Creating Stability for Long-term Careers
At Palindrome LLP, there are a specific set of criteria we have identified that guide all of our business acquisitions. Among the six most important aspects we look at to determine value and opportunity, people is one area that stands out as an element that can make or break a potential business acquisition’s attractiveness to us. When it comes to people, our objective at Palindrome LLP is to offer careers, not jobs—and we are constantly looking to acquire and invest in companies that share this philosophy for their workforces.
The difference between a job and a career might not be readily apparent when you are the person at the top of the food chain. As a business investor, you might think it would be easy to acquire a business with a promising bottom line, then rely on the existing service or product and its established balance of financials to carry the company forward into consistent future success. However, we perceive the team of people behind the daily operations of a company as an equally integral feature of a business’s success. In turn, we believe that the fulfillment and value of the people in a company are a critical component in the business’s overall wellbeing. An on top of all that, we simply believe in the importance of investing in our people and our communities!
There are numerous ways to invest in the people who keep your business running day-to-day. At Palindrome LLP, we invest in our people through terrific benefits, continuing education, and an emphasis on supporting and expanding the work-life balance of our employees. Career benefits at Palindrome LLP and similar organizations could take the form of some of the following: company-sponsored gym memberships; corporate team building and paid community volunteer days; flexible work from home options; significant maternity and paternity leaves; exceptional company healthcare plans; generous 401k match programs and complimentary financial advising to help employees build their wealth and financial future; corporate learning initiatives and training days; company-sponsored degree reimbursement programs; etc.
You don’t have to look far in the marketplace to see that numerous forward-thinking companies have adopted similar approaches to cultivating their workforces. Some companies implement these workforce approaches just to stay competitive in hiring and retaining employees. However it can be fairly easy to differentiate genuine investment in your employees’ futures, versus half-baked bids for employee favor. For instance, some companies offer free beer, snacks, and ping pong to their staff—keeping their employees intoxicated, overweight, and spending more time in the office.
If you are looking to attract 20-somethings to your company for turn-and-burn output, providing beer and games is a sure way to appeal to this crowd. But these are not your career employees, and companies should be careful not to mistake trendy perks for truly impactful initiatives that can immensely benefit their employees’ quality of life. Furthermore, don’t think that including meaningful perks and benefits in your employment package grants you permission to pay slightly below a competitive salary. Offering a competitive salary is a must. If you want your staff to believe that they have a forever home with your company, you need to offer both salary and benefits hand-in-hand to keep your employees feeling engaged, supported, nurtured, and appreciated within your organization over time.
The type of workplace that cultivates this environment always starts with developing a strong and focused company culture. Culture is everything! But what is the mythical essence of this corporate culture? What workplace qualities and conditions contribute to the overarching culture of an organization? A simple Google search will reveal that “culture” can mean many different things to different people and companies.
Our belief at Palindrome LLP is that culture is based on being difference makers by emphasizing people first and building trust with the company’s we invest in. Being good stewards of our businesses helps build community and value. We are structured to focus on the long term and our job is to make sure our employees are aligned with us on that front. Culture always begins with clearly articulating the mission and vision that guide all company objectives, aspirations, and operations. Your employees need to have a strong sense of where you’re collectively going, why you’re going there, and by what means you’ll get there to feel a sense of purpose, direction, and security at work.
You don’t need to post your mission and vision statement in every stall in the work bathrooms to imbue you company with a sense of its priorities (although you may want to!). Your mission and vision statements can be internal, but can still permeate every aspect of the way you run your business. This is company culture at work. One way to see our culture in action at Palindrome LLP is to look at the way we approach rewards and incentives. We do not want our employees to ever have to come to us seeking recognition for what they do. Instead, we strive to recognize our employees proactively for their contributions at work.
“It is important that employees feel valued in their daily work as well.”
We believe that employee recognition should not be limited solely to a big bonus for an unprecedently large sale, or an unusually exceptional perk for an achievement of epic proportions. It is important that employees feel valued in their daily work as well. Sometimes you need to be the recipient of an unexpected reward, just for showing up and doing the day-to-day, mundane nose-to-grindstone tasks that are often required as a baseline in the workplace. You would be amazed to see how far this kind of recognition and reward philosophy can go in nurturing your employees. People want to be acknowledged for their accomplishments, and you will quickly comprehend the magnitude of the impact this has on making your workforce feel appreciated and supported in their various roles.
At Palindrome LLP, we identify recognition as one of the most important factors in cultivating a career-focused environment at work. The philosophy of meritocracy is equally important to our ability to offer our employees a rewarding long-term career. Operating by the principles of a meritocracy shows your people that ambition and drive go a long way. When it comes to workplace advancement, we believe that employees should be promoted based on their consistent contributions in their roles. We want to see effort, not seniority, guide the decisions of who to hire, who to let go, and who to elevate from within.
When seeking to staff open positions, it is imperative that you consider the eligible candidates within your organization for advancement opportunities whenever possible. This signals to your employees that you are serious about developing their talent and helping them grow with your company. The days of complacency at work are, in many sectors, long gone. And that should be seen as a positive development! As an employer, you want to have a workforce that is hungry—for success, for learning, and for advancement. This is the kind of environment that fosters energy and productivity, which is the recipe for innovation!
If you have managed to hire top-performing employees, they will likely be satisfied with nothing less than consistent opportunities to learn and grow at your company. If you are not willing to offer these opportunities within your own organization, it is only logical that your employees might begin to look to advance their careers and secure their futures elsewhere. Reliably and proactively reward the ambition and performance of your team through training and development initiatives, one-on-one mentoring, consistent feedback, and earned promotions, and you will nurture loyalty in your staff for years to come.
In summary, if you are reading this article then you are already on the right track to establishing the stability and approach for long-term careers to grow and thrive within your organization. Your thought process is in the right place, and now it is time to take a hard look at your company’s policies and performance when it comes to employee satisfaction, development, and tenure. Identify the places where you can improve your meaningful offerings to your current staff, and create consistent initiatives that will attract more outstanding long-term employees to your business. Remember: investing in company culture, policies, initiatives, and benefits that genuinely improve the lives of your employees will have the biggest ROI when it comes to attracting and retaining exceptional talent for long-term careers at your company.
