Category: Corporate Culture

Corporate Culture Is A Key Ingredient In Supporting Innovation

Corporate Culture, E-Commerce, FinTech, Firoz Patel, payments, payza

In today’s fast-paced times where companies are struggling to stay afloat, what sets top companies apart is their futuristic vision and an ability to innovate and adapt to changing consumer needs, expectations and demands. So how does an organization prepare itself for the disruptive forces that have become the norm in current digital times? What is the secret ingredient that allows some companies to better adapt to changing circumstances? It has been found that corporate culture plays a big role in the ability of an organization to innovate and adapt.

Corporate Culture

So what exactly is corporate culture? Corporate culture usually refers to the value system and beliefs that drive the behaviors and decisions of a company’s management and employees both within the company and with outside business partners. Culture usually builds over a period of time and is not explicitly defined. Culture affects the day to day functioning of the company and its employees. A healthy business organizational culture can go a long way in motivating employees and in turn increasing customer satisfaction. There is a theory that if you keep your employees happy, they will keep your customers happy.

Importance Of Corporate Culture

According to research, corporate culture is one of the most important factors that drive innovation. A company that welcomes diversity encourages learning and allows people to fail will automatically be a more innovative company as people will be more willing to experiment and try out new ways of doing things.
It has been found that all innovative companies show similar traits in terms of corporate culture. The extent to which a company supports and fosters innovation within its structure and provides incentives for innovation allows it to quickly adapt to changing industry trends and stay ahead of its competitors.

Role Of Leadership

Leadership plays a very important role in building a positive corporate culture in the following ways:

  • Leadership needs to foster diversity in thinking and building of knowledge within the organization
  • There should always be an emphasis on team-work and collaboration
  • The corporate goals and values must be articulated very clearly and in such a way that it is understood by employees at all levels and imbibed in their day to day work
  • Leadership should have a pulse on the organization – this implies a good understanding on the thinking of their employees and how it impacts their behavior.

It is very important to continuously reinforce the company’s values and beliefs so that employees are aligned. New employees must be trained and made aware of how they are expected to function within the company or while carrying out business transactions with the company’s partners. A good training program can go a long way in achieving these objectives.

Thus, companies need to invest in understanding and developing their corporate culture that is conducive to growth as well as helps them to attain their long-term objects. Culture cannot be enforced and has to be built over a period of time. It also needs to be regularly monitored and corrective actions are taken where necessary.

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Disappearing Banknotes in India: Understanding the Terms Surrounding Digital Payments

Corporate Culture, E-Commerce, FinTech, Firoz Patel, Personal Finance News

Don’t know what are UPI, NPCI, IMPS, NEFT, or RTGS? Don’t worry, we can help!

The people of India are still adapting to the sudden demonetization of the 500 and 1000 rupee banknotes. Emerging from what experts have described as a “debacle” and utter “fiasco” in monetary policy, many Indians are frustrated by media reports that offer confusing information about India’s financial system.
To help bring some clarity to the situation, we wanted to go over some of the unclear terms in finance and digital payments that are common in media reports about demonetization.

What is UPI?

Unified Payments Interface (UPI) is a digital payment system network. Using an app on a smartphone, the UPI enables citizens to transfer money between bank accounts of 19 major Indian banks. In addition to simplifying and increasing access to many basic banking services, the UPI app lets a customer to transfer funds to the bank account of a merchant to make payments without the need to share private financial information.

The National Payments Corporation of India along with The Reserve Bank of India developed the app to encourage Indians to replace cash transactions with digital payments.

For more information, see this article about UPI and the related app in The Hindu: What is Unified Payment Interface?

What is IMPS?

Immediate Payment Service (IMPS) is a digital payment system network. IMPS enables the instant, digital transfer of funds between major banks.

Like the UPI, the IMPS platform makes it easy to digitally transfer funds between banks using mobile phones. Using this service, citizens can transfer funds whenever they please, even during off-hours and bank holidays.
The IMPS platform is managed by the National Payments Corporation of India and operates using the National Financial Switch network.

What is NEFT?

National Electronic Funds Transfer (NEFT) is the most extensive banking network in India to transfer funds digitally. This network provides a simple and cost-effective means to transfer funds throughout India and is popular for settling retail remittances. This banking service is available during business hours and closes for bank holidays.

What is NPCI?

National Payments Corporation of India (NPCI) is a non-profit organization that oversees all retail payment systems in India. The organization aims to offer all Indian citizens unrestricted access to digital payment services. Endorsed by the Reserve Bank of India, the NPCI is a leader in advancing India’s “cashless society” initiative.

What is RTGS?

Real-time gross settlement (RTGS) is a money transfer system within a country that enables the transfer of a high volume of funds between banks. Finance companies use this system to transfer money or securities instantly, where the funds are sent individually rather than bundles or batches that are mixed with other securities. The RTGS provides essential financial infrastructure for a country’s Central Bank and monetary system.

Do you know of other banking and finance terms we should add to our list? Would you like for us to explain the details of a digital payment system? Tell us in the comments section below.

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Managing Corporate Culture Is the Secret to Attaining Top Performance

Corporate Culture, E-Commerce

Companies that are rated as top performers financially have also been found to foster good corporate culture. In fact, a study by Boston Computing Group reported that leadership and task management performance are directly related to financial performance. What’s more, according to one statistic, companies that build strong leadership and talent management capabilities increase revenue 2.2 times faster than those without it.

Developing a healthy corporate culture should be one of the top priorities for every company. Corporate culture represents the company’s overall style of functioning – this includes beliefs, ethics, and values of the company, method of working and work environment, the extent of social management, the well-being of employees, the extent of teamwork, quality of customer service and also dress code. Every organization should strive to cultivate a healthy corporate culture that sets its management and employees on a path to success. The following are some of the key benefits derived from a healthy business organizational culture:

Motivation

Studies have shown that when employees can relate to a company’s values and goals or are able to achieve their own professional goals, their performance far exceeds the average threshold. Hence it is very important to find a good fit between the company’s beliefs and the people it employs. Also, a company’s culture must be consistent. Employees feel motivated when they are kept informed, engaged in decision making, encouraged to work as a team and experience a high degree of job satisfaction in terms of their personal growth and achievements. Hence recruiting the right talent and constantly engaging them is a very important part of managing corporate culture.

Customer Satisfaction

This is simple logic. If your employees are engaged in their work and believe in you, then naturally they understand the importance of keeping your customers satisfied. High employee motivation always comes across and is evident to your customers. Most top performing organizations recognize this distinct link between customer satisfaction and corporate culture.

Attracting And Retaining Top Talent

When choosing a company to work for, corporate culture is a very important consideration. Top talent in the industry usually looks for more that just pay. When questioned, many candidates stated that they prefer to work for companies with a vibrant work culture and that provided services with a meaningful impact on customers over pay scale. This also means that if employees can connect with the company, then they are less likely to leave. Thus helping you keep attrition rates in check.

Company Image

Overall a good corporate culture helps in creating a positive brand image for the organization. Your employees are more likely to recommend you to their buddies, allowing you to stay at the top of the game in attracting talent.

Growth

As the company grows it is important to understand and sustain what is important for you. Corporate culture can do the job of setting direction and will ensure your expansion is in alignment with your values. Companies that proactively manage corporate culture have the ability to focus on sustainable long-term growth.

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