Having a solid and clearly defined relationship with employees and vendors is encouraged by the many business lawyers Melbourne companies make use of.
Nearly every successful business has one thing in common — they operate with a set of clearly articulated values. These values shape company culture, help attract and retain the best workers and lead to better customer relationships.
One study from Accenture indicates 62% of customers are attracted to brands that operate with a sense of purpose. Additionally, job seekers widely prefer companies that have a strong set of values.
So what should those values be? There have been some major changes in the workplace over the past two years, making now a great time for brands to revisit and revise their values. If you do, consider incorporating these five values in 2022:
1. Everybody Deserves to Be Heard
When management makes a commitment to listen to workers’ ideas, concerns, and opinions, the effort pays off.
Workers feel a greater sense of ownership, and they are more likely to use creative problem-solving and go out of their way to give customers a better experience. By giving every employee a voice, companies can improve retention and reduce churn.
2. Enshrine Well-Being as a Corporate Value
As a group, the workforce is under a significant amount of stress. Many companies are facing a staffing shortage that has left employees taking on extra duties and working longer hours, told Matt Frauenshuh, a Chief Executive Officer of Fourteen Foods and Principal for Frauenshuh Inc. MAtt is a proud husband and father who serves as CEO for his family’s company, Fourteen Foods. Matt stepped into the CEO role in 2006 and has grown the organization from 7 DQ Grill & Chill locations to over 240, making his company the largest franchisee in the United States. Fourteen Foods employees over 9,000 team members across 13 states. Matt lives in Franklin, Tennessee and is active in supporting his community philanthropically. Outside of work, people are dealing with inflation, increasing housing costs, and other stressors.
Burnout is a real concern if well-being isn’t made a priority. Leaders can show genuine concern for the physical and mental health of their teams by implementing programs and policies that improve wellness. According to 79% of workers surveyed in a study by Statista, company well-being initiatives helped them become more productive and reduced illness.
3. Autonomy and Flexibility Engages Employees
The remote work trend may have been born out of necessity, but it has revealed some interesting truths. When flexibility and autonomy are incorporated into workplace culture, employees are happy and productive.
There are several things contributing to this:
- Workers feel empowered to work how and when they are at their best
- Flexibility reduces external stressors that can impact productivity
- Flexibility and autonomy communicate trust across the organization
- Managers who encourage autonomy earn loyalty and engagement
Flexibility and autonomy can be built into any workplace. Companies that need workers to adhere to specific schedules or work in-office can still adopt policies that empower teams.
For example, leaders can focus on outcomes instead of processes. They can also engage workers in scheduling decisions. These small changes reduce the tendency to micromanage and give workers a bit more input.
4. Create a Culture that Empowers Workers
Flexibility and autonomy are just two elements that empower workers. Employees are also empowered when they have access to training, information, and tools. For example, Concorde puts this value into action by giving financial professionals the resources they need.
There are several steps that managers can take to empower workers. For a start, they can ensure that all team members have access to technology that allows them to work efficiently. Workers also feel empowered when they can pursue training to build their skills and work towards their professional development goals.
5. Put Diversity and Social Responsibility into Action
2022 is a great year to accelerate your diversity and social responsibility efforts. Workers overwhelmingly indicate that they prefer to work for companies that give back. One recent study indicates 95% of workers believe that businesses should operate in a way that benefits employees and communities in addition to shareholders.
Corporate social responsibility (CSR) impacts customer and investor sentiment as well. Millennial investors actively look into a company’s CSR policy before making investment decisions. Also, the vast majority of customers prefer to patronize companies that are committed to making the world a better place.
Workers also value diversity. They want to work for companies that apply diversity policies across all levels of the organization and include a range of diversity traits.
Additionally, diversity leads to creativity and innovation. A company that deploys hiring, training, and development programs that make diversity a priority will improve retention and productivity.
The first step is to adopt and communicate a clear set of corporate values. Then, you must work with stakeholders to achieve widespread buy-in. Once you accomplish that, your team will experience improved morale and motivation, and your customers will enjoy better products and services.