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BUSINESS

Culture change crucial for organisations seeking transformation, to stay relevant

11/06/2021 01:29 AM

KUALA LUMPUR, June 10  -- A culture change should be at the heart of any organisation that seeks to transform and remain relevant although it is the most challenging part of the journey, Bank Negara Malaysia deputy governor Marzunisham Omar said.

He said any attempt to drive transformation is unlikely to succeed if there is resistance to the call for action.

“As an organisation, Bank Negara has also had to assess and reflect on how we work, and consider better ways to instil the desired norms and corporate culture. 

“What we have consciously nurtured over time has been a strong collaborative culture and what we want to keep getting better at is to be open to experimenting more, learning from mistakes quicker, and deepening our coaching and feedback culture,” he said in his keynote address at the Chief Learning Officers Forum 2021 today.

Marzunisham said the central bank’s policy mandates are stress-tested internally by a work culture where colleagues are encouraged to speak up and challenge one another so that it reduces blind spots.

In its efforts to achieve the desired outcomes, the bank is cognizant of the need for leaders at all levels of the organisation to demonstrate the right behaviours to reinforce its desired culture of trust, integrity, collaboration and innovation.

Organisations, according to him, also have no choice but must upskill and reskill to strengthen workforce preparedness. 

Consistently developing talent, succession planning, onboarding and having good corporate learning are all at the heart of successful high-performing organisations, he elaborated.

Last but not least, organisations must leverage digital learning for greater impact.

“The past year alone has seen the forced shift from traditional classroom learning to virtual channels. This has seen a surge in self-paced and online learning. 

“With adaptive learning pathways that are powered by algorithms and AI, people can learn faster based on their own unique learning needs,” said.

Marzunisham added that the pandemic is taking place at a time when the world is going through rapid changes and the economic and financial landscape is evolving, defined by on one hand, increasing dependencies among economies and firms, while on the other hand, heightened competition.

-- BERNAMA


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