Culture: a key ingredient in business success
| DOI | https://doi.org/10.1108/SHR-03-2017-0021 |
| Date | 14 August 2017 |
| Pages | 166-170 |
| Published date | 14 August 2017 |
| Author | Kevin Silva |
| Subject Matter | HR & organizational behaviour,Employee behaviour |
Culture: a key ingredient in
business success
Kevin Silva
Kevin Silva is Chief
Human Resources Officer
at Human Resources,
Voya Financial,
New York, New York,
USA.
Abstract
Purpose –The purpose of this paper is to serve as a reference on how to revamp an organization’s
culture following a re-brand.
Design/methodology/approach –Culture change: creating a framework for executing the
transformation. Leadership competency model: establishing performance standards that align with how
employees execute on the strategy.
Findings –A strong culture with the best talent helps promote problem solving, continuous
improvement, idea exchanging, communication and team work, and ultimately, creates value for both
the business and the community.
Originality/value –This case study will be useful to senior human resources professionals looking to
enact change in their organization. In particular, this can be used as a guide as your organization
undergoes a major transition such as a re-brand or merger.
Keywords Training, Culture, Human resource management, Leadership
Paper type Case study
Voya Financial, which helps Americans plan, invest and protect their savings for
retirement, had an opportunity that most companies never get – a chance to start
over. During the company’s spinoff from ING and IPO in 2013, chairman and CEO,
Rodney O. Martin, referred to this opportunity as “launching a 6,500-person start-up
company”. However, the journey to revamp Voya’s culture began long before the re-brand,
and many steps were taken to review what components of the company worked well and
what needed to be done to establish not only a new, public company, but also one with a
strong focus on business performance.
As Voya prepared for its IPO, it launched a Return on Equity (ROE) plan to ensure it was
able to achieve meaningful business results. Soon after the plan was launched, Voya hit the
ground running by discussing our vision with investors, helping them understand not only
“what” we wanted to achieve, but also “how” we were going to reach those objectives.
In the three years since its IPO, Voya has received numerous awards and accolades, which
can, in part, be attributed to its cultural transformation. Before we get into how this was
successful, let us begin by sharing the work that was done to lead to an effective culture.
To execute on the ROE plan, Voya ensured that the new company’s culture was designed
so that everyone was engaged in working toward the same vision and that behaviors were
aligned to financial performance. Leaders from across the organization held interviews to
explore how to best align financial goals with individual talents. The interviews provided
insight into the way employees considered their work, including words like “you” and “they”
to describe how responsibility was viewed across the organization. That is when Rod Martin
made the first change and incorporated a new corporate value: “We are the We”. The value
represents teamwork, accountability and ownership and provided the initial springboard to
Voya’s target culture. With the new value, focal points between departments, and even with
PAGE 166 STRATEGIC HR REVIEW VOL. 16 NO. 4 2017, pp. 166-170, © Emerald Publishing Limited, ISSN 1475-4398 DOI 10.1108/SHR-03-2017-0021
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