Riskology by Infortal Episode 27: Going Global – Why Culture Matters
Dive into the latest episode of Riskology by Infortal!
In this episode, Dr. Ian Oxnevad and Christopher Mason, Esq. welcome Sam Silverstein, founder of the Accountability Institute, author, and CPAE hall of famer, for a deep dive into how corporate culture and non-negotiable core values shape business success.
In the rapidly globalizing market, the allure of tapping into new markets brings with it the challenge of navigating diverse cultural landscapes. This podcast episode breaks down corporate culture's critical role in international business expansion. It also offers insights into how businesses can synchronize their corporate culture with the diverse cultural norms encountered in new markets.
Entering new international markets necessitates a nuanced understanding of local business practices and cultural norms. Assimilating into the local culture requires finding a harmonious balance where the existing corporate culture adapts to and enriches the local practices.
Fostering a culture that's inclusive, adaptable, and respectful of local customs and values requires deliberate effort, and leadership plays a pivotal role in the cultural integration process.
The challenge lies in guiding international branch employees into a company's culture without sidelining the local cultural context that shapes their work ethics and behaviors. This may require a detailed audit of the company’s culture, identifying core values, and mapping out a plan for cultural integration that highlights the company's ethos and accounts for local cultural intricacies. Ever wonder why some brands soar in new markets while others stumble?
It's all about cultural awareness. It's crucial to embrace and understand local customs, values, and workplace norms. Differences in gender norms, religious practices, and even concepts of time can make or break your business abroad.
At the heart of every successful organization is a distinctive corporate culture. Culture encompasses the behaviors, values, and practices that are routinely accepted and repeated within the organization.
Organizations can have a culture by design, where leaders deliberately define, model, teach, protect, and celebrate their culture, or by default, without deliberate cultural shaping. A thoughtfully designed corporate culture is a competitive advantage, especially when expanding into international markets.
Corporate culture isn't static; it evolves with the organization and its people. A company’s employees' collective attitudes, experiences, and backgrounds influence it. Therefore, when a company looks to establish itself in a new market, understanding and integrating with the local culture requires consistent effort and reinforcing your firm’s core cultural identity. Finally, culture is a reflection of your core values.
Again, we hope you can join us for another intriguing episode of Riskology by Infortal!
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