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Announcing Canada's 10 Most Admired Corporate Cultures(TM), 2008
Announcing Canada's 10 Most Admired Corporate Cultures(TM), 2008
Published 11-19-08
Submitted by Waterstone Human Capital
TORONTO, CANADA. - November 19th, 2008 - Waterstone Human Capital, a leading retainer-based search firm, today announces Canada's 10 Most Admired Corporate Cultures(TM) of 2008.
The winning organizations, in alphabetical order, are:
Boston Pizza International Inc. (Richmond, BC)
Four Seasons Hotel and Resorts (Toronto, ON)
Intuit Canada (Edmonton, AB)
McDonald's Restaurants of Canada Ltd. (Toronto, ON)
Purolator Courier Ltd.(Mississauga, ON)
RBC (Toronto, ON)
Shoppers Drug Mart (Toronto, ON)
Tim Hortons (Oakville, ON)
Westjet (Calgary, AB)
Yellow Pages Group (Montreal, QC)
Seven of the organizations on the list are return winners from 2007. Intuit Canada, McDonald's Restaurants of Canada Ltd., and Shopper's Drug Mart are the three new additions for 2008.
"Strong leadership drives corporate culture, and culture drives performance," says Marty Parker, the Managing Director of Waterstone Human Capital. "This is an important finding from the 2008 results, and it is one that will be tested in the uncertain times ahead."
Between January and June of this year, Waterstone Human Capital surveyed 340 Canadian executives. The results are found in the 2008 Canadian Corporate Culture Study(TM).
The study's findings highlight the link between leadership, corporate culture and performance. For instance, 80% of executives surveyed said that their culture is defined by their leadership's behaviours. Furthermore, 82% said that culture has a strong, or a very strong impact on their organization's performance.
"Strong leadership and a healthy corporate culture are critical to an organization's success," says Parker. "These are exactly the kinds of traits that will see companies like those listed in this year's 10 Most Admired Corporate Cultures through the tougher economic times ahead."
Actual corporate performance seems to bear this out: the three-year average revenue growth, as well as the three-year average asset growth, of Canada's 10 Most Admired Corporate Cultures(TM) of 2008 was 63% higher than that of the S&P/TSX 60.
The study also reveals that 90% of the executives surveyed believe that a new leader can change an organization's corporate culture. Additionally, 76% percent of executives surveyed are dissatisfied with their current culture.
According to Parker, "Turbulent times are often the catalyst to leadership change, as new leadership will often bring with it a new corporate culture. This, in turn, can have a positive impact on financial results."
BACKGROUNDER:
Findings From The 2008 Canadian Corporate Culture Study(TM)
Corporate Culture Impacts Corporate Performance:
- 82% of executives surveyed said that culture has a strong, or, a very strong impact on their organization’s performance;
- 61% of executives say their organization's corporate culture drives sales and increases revenue, 53% say it lowers turnover and 57% say it gives a sense of belonging.
- 81% of executives surveyed say that their current leadership has lead to the creation of their organization's culture;
- In addition, 90% of executives surveyed believe that a new leader can change an organization's corporate culture;
- Surprisingly, less than half (46%) of executives surveyed have a process for integrating new leaders with their corporate culture.
- 80% of executives surveyed define corporate culture as leadership's behaviours;
- 74% define corporate culture as an organization's values;
- 72% define corporate culture as employee's behaviours.
- 68% of executives surveyed say their organization's corporate culture has a strong impact, or, a very strong impact on their ability to retain top talent.
- 62% of executives surveyed say cultural fit is more important than necessary skills, in the hiring of new talent.
Between January and June of 2008, Waterstone Human Capital surveyed 340 senior Canadian executives, representing a non-random cross-section of Canada’s top 500 corporations. Respondents were asked a variety of questions about their own organization's corporate culture, and were also asked to list or "nominate" names of organizations in Canada they most admired in terms of having corporate cultures that impacted their performance.
These "nominated" organizations were then invited to complete a submissions package, outlining details related to the organization's corporate culture. The following criteria were used: 1. vision and leadership; 2. cultural alignment, measurement and sustainability; 3. rewards, recognition and innovative business achievement; 4. corporate performance; and, 5. corporate social responsibility. In the final stage, a Board of Governors evaluated the results, and selected the final top 10 list against the stated criteria.
About Waterstone Human Capital:
Waterstone is a retainer-based search firm that recruits at the leadership level across a variety of industries and functional areas for some of North America's leading organizations. Waterstone's unique process and approach to executive search is designed to maximize "candidate fit" to client organizations while providing new levels of performance accountability in the executive search industry. www.waterstonehc.com
About Marty Parker, Managing Director, Waterstone Human Capital:
Marty is the Managing Director and Founder of Waterstone, and is the country’s leading expert on Human Capital. Formerly, Marty was Managing Director and Partner with The Caldwell Partners International. He also held the role of Executive Vice President of The CCL Group, one of Canada's leading marketing communications group of companies. Marty's earlier career was with Johnson and Johnson and Labatt Breweries, where he held progressively senior sales and marketing positions. Marty is a member of Entrepreneur's Organization and a former Director of VON Canada and Junior Achievement. He has Bachelor of Arts and Master of Science degrees from The University of Guelph.
