PwC's Superannuation Matters explores current and future sector trends from Australia and across our global network.
Australian superannuation leaders risk allowing their culture to hold their organisations back. Now is the time for superannuation leaders to convert culture into a strategic asset that fuels their strategic agenda.
The COVID-19 pandemic may have forced colleagues to separate from one another physically, but Australian superannuation organisations still need to bring people together in other ways. In the absence of many normal operational mechanisms that allow us to interact, connection can be enabled through culture and behaviours.
Understandably, the positive potential of culture was not widely reported during the Royal Commission last year. Attention focused instead on negative behaviours and poor member outcomes. But culture is more than just a remedial issue. It’s also an opportunity. With regulatory supervision predicted to increase, now is the time for superannuation leaders to lead the way on culturally-driven operating models.
Creating a positive culture can assist Australian superannuation organisations in rising to strategic challenges such as higher member expectations, tougher regulatory requirements, and the need to build trust with stakeholders.
Right now, every superannuation organisation has the chance to harness their inherent cultural qualities. Leaders should be prioritising and encouraging positive, high impact behaviours in order to strengthen their organisational structure and performance, and overcome current industry challenges. This is key to navigating the current period of uncertainty, while gaining an edge on the competition.
To see culture in a fresh light, download our Superannuation Matters report to explore the following current and future industry challenges, the importance of culture and other important superannuation industry insights:
Higher member expectations: Trustees must understand their members’ needs
Culture is key to implementing behaviours that encourage consistency and reliability
Australian superannuation organisations must build upon the culture they already have
Superannuation leaders should focus on the critical few behaviours that drive strategic results and positive change
Superannuation leaders must use a combination of traditional and unorthodox cultural levers to get the most out of their employees and adapt to industry changes
Superannuation organisations should set specific behavioural goals, measure and report progress
Explore the ten questions every Australian superannuation leader should ask.
PwC's Superannuation Matters explores current and future sector issues and trends, addressing important industry opportunities and imperatives including regulatory reform, remediation, transformation, competition, simplification, workforce, technology, executive accountability, governance, strategy, operating models and culture.
At the same time, we bring together the right mix of advisers and contributors from inside and outside of PwC demonstrating that important problems are better solved together. PwC is a powerful multiplier of connections and innovation, we bring passionate people together so that insights become impact, opportunities become outcomes and society benefits.
We call this, The Together Effect.
Partner, Superannuation, Asset and Wealth Management Leader, PwC Australia
Tel: +61 (2) 8266 7937
Director, PwC Australia
Tel: +61 (2) 8266 8660
Partner, Strategy& Australia
Tel: +61 (2) 8266 1299
Partner, Strategy& Australia
Tel: +61 (2) 8603 0540