We are very pleased to see this important piece, with the NY Fed’s Jim Hennessy as a contributing author. The NY Fed has played a critical role in raising awareness around the importance of culture as a key driver of performance outcomes among firms. We are grateful to Jim for his significant contribution to our 2020 Compendium in which he offers detail on the NY Fed’s related activities and priorities.
Here, Jim and his co-authors note that while attention to corporate culture is always important, it has been made still more so given the impacts of the COVID-19 crisis. The question many organizations are asking is: What kind of organizational culture do we want and how to we foster it in a work-from-home context?
The pivotal word that helps organizations to address these challenges is trust. Mutual trust is a key contributor to team performance. That is, in large part, because fully productive collaboration is only possible when people really know and trust each other. Effort to reinforce desired company culture during current circumstances must take this as their starting point.
Leaders must work to help their remote workers to achieve new forms of peer-socialization — and they should be aware how such is occurring at the prompting of employees themselves. Shared experiences can often help to create bonds of trust. This should not be left to happenstance: the firms that prosper during and after the Covid-crisis will make culture a priority.