Putting Utah business staff at the center of great culture while also planning for the future
When people talk about business value, it’s often focused around the time honored dollars-and-cents lens that represents monetary profit and loss. But there’s also a value that has been shown to be as important to the success of a company: the value an employee feels when they are acknowledged as a critical part of the business and how it operates.
In a recent edition of Utah Business, Amanda Hansen, president of Utah Business AdvancedMD, talks about the ways business owners can make employees feel they are an integral part of the culture, which not only empowers employees but also contributes to productivity and success.
First Utah Bank recognizes the importance of all the moving parts contributing to the success of a business. In the same way that internal culture supports success, we’d love to help contribute by providing a business savings account. Knowing and trusting that your business’s savings needs are in good hands can allow you to focus on other really important things, like building your company’s culture the way Amanda Hansen has:
Developing talent – and having them stay with you
Hansen developed her approach with employees based on her experience as a missionary in Mongolia, where there was a saying that translates into English as “make them feel important.” At the time, it applied to her missionary work and those she served, but the same concept applies to many, many relationships in life, including that of employer to employee, or manager to subordinate.
To that end, Hansen advocates acknowledging employees on an individual level for their specific talents and strategically capitalizing on a team member’s strengths to yield results everyone can be proud of.
“Instead of assigning tasks and responsibilities randomly, take great care to understand what each employee is good at and allow them to contribute so they can express that strength optimally,” Hansen writes. “Value uniqueness, and watch employees shine.
When an employee feels valued, there’s a secondary effect: they stay with your company. When there’s competition for talent in a competitive market, which is the case in Utah, it’s essential to give talented employees a reason to choose you, even when other opportunities present themselves. And that comes down to the way leadership values each person’s contributions.
“[Utah’s] businesses must attract and retain talent in this climate. But here’s the catch: it isn’t “businesses” or “companies” that do that,” Hansen writes. “Managers need to show employees they care about them as individuals.”
Utah businesses can apply “the three Cs” to help their employees
To make it easy to remember and apply, Hansen writes about what she calls “the three Cs.” This is Communicate, Cultivate and Create.
Communicate: Employees value an open chain of communication. A lack of ambiguity goes a long way. Don’t leave information open to interpretation. This can lead to misrepresentation, mischaracterization and flat out misinformation being shared and perpetuated.
“When people are left to their own devices to interpret a message, there’s a tendency to invent stories,” Hansen writes. “The truth, generally, is not as harsh as people’s imaginations, so be honest and thorough with your communication.”
Allowing employees to provide feedback is also important, as is inclusiveness that allows for varied points of view to inform your decisions. It’s also important not to skimp on praise for employees. Successes should be shared with others.
“If you appreciate something that someone has done, tell them,” Hansen writes. “Be honest and genuine in your feedback about performance.”
Cultivate: Establish and nurture relationships with your employees. It’s an investment of time, yes. But the resulting dedication that can result will be well worth it. Hansen gives an example of a leader from her past who took the time to get to know all 150 employees in the company, even giving them relevant and fun nicknames. Low turnover rates were attributed to that feeling of commitment the employees felt from engagement.
“As a manager, take the time to build relationships with teammates outside the strictly professional realm,” she writes. “You’ll be surprised what you find out at offsite meetings, book club events and holiday celebrations—not to mention the connections you’ll forge with them.”
Create: This one is all about establishing and maintaining a purpose. This idea of having a clear mission, communicating its importance well, and ensuring that all employees feel like they are a part of it is a crucial step to building a great culture.
“Each person has a set of opportunity costs—or next best alternatives—related to their employment with your organization,” Hansen writes. “For me, this is time away from my three small children and family. What I’m doing has to be of greater value or bring more personal fulfillment than the opportunity costs to make it worthwhile.”
That sense of fulfillment, then, comes from the mission of the company.
“When people understand the purpose of the organization and the impact they have, it gives additional fulfillment and gratification to their work,” Hansen said. “This value generates rewards that grow exponentially.”
Saving funds for the future of your Utah business
With all of the challenges that go with running a business and fostering its employee base, one aspect that can be helpful is to have a safe, reliable place for your profits for future use and development. First Utah Bank can help provide this with a business savings account.
There are two ways you can use your savings in a dedicated account to help with your business. One is with the standard business savings plan, which includes no minimum balance requirement and no monthly service fees. The other is with a high-yield money market account, which features a competitive rate that helps grow money faster. Interest there is compounded and credited daily, and it’s FDIC-insured to guarantee peace of mind.
Consider First Utah Bank for all of your business banking needs, including savings and checking. Learn more at our website or call First Utah Bank at 801-308-2265.