Joe Walsh is the CEO of Thryv.
The measure of a successful business is results. Did you and your team meet your established goals, such as financial stability, market expansion, customer satisfaction or employee retention?
When results are achieved, your team tends to be happy, motivated and eager to reach the next level. On top of this, rewarding results—regardless of the level of position or the number of years at a company—can help further engage employees to feel a sense of ownership in the company’s success.
According to Gallup and Workhuman research, if the average organization of 10,000 employees doubled the number of employees who strongly agreed that they received recognition or praise for doing good work in the last seven days, that productivity gain would amount to $91,989,474 in cost savings.
Key Elements Of A Results-Oriented Culture
A results-based culture can take many different forms. Places like Google and Intuit are known for promoting idea meritocracy, where the “best idea wins.” Toward this, Walmart has removed degree requirements for corporate jobs, while Bank of America promotes skill-based hiring for its tech roles.
Regardless of which direction you take, successful companies infuse a sense of personal ownership into their culture. When employees feel empowered to make day-to-day decisions, initiative and accountability naturally follow.
A successful approach to a results-based culture requires processes that adequately equip, measure and advance employees:
1. Key Performance Indicators (KPIs)
By defining specific, transparent business goals and measurable outcomes, everyone knows how they will be evaluated and ultimately rewarded. Decisions based on straightforward, objective criteria can reduce the risk of bias in performance evaluations.
To heighten the impact, look to secure buy-in from employees when developing KPIs. This can further promote a feeling of ownership.
2. Training And Development
You need to make sure your team has all the training it needs to be successful. Continuous learning and development opportunities are the hallmark of an enduring culture.
In today’s skills-based environment, leadership must offer training to properly equip and motivate the workforce. Professional development can run the gamut from certification courses to lunch-and-learns to asynchronous online learning.
3. Performance Reviews
Monthly check-ins help everyone on the team understand where their progress stands against their goals. If gaps are identified, resources can be redeployed, while those who are exceeding goals can share their learnings. I find performance reviews to be a great way to make sure there are no surprises come year-end.
4. Recognition Programs
A results-oriented culture thrives on recognition. Quarterly reviews can help identify team members who are meeting and exceeding goals. Managers can share with others in the company details about colleagues who have gone above and beyond, whether by troubleshooting a major issue, helping peers or exceeding KPIs.
Consider giving these exemplary team members a shout-out during an all-hands meeting or in all-employee communications—or even giving them a small reward such as branded apparel or a gift card.
5. Clear Communication
Like so many areas of business, clear communication is a must. Managers and employees need to be in a constant state of communication flow, and leadership sets the tone by encouraging employee input on culture and success metrics.
In my experience, employees who feel seen and heard are more vested in your company’s outcomes.
Balancing Competition And Collaboration
While rewarding results is an effective way to drive achievement, it can run the risk of fostering unhealthy competition between peers. If there is a prevailing winner-take-all mentality and information is seen as power, you will not realize the clear communication you seek.
Overly competitive work environments can also result in employee burnout. To mitigate these downsides, you can recognize and promote your high achievers, but as part of their evaluation, you should include their interpersonal skills and approach to teamwork.
When seeking the right balance, also consider the generational makeup of your workforce. Millennials compose the largest group in the workforce (36%), yet conventional wisdom holds that they want to work in a collaborative culture over a competitive one.
Successful collaborative efforts that achieve business goals should be recognized companywide. Foster that collaboration by instituting peer-to-peer recognition programs or creating cross-functional teams for quarterly innovation challenges.
Setting The Tone For Success
As a leader, your organization’s culture is an extension of your own personal ethos. Your job is to embody the principles at all times and ensure they are properly incorporated into all aspects of your team’s work.
A culture where employee career advancement is marked by achievement (and not simply by tenure) can be tremendously motivating for all. The key is to strike a balance between merit-based rewards and a collaborative work environment where teamwork and a sense of ownership are also highly valued.
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