IMP Blog

Is "Cultural Fit" Over for 2023?

Written by Shannon Bean | 12/29/22 3:14 PM

The National Society of Compliance Professionals (NSCP) recently offered a compelling webinar on the topic of “Allyship” which centers around personally helping marginalized colleagues move more center stage. By marginalized, the focus centers on those within the financial services industry who have historically been excluded from the conversation. The panelists came with thoughtful insights, including one panelist making this incredibly provocative statement: “Cultural fit is over!”

 

For many years, companies have relied heavily on the concept of “cultural fit” as a barometer for hiring or retaining employees. A team will ask among themselves, “Does this candidate or employee mesh well with the existing culture or environment?” which often really means, “Will this candidate or does this employee challenge us in ways that make us uncomfortable?”

 

Often, team growth actually comes from a diversity of opinions at the table, rather than from a uniform group conformity. When it comes to allyship and making space for different voices and perspectives, it’s important to change this question , “Does the candidate or employee mesh well with the existing culture or environment?” to this instead: “What does this candidate add to our organization that we’re missing?” or “What does this employee have to offer that expands upon the ways we’re currently thinking?”

 

These shifts in thinking allow individuals and the organizations they’re a part of to step into the role of being an ally. And what allyship looks like can vary from person to person. For some, it means standing up for them and their perspective, even it if comes with some risk. For some it means those with more power using their social capital to build up and create space for those from marginalized backgrounds or groups. It means making room at the table for those different than the mold, especially at the seats of power within an organization.

 

Compliance teams have a unique opportunity to support and be an ally for those who have been historically left behind in the broader cultural norms within the financial services industry. This can range from creating training materials for employees that feature a variety of perspectives to advocating for someone with a new and expansive perspective to be included in decision-making environments like committees and organizational development groups.

 

Above all else, allyship means creating room for voices to be heard, especially those voices historically excluded from the conversation. So rather than asking, “Is this candidate or employee a good cultural fit for our organization,” the more important question is, “How can this candidate or employee add new ideas and perspectives, and how can I support them and make space for them to do so?” We all stand to benefit from the diversity of thinking and perspectives brought to the table.