Business culture index launches in Australia
- 10 December, 2019 10:17
The Workability Index, a new corporate culture transparency rating platform, has just launched by an Australian culturetech startup.
The new company is co-founded by Sunil Vohra and people and culture specialist, Kate Stone and claims to be the world’s first standardised, evidence-based benchmark metric for assessment and reporting of organisational culture. The Workability Index (TWI) framework measures 10 critical dimensions of culture: Risk culture, trust, future workforce, advocacy, community, well-being, leadership, organisational, inclusion and engagement.
Vohra said it’s universally acknowledged transparency is the greatest regulator of corporate culture and has largely been viewed as an internal metric, typified by highly bespoke and not always relevant measures. TWI is designed to create trackable culture indexes for organisations to report against, using a standardised data set for a statistically valid basis for comparison.
“We have standardised protocols for reporting financial results, it is now time for this same rigour to be applied to the primary non-financial metric, corporate culture,” said Vohra.
TWI has published the initial index of the combined culture scores of member organisations. This TWI score will become the de-facto standard for culture transparency, supported with sub-indexes tracking specific industries and dimensions.
Stone noted the lack of standardised data and evidence which has limited the ability of many organisations to objectively understand and respond to the workplace culture problem. To address the challenges, organisations need to shift the way they “assess culture towards a more outward facing model that drives greater transparency, oversight and accountability across the key dimensions of organisational culture”, she said.
TWI has published the initial index of the combined culture scores of member organisations and is hoping the TWI score will become the de-facto standard for culture transparency, supported with sub-indexes tracking specific industries and dimensions. It plans to launch the TWI Leaderboard, recognising Australia’s best-performing organisations.
“The Workability Index is the new standard for corporate culture, ensuring that all stakeholders connected to the organisation can quickly and easily understand current performance against the index,” said Vohra.
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