This week’s webinar focuses on building office culture with Brandon Chapman of SaaS Wealth Insurance, and Rachel Chase, co-founder and CEO of Zennea Technologies. Together they break down considerations when growing your team, how to set a culture for your business, the style of people culture, compensation packages, ideas for building culture remotely and group benefit trends.
How to Build Office Culture in Any Work Space
Considerations for Growing Your Team
This chapter on considerations when growing your team takes you through 6 different areas to think about:
- Company’s Mission, Vision, and Values
- Employment and Contractors Contracts
- Intentional Company Culture
- Future state organization chart
- Compensation package
- Benefits
Compensation Package
A typical compensation package would include:
- Base Salary
- Vacation Days
- Benefits Plan
- Compensation Booster
- Extras
There are some statutory requirements in Canada, but other than those, you can choose what’s best for your business to stay competitive.
Ideas for Building a Culture Remotely
Building a culture remotely, especially during COVID-19, can be a daunting task, however Brandon and Rachel have some great ideas for how to help you do that as a business owner.
- Virtual Hangouts
- Public Recognition
- Face to Face Time
- Mentorship Programs
- Survey your team for their wants
Having a place for your team is an important point we touch on. Some of our clients, at SaaS Wealth Insurance, like to use sococo.com as a place for their teams to meet.
Top 10 Reasons Startups Fail
Many startups fail, we have put together then top 10 ways that startup businesses fail and how to avoid them.
- No Market Need
- Running out of cash
- Not the right team
- Out competed
- Cost issues
- User Unfriendly Product
- No Business Model
- Poor Marketing
- Ignoring Customers
- Mistimed Products
Team Culture Priorities
Many business majors will recognize Maslow’s Hierarchy of Needs. If not, we will break it down:
- Self Actualization
- Esteem
- Love & Belonging
- Safety
- Physiological Needs
Some immediate challenges that Rachel noticed during the COVID-19 pandemic were, Safety, Work From Home and Work-Life Balance. By investing time into these problem areas, she was able to preserve the office culture they built previously.
Trends in Group Benefits
Group benefit plans have been changing, they are a great way to attract and retain talent. Keep in mind that the benefit plans should continue to increase in generosity overtime. Employees are your most important asset, and the majority of employers agree that they are responsible for the health and wellbeing of their employees. This is also a good way to increase loyalty to your company, with 59% of employees stating their loyalty increases with better benefits. At the end of the day, your benefits, and perks will directly affect your office culture.
Summary
In the end, you as the owner are responsible for creating and maintaining the culture. Not everyone will fit into your office culture, and that’s not necessarily a bad thing. By working together with your hiring staff or recruiter, you can find the right people to stick around long term. It will cost your business more in the long run if you keep a high turnover in employees. Always be surveying your employees to ensure that you can get the right balance of incentives.
Be sure to check back often for more great information when it comes to wealth management. Our blog has tons of useful articles.
