In this unprecedented time, we see our competitors laying off people or cutting the pay of those who remain. WOW! I don’t get it. For starters, the value of Creative Plan Designs, Ltd (CPD), is not what my accountant tells me it’s worth. He simply looks at our P&L. Our clients are important; our referral sources are important; BUT OUR REAL VALUE ARE OUR EMPLOYEES. We have invested a significant amount of money in our staff over the years. Notice I said invested, not spent.
Our retirement consultants are very well trained, they work hard, and they care. They generally care more about the plan they are working on than the client does. They are incredibly passionate about what we do and why we do it. I realize a motivated and engaged workforce adds considerable value to our business.
Some companies that talk about valuing their employees are more comfortable spouting platitudes than doing anything concrete to express their true commitment. Smart companies know that “valuing employees” isn’t just a box to be checked off. Employees are the real pillars of a company; when they’re motivated and engaged, they can make a company significantly more productive than a firm with a disengaged workforce.
1. Individual differences are nurtured
Employees need to feel like they can be the same person at work and at home. They also like working on teams with a diversity of backgrounds and beliefs and want to be surrounded by many different passions and opinions, even if doing so causes conflict. Our people are not afraid to challenge me.
2. Information is not suppressed or spun. We are transparent
Company culture benefits greatly from transparency, no matter how bad the news, or in what direction it’s flowing. Transparent companies and teams have open lines of communication. They also value a shared passion that makes any negative news just another part of the process of achieving a common goal.
3. We help our employees succeed
Few employees will remain at a company that sucks them dry. A great company culture is one in which newbies are mentored, weaknesses coached, and strengths and individual achievements recognized. The best companies provide career coaching opportunities, whether formal or informal, in which employees can constantly recalibrate their goals and are encouraged to take on new projects, experiences or courses to help them reach the next level. We absolutely stress the importance of their PTO and personal life. Our consultants carry client caseloads that are far smaller than those at other firms. This is because we want our consultants to have the time to get to know their clients and to pay attention to the details necessary to help run their plans.
4. Our organization stands for something meaningful
Few employees are motivated solely by money. Companies thrive when they have a clear mission and they know where they fit within their industry. It is critical to be able to see the big picture and to understand how your firm contributes to the overall landscape. Employees should be proud to tell other people where they work. I know our staff is proud of where they work. As a CEFEX certified firm, we stand for the highest fiduciary standard of care in our industry.
5. The work itself is intrinsically rewarding
While there may be a few menial tasks to complete, our consultants’ responsibilities challenge them and spark passion and creativity. Our employees know that they are working for a common cause. The retirement industry is very dynamic. There are ALWAYS new rules and regulations to learn.
6. There are no stupid policies and rules
Not to sound too much like an agile evangelist here, but the we value results rather than process and policies. If there is true respect between authority figures and team members, rules should be largely irrelevant. There is no micromanaging, and employees feel like our small management team trust them to do their jobs. When they do exist, rules should apply equally to everyone.
Overall, great company culture really comes down to good leadership, something that’s too often a rarity. Great company culture translates into profits in numerous ways, as it helps create an environment in which employees feel the freedom to take creative risks, do the best job possible, and pursue the kinds of passions that truly embody that business buzzword, “innovation.” In short, employees are loyal to people and the environments they create, not to their employers. What does that mean in practical terms? Because of this, we had a good year last year. It gives us the ability to continue business as usual. Our team is staying intact.
7. Our mission statement is clear
No one wants to feel like they’re just pushing a pencil across a desk until it’s time to retire. Having a clear and exciting mission statement helps employees understand they’re really invested in something bigger than themselves. Our mission is to drag as many people to retirement as possible. Here’s a tip: If your third-party administrator (TPA) not only lacks a mission statement, but also seems to be obsessed with acquisitions, mergers and cost-cutting measures, it’s probably just interested in maximizing its own profits. It won’t be an inspiring place to work, and your clients will get uninspired results.
8. We give our employees ownership
No matter what the role, our people tell us they are happy in their job because they feel like I trust them to do it well and learn. We nurture their passions and give them space to breathe. Do they occasionally make mistakes? Sure. They come to me, we find a solution and fix the problem. I write a check if necessary and we move on. Does your employer support you in this way?
9. There’s a low turnover rate
Sure, most employees don’t stay at one company for the duration of their career, but if a company can’t at least retain talent for several years, there is probably a good reason. Ours employees remain for an average of 17 years.
10. We pay them well
Yes, those dollar bills do play a role in creating a healthy company culture, but they’re not the end all and be all. Be wary of a company that offers you a large salary but is lacking in any of the above elements. It also can be a bad sign if they have inadequate benefits (such as a poor maternity leave policy or no 401K options), as this might indicate they place their own profits over the health and well-being of their workers.
More and more companies are realizing that developing a healthy company culture in which employees are valued isn’t just the moral thing to do; it’s also great for that bottom line. Keep that in mind when you are searching for your next role. Make sure you find a company that puts its employees first.
