should always think about the things from the point of view of Team members.

Of Course, every employee has its own USP, goals, and way of working towards it. Every employee loves the feeling of being appreciated by the superiors and to be treated with fair respect and value for their dedication and performance. This concern of an organization creates a place in one’s heart and tends to convert that employee into a loyal one with an add-on energy level.

Strategies to improve a “Well Organized Workplace culture” -

Communication and Feedback Sessions: “Ideas” “Concerns” “Questions” should be the three important parameters to be taken into consideration by the staff members on a regular basis. Which will create an environment of openness? Recognition and reward every month: Make it a habit always to appreciate one for their work, let that be a simple mail, a small card or applause for that sake. Let the employees be recognized for what they deserve. Training and Development: Every person seeks for “Advancement” in his way of working, and developing his performance and simultaneously organizational growth.

The organization should support such employees with reimbursement and training modules.

Mentorship Programs: The combination of Pairing an employee with a Mentor is the best combination and benefits a lot for both the Mentor as well as the Employee.

Team Celebrations: This factor is one of the most important aspects of any organization, because if the team can celebrate success together that it will also stand with the other team member while anything slips out of way. And to bring it back on track.



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In a report known as “Brydon Report”, a former London Stock Exchange chair Sir Donald Brydon has suggested that the audit profession has lost its way. This was the third report commissioned by the former Prime Minister Theresa May to provide an Independent Review into the Quality and Effectiveness of Audit. After a series of high profile corporate failures such as the construction company Carillion, the retailer BHS, and the travel company Thomas Cook has shaken up the Financial Reporting Council and the British lawmakers. It has also raised questions on the effectiveness and reliability of the audit.

“Audit is not broken but it has lost its way and all the actors in the audit process bear some measure of responsibility”- Sir Donald Brydon

In a 135 pages report, Brydon has highlighted the shortcomings of the current external audit practices, especially the BIG FOUR FIRMS- PwC, Deloitte, KPMG and EY. These firms conduct the audit of FTSE-100 companies and therefore, there is almost no competition which is part of the problem. The report whilst highlighting the problems also gave various recommendation to improve the quality and effectiveness of the audit.

Key Identifications

The report suggests that there should be a change in the definition of the audit and it should be “written in plain English.” Brydon also believes “audit lacks a clearly understood and fully encompassing purpose.” The current definition fails to clearly describe the purpose of the audit and how and why it should be conducted. The change in the definition will help the auditors to make use the unique opportunity they have to verify, confirm and inform the stakeholders with everything that’s going on in the company and not just the financial statements.

"There has been a slow evolution, since the 1970s, in the role of audit from being just a periodic external check on the accuracy of financial reporting towards a value-adding function, but this has further to go."

Along with the shift in definition, auditors should be given proper training to make use of modern technology. Auditors also fail to make their reports more informative and useful.

“The purpose of an audit is to help establish and maintain deserved confidence in a company, in its directors and in the information for which they have a responsibility to report, including the financial statements, and the balance sheet

The auditors should look beyond the accuracy of financial statements and communicate better with the shareholders and other stakeholders. In current audit practices, even if auditors found a point of concern, they don’t inform it to the shareholders instead just discuss in the closed rooms with the directors, CEO and CFO. Thereby, they fail to grasp the opportunity to expand the scope of the audit and communicate better.

"In hiding behind the need only to confirm and verify, many auditors have failed to grasp the opportunity to make their reports more informative. Many do take this opportunity in private, communicating well beyond the narrow confines of auditing standards when reporting to audit committees, but not to shareholders or other stakeholders."

Recommendations

Following are the key recommendations made by Sir Donald Bryden.

•A redefinition of audit and its purpose;

•The creation of a corporate auditing profession governed by principles;

•The introduction of suspicion into the qualities of auditing; the extension of the concept of auditing to areas beyond financial statements;

•Mechanisms to encourage greater engagement of shareholders with audit and auditors;

•A change to the language of the opinion given by auditors;

•The introduction of a corporate Audit and Assurance Policy, a Resilience Statement and a Public Interest Statement;

•Suggestions to inform the work of BEIS on internal controls and improve clarity on capital maintenance;

•Greater clarity around the role of the audit committee;

•A package of measures around fraud detection and prevention;

•Improved auditor communication and transparency;

•Obligations to acknowledge external signals of concern;

•Extension of the audit to new areas including Alternative Performance Measures; and

•The increased use of technology.

Source: Brydon review final report

When you need a to toothpaste, what do you ask for? A Colgate or Pepsodent, right? This is known as brand awareness. They have become so well-known that they have replaced the common terms for similar products. For us, dog food is pedigree, for treating cold Vicks Vapour Rub, cold drinks mean Pepsi and so on.

Moreover, it also leads to satisfied customers. No business wants his or her customers to be unhappy with their brand. Some are unhappy for obvious reasons and some not. But solving them is a satisfying way is vital for every enterprise.

Let’s first read the five best pieces on how to build brand awareness:

Tip #1 Target Social Media Contest

Want your brand to reach millions? Don’t miss out on this trend. Social media is your one-stop hub to get organic followers. Run a social media contest and let the customers upload their pictures, videos and refer the same to their friends. Offering discounts, prizes can be the best call for a successful social media campaign.

Tip #2 Infographics

How to build brand awareness? Infographics are the key! These bright and colourful ways of displaying and marketing your brand have gained lots of importance so far. A powerhouse tool for brand building that reaches millions across the world.

Tip #3 Story Telling for Compelling Personality

A story that is compelling and not only emotional but inspirational too turns many heads. If you can create a story that connects deeply with your target audience, then they won’t forget your brand. Whenever they purchase your products or services, they can relate it to the story narrated through videos or any other way.

Tip #4 Interviewing Podcasts

This is the new emerging marketing trend that is undoubtedly going to reach great heights in 2020. Starting your industry podcasts where you interview industry experts can help build your relationship with customers and with others in your field.

Tip #5 Who Doesn’t Love Freebies?

Give freebies to your customers with your brand's name printed on them in events, fairs, etc. This is how people will always remember your brand whenever they use these products.

Following are the four surprising ways on how to deal with unhappy customers:

Tip #1 Listen before reacting

Never react without listening to your customers completely. Hear them out and let them know that you are paying attention to their complaints. When your customer stops, then summarise what they said and clarify their allegations.

Tip #2 Keep Calm

Never shout or answer back in foul language even if your customer is. Maintain yourself and keep calm. Never yell or shout and respond as wisely as possible. Ultimately it leads to building your brand awareness.

Tip #3 Apologise Sportingly

Convey your apology to customers gracefully. If you want them to stay, you need to express your concern towards their problem and actively sympathise for their unpleasant experience. A simple statement can help, like, “We are sorry for the inconvenience caused, let’s see what can be done to make it right.”

Tip #4 Solve their Issues Professionally

Ask suggestions from the customer as to what can be done to solve their problems. Give a realistic answer to their question and provide them with a higher degree of satisfaction.

Your Takeaway

Applying these trendiest tips on how to build brand awareness and how to deal with unhappy customers will lead to greater possibilities. Cope with these emerging techniques and easy ways to solve tense situations for best possible results.

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