What creates sustainable cultural transformation?

By Dr. Friedhelm Boschert, Dr. Silke Rupprecht, Chris Tamdjidi and Klemens Höppner, CFA

Abstract

The financial services industry has been under pressure to transform its culture and conduct for some time. It is now additionally challenged by the current pandemic and a looming recession. While change initiatives, partly triggered by new regulations, have contributed to a positive development, a significant mindset shift is still needed. These include changes in the mental habits and assumptions of leaders and employees necessary to drive and carry the transformation efforts. Mindfulness, which encompasses a broad spectrum of attention and emotional regulation and awareness cultivation skills, can play a crucial role in this transformative process.

This white paper highlights case studies, research and the experiences of leaders in the industry that demonstrate how mindfulness can support the ongoing culture change and transformation process. We highlight some of the important interconnections between wellbeing, psychological safety, collective intelligence, decision making and business outcome, and the central role mindfulness can play in shifting these key factors.

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A number of financial services institutions now offer mindfulness trainings for employees and leaders. Two financial services providers, HSBC UK and NASPA, Germany will share their experiences and recommendation about how best to integrate mindfulness initiatives in an organisation.

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