Canada's 10 Most Admired Corporate Cultures of 2008

Congratulations to the 2008 winners. This year's Top 10 exemplify what we at Waterstone have always known: strong leadership drives corporate culture, and culture drives performance.

Canada's 10 Most Admired Corporate Cultures of 2008:

1. Boston Pizza International Inc. (Richmond, BC) 
2. Four Seasons Hotels and Resorts (Toronto, ON)
3. Intuit Canada (Edmonton, AB)
4. McDonald's Restaurants of Canada Ltd. (Toronto, ON)
5. Purolator Courier Ltd. (Mississauga, ON)
6. RBC (Toronto, ON)
7. Shoppers Drug Mart (Toronto, ON)
8. Tim Hortons (Oakville, ON)
9. WestJet (Calgary, AB)
10. Yellow Pages Group (Montreal, QC)

For highlights from the awards luncheon, click here.

Below are some of the findings from the 2008 Canadian Corporate Culture Study:

Since 2005, our findings from The Canadian Corporate Culture Study,
together with our list of Canada's 10 Most Admired Corporate Cultures,
have highlighted the link between leadership, corporate culture and
performance. These important results have reinforced our value
proposition and have taught us current and cutting-edge best practices,
thereby helping us to do the very best search possible for our clients.

Corporate Culture Impacts Corporate Performance:

• 82% of executives surveyed said that culture has a strong, or, a very strong impact on their organization's performance;
• 61% of executives say their organization's corporate culture drives sales and increases revenue, 53% say it lowers turnover and 57% say it gives
  a sense of belonging.

Leadership Drives Corporate Culture:

• 81% of executives surveyed say that their current leadership has lead to the creation of their organization's culture;
• In addition, 90% of executives surveyed believe that a new leader can change an organization's corporate culture;
• Surprisingly, less than half (46%) of executives surveyed have a process for
  integrating new leaders with their corporate culture.

Behaviours and Values Define Corporate Culture:

• 80% of executives surveyed define corporate culture as leadership's behaviours;
• 74% define corporate culture as an organization's values;
• 72% define corporate culture as employee's behaviours.

Corporate Culture Helps Retain Talent:

• 68% of executives surveyed say their organization's corporate culture has a strong impact, or, a very strong impact on their ability to retain top talent.

Skills versus Fit:

• 62% of executives surveyed say cultural fit is more important than necessary skills, in the hiring of new talent.

Study Methodology:

Between January and June of 2008, Waterstone Human Capital surveyed 340 senior Canadian executives, representing a non-random cross-section of Canada's top 500 corporations. Respondents were asked a variety of questions about their own organization's corporate culture, and were also asked to list or "nominate" names of organizations in Canada they most admired in terms of having corporate cultures that impacted their performance.
These "nominated" organizations were then invited to complete a submissions package, outlining details related to the organization's corporate culture. The following criteria were used:

1. vision and leadership;
2. cultural alignment, measurement and sustainability;
3. rewards, recognition and innovative business achievement;
4. corporate performance; and,
5. corporate social responsibility.

In the final stage, a Board of Governors evaluated the results, and selected the final top 10 list against the stated criteria.