Cultivating Culture

We’ve said it before — it’s no secret that we’re presently existing in what is now being called “the Great Resignation.” We’ve walked you through how to attract top talent, we’ve discussed interviews and compensation. But according to SHRM.org: 

“Toxic culture in the workplace is 10 times more meaningful than compensation when an employee decides to leave their job. If members of your staff do not feel comfortable in the environment within the organization – chances are they will not be staying for long.”

SRHM.org

Let’s dive into that a bit. Clearly, we don’t want a toxic environment, but is that enough? With the current competition to find top talent, signs point to “no.” Instead, let’s shoot for the stars and address how we can retain that talent while cultivating an outstanding culture.

For ease of implementation, we’ve converted this process into the following key steps:  

1. Evaluate Your Culture
2. Observe Other Company Cultures
3. Assess What Will Work for Your Office
4. Implement, Reassess and Always Be Open to Growth and Improvement

Evaluate Your Culture

Depending on the size of your office and the candor of your team, this may be as simple as opening your eyes (and mouth) and talking to your employees. If you have a larger office, consider a confidential employee survey to get straight to the “nitty gritty.”

Some questions to ask yourself might include:

• How does your team work together? 
• Are there any repeat team issues and from where do they stem? 
• Do you appreciate your team and are they people you can trust to get the job done? 
• Do they know this or do you just expect them to read your mind?

Possible questions to ask the team:

• Do you feel supported by the Producer?
• Do you feel supported by your team?
• Do you feel like a valued member of the team? 
• What would improve your experience with the firm?
• What benefits do you utilize? Do you have any reasonable suggestions for improvements to benefits? 

Observe Other Company Cultures

Advisors Excel has created a wonderful network of successful offices across the United States. We encourage you to utilize that network to observe best practices with regard to company culture, benefits and compensation. Create open dialogue with other Producers, C-level Executives or even employees. Ask those with high staff retention what sets them apart and observe the overlap amongst offices. This might even be an opportunity for those with high turnover to join the conversation in determining what they could improve within their own offices. Start a revolution! 

In addition to the AE network, do some research online, around you, or even feel free to ask trusted employees what they’ve liked about working at other offices. There’s a number of studies and articles showcasing the top ranked companies in the United States. Don’t be afraid to take a page out of their book. Maybe you can’t bankroll the high dollar items, but a lot of cultural items are cheap – or even free. This is about creating a welcoming environment. Sometimes that’s bonuses – but a lot of the time it’s remembering to say thank you, trusting the team and creating processes that allow employees a greater say in the day-to-day.

Assess What Will Work in Your Office 

There’s a plethora of options out there. Not everything will work for every office. However, some crucial items you must include to be successful are:

• An emphasis on work life balance      
• Focus on Team Values
• Determine your team values and work to build a team *around* that.
• Personal Development Initiatives 
• Consider book clubs, small bonuses for work-related education opportunities
• Benefits
• You didn’t think we’d get through this without a nod to benefits, did you? You’re likely not going to get the talent – and certainly won’t retain it – without offering competitive benefits. Default includes at least 2 weeks of PTO, health insurance and access to a 401k. However, you should also consider more unique benefits, including unlimited or generous PTO, parental leave options, flex time and professional apparel stipends. 
• Establish a Hearty Internal Communications Platform
• Then, use it. Employees need to feel plugged in and like they have access to those around them in order to complete their job efficiently. Anything less will affect morale and production. 
• Create a Sense of Purpose
• Why do you do what you do? Convey that to your team and earn their buy-in.
• Be an Approachable Leader
• It isn’t enough to tell them to let you know when they have something to say. Live it. Create an open door policy or free yourself up, as able, to go over team member concerns or feedback. No one will approach you if you’re unapproachable. Be open to criticism and see constructive criticism as an opportunity for growth and development.
• Show Recognition and Appreciation 
• This is the most simple of all but often the most overlooked. Please and thank you. Thank your team and thank them often. Yes, you pay them. No, it isn’t enough. Reflect on everything they do to support you and make sure they know you appreciate them, their support, and their ongoing work to excel in everything that you, as a team, do.

These are bare minimum in your quest for the best. If nothing else, do these and do them well. These are foundation items that you can then build upon as needed.

Implement, Reassess & Always Be Open to Improvement

You shouldn’t be all talk or take forever to make a move on establishing your improvements. Once you’ve developed a strong foundational plan, go ahead and implement the changes – then roll it out to your team. This would be fun to do during a quarterly team building meeting so that you are able to allot a chunk of time to discuss concerns or answer questions. 

Schedule a time approximately 3-4 months after implementation to revisit the changes with your team so that you can discuss progress and how they feel about things. Make sure you have your listening ears on and be ready to take constructive criticism. It’s important during ANY change to stay open minded, but especially here as you try to create a positive culture of excellence. 

Finally, always be open to improvement. Listen to your team’s feedback – in addition to peers and fellow industry leaders. This is a constantly evolving landscape and you’ll do well if you always strive to offer the best in company culture.