What is corporate culture?
Corporate culture results from common values, fundamental assumptions, beliefs, behaviours, and past business decisions. Within an organization, the participants integrate those factors so that they may become internalized core values. In short, the corporate culture may explain how or why an organization reacts a certain way to a current business situation. Within the banking context, the former position of a bank as a public institution to the current position as a profit-oriented entity has dramatically altered the corporate culture.
Why is corporate culture important?
Corporate culture is crucial because it can help achieve critical corporate goals. Employees, for example, maybe drawn to organisations whose cultures they identify with, which can lead to increased employee retention and the recruitment of new talent.