Rightfully, Chief Marketing Officers (CMOs) get excited by the challenge of brand building. Especially from external world viewpoint — be it advertising, public relations, digital marketing, and other consumer touch points — they are obsessed with attracting, engaging, and communicating with the consumers. More importantly, they want to talk positive.
But when incidents like the recent viral video in how bank executives showed the toxic work culture within organisations emerge, it shows a large gap in the CMOs not being part of discussions around organisational design and culture building.
The CMOs of Indian financial services institutions, as much as other consumer businesses, are typically occupied with generating footfalls, eyeballs, and high conversion rates. They are consumed by the pursuit of short-term results, leaving the broader aspects of culture to the business teams. However, it is essential to recognise that culture is not solely the responsibility of the human resources (HR) department. It is a collective effort that requires the engagement and commitment of every leader in the organisation, including the CMOs.
In most financial institutions, the CMOs are part of the management committee or executive committee. However, they often lack a voice or influence when it comes to shaping the organisation’s culture. Instead, culture matters are typically delegated to the Chief Human Resources Officer (CHRO), with the CMOs and their teams offering support through the creation of posters and internal marketing collaterals. This limited involvement does not do justice to the significance of culture in driving organisational success.
Moreover, some CMOs may find themselves preoccupied with industry accolades, such as the 30-under-30, 40-under-40, or 50-under-50 awards, which are often based on marketing budgets and age rather than a true reflection of achievements and leadership capabilities. As the CMOs ascend in their careers, the world seems to become a comfortable oyster shell, shielding them from the realities of the organisational culture they serve.
To truly transform the culture within financial institutions, the CMOs must step out of their shell and actively engage with cultural matters. Here's why:
Alignment Of Brand And Culture: Brand and culture are intertwined, and both need to be aligned to deliver a consistent and authentic brand experience. The CMOs, as the custodians of the brand, must play an active role in shaping and reinforcing the desired organisational culture. This alignment ensures that external brand promises are upheld by internal practices and behaviours.
Employee Engagement And Advocacy: The CMOs have the power to inspire and motivate employees through their strategic vision and communication skills. By actively participating in culture-building initiatives, the CMOs can foster a sense of purpose and belonging among employees, driving higher engagement levels, and transforming them into brand advocates.
Customer Experience: Culture influences the customer experience at every touchpoint. The CMOs who are aware of the organisational culture and actively contribute to its development can ensure that the customer experience reflects the brand's values and resonates with target audiences. This, in turn, leads to increased customer satisfaction, loyalty, and advocacy.
Talent Attraction And Retention: A strong organisational culture plays a crucial role in attracting and retaining top talent. The CMOs who are engaged in culture-building efforts can create an environment that appeals to high-performing individuals, enhancing recruitment outcomes, and reducing attrition rates.
Ethical Practices And Reputation: Building an ethical and transparent culture is essential for financial institutions, especially given recent controversies. The CMOs, as brand custodians, have a responsibility to contribute to the development of an ethical framework, and ensure that it aligns with the brand's values. This builds trust, enhances the institution's reputation, and safeguards against reputational risks.
The CMOs can step up and become drivers of positive cultural change within financial institutions. By actively participating in discussions, initiatives, and actions related to organisational culture, they can contribute to long-term success, employee satisfaction, and brand resilience. It's time for the CMOs to break out of their shells and embrace their role as catalysts for cultural transformation. Well, it’s now up to the boards of BFSI to debate this, to allow this to nurture.
(Srinath Sridharan is an author, policy researcher, and corporate adviser. Twitter: @ssmumbai.)
Disclaimer: The views expressed above are the author's own. They do not necessarily reflect the views of DH.