ARLINGTON, Va., Nov. 09, 2020 (GLOBE NEWSWIRE) — According to a poll of C-suite investment leaders, an overwhelming majority (89%) believe that organizational culture is more important than business strategy in influencing good organizational outcomes. The survey,* which involved representatives from 15 investment organizations around the world with total assets under management of over US$8.5 trillion, was conducted as part of the Thinking Ahead Institute’s Power of Culture leadership study and whitepaper, which is being released publicly today.
“This is tremendous validation of our thesis that a strong emphasis on culture, when synchronized with purpose, is a prerequisite for organizational success,” said Roger Urwin, co-founder of the Thinking Ahead Institute. “The importance of effective organizational purpose and actively managed culture has grown in recognition considerably of late, especially among leading investment organizations whose leaders acknowledge their key role in enhancing differentiation and resilience.”
The poll also shows how topical this subject has become recently; more than three-quarters of the group (80%) believe that more attention has been focused on organizational culture during the COVID-19 crisis. The cultural areas identified by this group as requiring the most work are inclusion and diversity (92%), people and teamwork ethos (79%), and innovation (62%).
The institute’s white paper highlights leadership commitment to elevating and actively shaping culture in an organization as the most important factor for building a competitive edge and generating sustainable business performance. It also points to the cultural considerations leaders rely on when building their value proposition, including:
Paying sufficient regard to organizational purpose, beyond a focus on short-term business results
Understanding and respecting the assessment of so-called soft or intangible factors
Developing the language, facts and tools necessary to communicate culture
“Now is a very difficult period for industry leaders, perhaps the most challenging in a generation,” said Urwin. “Notwithstanding, we believe that organizations that invest proportionately more time and attention in cultural progression will be more resilient as a result, particularly if they work with a dashboard to check in on progress. Beyond that, the biggest return on time invested in culture seems to be through engaging employees at all levels on how culture works for them, followed by increasing the weighting of culture in performance management reviews and in incentive compensation. Lastly, senior leaders have the ability to guide culture by personal example.”
The white paper also contains best practice models of purpose and culture as well as best practices that are critical to improving industry resilience, sustainability and outcomes for all stakeholders.
The Thinking Ahead Institute will continue its culture research with particular focus on three areas: extending the coverage to investment organizations that have previously not recognized the benefit of actively managed culture, particularly asset owners; investigating the links between new business models, innovation and culture; and developing a deeper understanding of the nexus between culture, purpose, inclusion and diversity, and sustainability.
“This list is a tough ask of investment leaders and reflects the fact that the soft stuff — such as culture management — is really the hard stuff,” said Urwin.
Notes to editor: *The Thinking Ahead Institute surveyed 27 decision makers from 15 investment organizations around the world on September 22, 2020.
About the Thinking Ahead Institute The Thinking Ahead Institute was established in January 2015 and is a global not-for-profit investment research and innovation member group made up of engaged institutional asset owners and service providers committed to mobilizing capital for a sustainable future. It has 45 members around the world and is an outgrowth of the Thinking Ahead Group, which was set up in 2002. Learn more at www.thinkingaheadinstitute.org.
About Willis Towers Watson Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.