You’ve probably seen a lot of companies promote their status as a “best place to work.” And while the description might seem like publicity fluff, there’s actually some good business strategy behind it.
Simply put, happy and engaged employees make for better business results.
Happier employees not only perform better, but they also make work more fun for everyone – because they’re having fun themselves.
If you’re going to run a business, why not run a business where people feel engaged and appreciated? Where they enjoy their co-workers and want to give their very best? It seems like a no-brainer.
So, how do you make your family business the best place to work?
There are three key strategies we’ve learned from our years working with family businesses:
- Show appreciation and understanding.
- Communicate often and effectively.
- Know and support your team.
Now let’s take a closer look at how to live out these concepts in your business.
1. Show Appreciation and Understanding
Show your team that you value them.
This starts with the basics like fair and equitable pay, but it also includes being intentional – and generous – about sharing praise and recognition.
Show your team that you recognize the impact they’re making and that you understand how their work contributes to the business.
And then show them again. Frequently.
Make sure they know that you see them and that you value their contributions to your organization’s success.
Want to create a culture of excellence? Build an environment where everyone feels like their particular experience, skill set, and point of view is an important part of what makes you successful.
2. Communicate Often and Effectively
Keep your team informed.
Share information about the organization’s goals, challenges, and successes. Over time, this kind of transparency builds essential trust and credibility.
The more people understand what’s going on with the business, the more likely they are to be engaged and proactive – raising their hands to help the organization meet its strategic goals.
When people understand where you want to take the business, they can imagine how their specific experience and skill set can be part of that process – and then they can put those skills to work.
It’s important also to remember that communication with your team should be a two-way flow.
In great work environments, leadership asks for feedback from the team – that could be through employee engagement surveys and/or through managers asking their direct reports about how they can better support them.
3. Know and Support Your Team
One of the most important things you can do as a leader is get to know your team.
Understand their goals, their aspirations, and how they want to grow within the organization.
This kind of knowledge helps you support them in reaching their full potential, which also helps your business.
It also takes you to the next level in terms of being a company that people look up to and want to work for.
Being known as this kind of employer helps you not only with recruitment and hiring, but also with employee retention.
Benefits of Creating a Great Working Environment
When you put time, effort, and resources into making your family business a great place to work, we predict that you’ll see improvement in many different areas of performance. Here are just a few:
- Better Ideas: Happy employees are more creative and innovative – largely because they feel safe enough to take some calculated risks. They aren’t afraid to be vulnerable and open. They’re also willing to explore new ideas and test innovations, leading to better results for your business.
- Improved Performance: A positive work environment translates into better financial performance, increased customer satisfaction and smoother vendor relationships. When people feel supported as they unite behind a common goal, it’s amazing what they can achieve.
- Easier Hiring: When your business is known as a great place to work, attracting top talent becomes easier. People will seek out opportunities to work for you, reducing the effort you need to put into recruitment.
In the end, making your family business a “best place to work” not only increases your employees’ happiness and engagement, but also supports your overall business success.
When you implement the strategies we’ve mentioned here, you can create a workplace where everyone thrives. And the rewards are well worth the effort.
If you’d like to chat about how to make your family business a great place to work, we’d love to help. Reach out today to set up a consultation call with one of our trusted family business advisors.