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2019 Transformation Award Winner - Frasers Property Australia

Published on 09 Sep 2019



The Culture Transformation and Sustainability Awards recognise organisations which have created a Constructive Culture or sustained a Constructive Culture on a subsequent remeasure using the Organisational Culture Inventory® (OCI).

This year we are pleased to announce one of our Transformation Award winners - Frasers Property Australia! Congratulations!


Frasers Property Australia - Their aim………
 

Frasers_Property_Australia Frasers Property Australia is a part of a multi-national company that develops, owns and manages a diverse, integrated portfolio of properties and the group has total assets of approximately $33.2 billion as at 31 March 2019.

 

We employ 650 staff across Australia and started measuring our culture in 2008. In the last 5 years our focus on this has increased significantly, transforming our culture from one that was often defensive, oppositional and competitive to one that is consistently constructive, collaborative and focused on developing people. This shift hasn’t been linear, quick or accidental.  We have persisted because we absolutely believe that culture and leadership are fundamental to execute on strategy and because we want to live our values.

Each business unit has worked on their individual culture action plans on an on-going basis and we have implemented a series of company wide initiatives that have focused on living our core values, developing leadership skills and building trust, especially between leaders and team members.

Our aim is to have a resilient workplace culture regardless of the property cycle. This is so important in the property industry and in fact in any cyclical market, because we all want cultures that are sustainable in tough trading times.

Some of the measures we have seen improve because of our culture improving include:
    
Customer measures for 2019:  

  • An increase of 8 points on our NPS score in our Residential business
  • Customer referrals have increased by 45% in our Residential business
  • An increase of 200% in repeat customers in our Industrial business
  • A 3-fold increase in customers across multiple geographies in our Industrial business

 
Staff measures for 2019:

  • Staff turnover is at ~ 11% - 4% point below property peers and half of what this was when we started our culture work 11years ago
  • 86% of staff agree that they have the flexibility to manage “work and personal commitments” which is well above the 65% WGEA threshold

We know that empathetic & humanistic corporate cultures will be more successful at creating great workplaces and putting customers at the core of their business, both of which we’ll continue working on.   

FPA Circs

Learn more about Frasers Property Australia