Your business culture and business performance
Your team have a direct impact on the overall experience the business provides to its customers.
A study by Glassdoor Economic Research reported that public companies named in a ‘Best Places to Work’ list in 2009 outperformed the Standard and Poor’s 500 by 115% over the next five years. It suggests a culture that engages and motivates employees helps the bottom line. Others have looked at business culture and long-term financial performance.
In tougher times, your business culture may give you an extra edge. When recruiting, market and build your culture for the best possible applicants. Here are four things to consider.
1. Get the best from younger staff
According to a Gallup report, only 29% of millennial employees are engaged at work. What a potential waste of talent – and a blow to the bottom line!
Ask what motivates people. For example, millennials are typically willing to give up a substantial amount of salary for jobs in a positive business culture and prefer companies with better diversity and inclusion programmes.
2. Get the best from older staff too
What about older workers? Negative stereotypes can damage older employees’ job attitudes, well-being, and commitment to the job. However, age-diverse organisational cultures positively predict firm performance and staff retention. What’s good for older employees is also a good fit with the values of your millennial staff.
Creating a discrimination-free culture is worth the time and effort. Don’t rely on gut feeling, though. Research it or engage a specialist to help. It’s time and money well invested.
3. Be flexible (and get the best from everyone!)
Flexible working conditions have become more important to, well, everyone. Working parents appreciate flexible conditions, as do high performers who want freedom rather than be constricted by unnecessarily prescriptive requirements.
Make sure your job ads mention your flexible working options, making you visible to a wider talent pool.
4. Do your staff think like owners?
A key to a strong internal culture is having staff think and behave like owners. Give your staff autonomy to put customers first. Trust staff to make quick decisions about refunding unsatisfied customers or replacing goods they didn’t like. Devolve decisions to whoever has the most customer contact – and watch customers’ issues get sorted quickly and, mostly, effectively.
It frees up your time, your customers are happier, and your bottom-line benefits! If you’re concerned to ensure consistency, quality, or safety, hold briefings or tailgate meetings so your team understand the boundaries.
Want to talk through your ideas for improving your business culture and performance? Call us.