With green shoots of recovery, a heavy geopolitical agenda, and a trade war that is just kicking-off, businesses are cautiously moving towards their goals this spring. They will also be trying to embrace new technology, and do more, with less.
During times of change and where resources are limited, intentionally managing culture is key to ensuring the resilience of your business.
Good culture boosts productivity, reduces absenteeism and protects the bottom line. It creates a platform for communication and ideas to flow freely, producing higher levels of engagement and innovation.
But, what is culture exactly?
Culture is a combination of the shared values, norms, and behaviours that define the work environment, how decisions are made, and how employees interact. It shapes the day-to-day experience, and aligns with the company’s brand.
At this moment, organizations should avoid allowing their cultures to evolve passively, as there is a higher chance that things will go off-course.
How do you manage culture?
Here are 6 bite-sized take aways;
Manage the environment
Success requires actively managing the environment, and keeping a pulse on conversations to ensure things are not moving off track by default. Ensure that teams are able to voice concerns without fear, and you will avoid losing people. Keep close to your staff.
Remember that if your team members are bringing things to your attention, it is not a sign of failure, but quite the opposite. Welcome any feedback, regardless of how well it is delivered, and you will model an example for others to do the same.
Nothing is as powerful as a leader who can model vulnerability in the right place, at the right time.
Support high performers who might dip
When the market is tight, everything becomes more challenging. People who normally perform well might become under-performing, and lower performers are easier to spot.
Remember that high potential employees are also the most self-critical, and they require feedback more frequently. Give them the extra reassurance that they seek, and you will avoid a downward spiral. Recognise that everyone has an off day, week or month. Remind them that it’s just that, and not that you think less of them now.
If there is feedback you need to give, make sure your relationship is in the right place before sharing it. Remind them how much you value them first, and make sure you critique the behaviour and not the person.
Engage team members in driving their own initiatives
Give the staff a chance to drive conversations as much as possible, creating avenues for them to lead initiatives. This produces an actively engaged team, solving real problems within the business, while also freeing up manager time.
Support the creation of either work-related, or community-related task forces. Ensure the employee self-selects in some capacity, with a particular issue or problem they want to solve, that fits their natural strengths or passions (and if it is work-related, brings genuine benefit to the business).
They should bring the ideas, but they should also be prepared to discuss them with management at regular intervals, to ensure relevance and support. Give space, but also set some boundaries.
Their drive creates valuable momentum and fosters leadership that you will want to nurture, and will inspire you in return.
Remove barriers in any way possible
Relationships between managers and staff are key, so try to remove barriers wherever you can and promote connection. Connecting outside the office is almost more important than within it. Remember that the biggest gift you can give is your time.
Is there something difficult that you need to say? Take a moment to do this outside the office, arrange lunch or a walk around the block. Make them the sole focus of your attention and start by explaining your positive intent before you go into it.
Actively manage the employee experience
Analyse the employee experience in the same way that you do the client experience. Right from the first interview, through onboarding, development, appraising, and finally any exits.
How do your company values appear at the different stages? Make sure you weave your culture throughout the various stages so that your values aren’t just words on the wall.
Culture can be nuanced between different teams, but the same fundamental values should appear consistently throughout the business; and their application should contribute to strategic goals.
Ensure staff are held accountable for their actions, decisions, and behaviour
Once goals are clear, if staff are consistently falling short of either the right kind of behaviours, or the right kind of performance, there is really only one question you need to ask yourself.
Is it a will issue, or a skill issue?
A highly committed employee who is struggling on a mastering a new skill, is almost always someone you should give more time to.
However, if you have an experienced team member who is intentionally behaving negatively, do not wait long to address this. If employees are not held accountable for their actions, it can quickly become the norm, and then it is a part of your culture. The more senior the individual, the quicker you need to react.
Keep it positive, keep it fair, but make the message clear.
Connection produces results
Employees who feel connected to their organisation’s culture are four times more likely to be engaged at work and nearly six times more likely to recommend their workplace to others.
These statistics cannot be ignored in an era where talent attraction and retention are key competitive advantages.
Peter Drucker’s famous quote that “culture eats strategy for breakfast” has never been more relevant.
Funds Talent specialises in supporting Funds Businesses on a range of issues related to recruitment and retention of human capital, with a special focus on building profitable, stable, and successful Luxembourg-based fund businesses.
