Company culture is an important aspect of your business. It affects the ways in which employees not only interact with each other, but also how they interact with clients and constituents. Culture is not accidental and whether you realize it or not, a non decision is a decision. The way it feels to interact with your company is very distinct and is shaped by intentional decisions made by your leaders each and every day. If you want to improve company morale and your bottom line, let’s explore some decisions that can help or hinder this goal.
The Good and Bad Sides of Remote Work
Remote work is often seen as the answer to every problem. However, the truth is more nuanced than that. Companies that rush into remote work often experience more downsides than positive results.
Using bad technology solutions, not knowing how to foster unity remotely, and even having the wrong expectations of employees in that environment can turn remote work into a problem very quickly. Some employees end up too lonely and need a work environment with people around as well.
On the positive side, remote work trends done right can help employees and companies flourish and thrive. Many people love remote work because it can give them back more hours in the day. Employees no longer have to commute. They can now get ready and show up to work from the comfort of their own home or a nearby co-working space.
Another benefit of remote work is that it offers more opportunities for flexibility and a greater focus on outcomes instead of hours worked. And for companies that offer hybrid environments where some face to face meetings are still required, you get the best of both worlds.
Impact of Selling Your Business to Private Equity
When owners are ready to transition to something new, it can be time to sell off a thriving business. One of the challenges to doing this is that a new company takeover can affect employee morale in a negative way and lead to lower productivity, causing the business to take a huge hit. While it may seem like a great idea, selling your business to private equity can have lasting negative consequences.
While private equity firms have vast amounts of resources to inject into a business, their stricter protocols can squash innovation and make the workplace less desirable to work in. Your employees may have been used to a flexible environment where they could be seen and their ideas heard. But when the new company swoops in, they simply become another cog in the wheel.
The good news is that even if you sell to a private equity firm, there are some ways to preserve the best parts of your company culture so that the business can thrive long after you are gone. You’ll need to invest time in clear communication and transition the leadership more slowly to the new way of doing things.
Give employees a say in what they love best about the business as well, and the areas they see that need improvement. When the new leaders take over, this can help the employees feel more valued in the workplace. You should also have a plan in place on how to communicate to the employees so that they know exactly how the sale will affect them and their benefits. The better the communication, the more likely a sale won’t harm the business culture.
Focusing on Profit Over People Kills Workplace Morale
While making money is a core aspect of business, doing it at the expense of people will create a lot of churn and a stressful work environment for everyone. Businesses that want to get ahead realize that they cannot treat their employees poorly and expect good results.
It’s important to put people first, while also having an eye on profitability. Of course if your business isn’t profitable, no one will have a job, so it is crucial to have good money sense. This can look like offering training opportunities, benefits that promote rest, and even mentoring your staff. While the financial investment in these things may feel like a lot, most of the time the ROI is worth it.
Your business will end up with employees who are more engaged and want to see the business succeed. Plus, they will often be more productive instead of being stressed out and burnt out. When you respect your employees as people and not just workers to fill a role, they will also be more loyal and connected at work.
For companies that are ready to boost their bottom line while also treating their employees well, offering remote opportunities, communicating well during a sale, and focusing on people first can go a long way. You’ll find that workers are more engaged when they feel valued and heard. And this is what helps your company culture strong.
