Retaining a wholesome company culture gives you your best likelihood of fostering low turnover, high employee engagement, better productivity and strengthened recruitment.
Acquisitions are intimidating for employees. Along with fears of restructuring, there’s anxiety that office culture — that unique organizational fabric comprising personalities, environment, policy and je ne sais quoi — will be out the entranceway, hot on the heels of shortened Friday hours and redundant middle management.
Why Your Company Culture OUGHT TO BE Like College Life — REGARDLESS OF age Your Employees
And that anxiety isn’t unfounded: A recently available article in the Wall Street Journal noted that Jet.com had to stop its in-office happy hours after Walmart acquired the business. (In a short time, morale dipped, and Walmart relaxed its rules.) Sure, things turned around, but a dent in team spirit will often cause irreversible damage. That’s why I held the preservation of Audiobooks.com company culture at the forefront during our recent acquisition by RBmedia. Culture is a full time income, breathing entity that will require constant investment from everybody. Through acquisition and beyond, retaining a wholesome company culture gives you your best likelihood of fostering low turnover, high employee engagement, better productivity and strengthened recruitment.
When I was having conversations with RBmedia management through the acquisition process in what made Audiobooks.com different, we always jumped to the people we’ve up to speed (before we even experienced the numbers). Our staff is a dedicated, fun-loving, culture-first team, so discussing the preservation of some important policy-based pillars of the Audiobooks.com culture was a significant portion of the deal. Casual dress code, flexible working hours and unlimited paid vacation all remained because our new management team respected that people had a very important thing going on and agreed, as the word goes, “if it ain’t broke, don’t correct it.”
We also discussed my budget allocation for “other employee costs,” and RBmedia was supportive of buying culture by funding monthly socials, healthy breakfasts and an excellent holiday party. It’s no secret that employees will value their work if indeed they believe that their work cares about them. Plus, turnover is expensive in a distinct segment industry. Between your job posting fees and the increased loss of productivity while someone has been trained, each new hire costs the business a significant amount of cash. By retaining the hallmarks of the Audiobooks.com culture and working to show staff that people care, we retained completely of our pre-acquisition talent in to the post-acquisition period; that’s lots I take pride in.
5 Methods to Create a wholesome, Thriving Tech Company Culture
Among our core value statements is “we certainly are a fun community” because we wish the office to become a great place for folks to invest their time. We often prefer to say our employees aren’t chained with their desks: We encourage frequent breaks to play games, e.g. bocce ball when the Canadian weather cooperates, not merely since it makes people happier, but since it stimulates creativity and encourages employee bonding. By setting that precedent, initiatives as an office book club and ping-pong league recently sprang up organically, without management introducing them, and at no enterprise cost. I believe it’s the sense of community these activities foster that carried our company culture through the acquisition.
As a tech company, we hire a whole lot of millennials who’ve expectations in regards to what a workplace should offer in 2017: free food, flexibility, an aesthetically-pleasing space, fun activities, etc. As I am a company believer in these priorities, we host an in-house masseuse monthly (our benefits cover massages), and we recently introduced bi-weekly yoga and mindfulness classes within an unused boardroom. Offering competitive perks and office programs could make all of the difference for attracting top talent in today’s market, and may encourage that talent to hang in there and stay engaged even through the uncertainty of an acquisition.
6 Common Things Good Managers Do to Create Engaged Teams
We frequently initiate formal employee engagement surveys along with informal conversations with HR to check on in on how many people are feeling. It was essential to crank up this practice through the entire acquisition process to keep close track of any office climate, and tweak our approach as necessary. In response to a post-acquisition survey, for instance, we made changes to how inter-departmental projects are managed. Having a dynamic method of what we offer at work and how exactly we organize our workflow keeps us efficient and in tune with employee needs. This adaptability and knowledge of shifting employee needs is probable a key reason our engagement score rings in at high numbers over and over.
Our monthly performance reviews also concentrate on how each individual plays a part in company objectives, to keep people feeling linked to the picture as a whole. We encourage ownership and autonomy and subsequently, we’ve a culture of self-starters who are focused on the business and its own performance. We also deliberately touch base on people’s personal lives of these meetings, so that we are able to keep work/life balance in balance and find methods to support our employees during bad and the good times. We’ve fostered a host where every employee feels important and committed to the company’s success, and the business enterprise results speak for themselves.
4 Secrets to Making Your Company a Happy Spot to Work
I really believe that you can’t change company culture without impacting underneath line, and I wonder if Walmart finally accepted Jet.com’s approach since it was needs to see some unwanted effects. On the other hand, I’m proud that Audiobooks.com’s new parent company RBmedia shared my vision that we’re successful due to our office culture — not regardless of it — and I’m confident our staff retention, engagement and recruitment will continue steadily to benefit due to it.
You will have change post-acquisition. Processes are certain to get updated and operations will be altered, along with various other inevitabilities. But, by recognizing that culture has value, buying it and nurturing it, it doesn’t ought to be a casualty of an excellent acquisition — it usually is