In a Down Economy, Don't Ignore Culture Issues

By Mark Vickers

This is where things get sticky, with many companies stranded in the mire of a down economy that has just this week finally been declared a recession.

As the saying goes, a good economy is like a rising tide that lifts all boats. That rising tide helps float a lot of companies, sometimes even those encrusted and otherwise weighed down with organizational problems. In the bad times, however, the tide recedes and a lot of those problems beneath the proverbial waterline become both more visible and more treacherous.

How can companies avoid becoming victims of a low economic tide? One of the best ways may be to focus on their corporate cultures, suggests a major new global study commissioned by Canadian Management Centre and the American Management Association (AMA) and conducted by i4cp. The study, which is based on 1,967 global survey respondents (17.7% of which were Canadians), indicates that companies with positive corporate cultures - as reflected by eight specific cultural characteristics - are more likely to report greater success in the marketplace than are other organizations.

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