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Here's how to defy the odds and successfully scale your business while preserving the core values that contributed to its success.
July 25, 2024
Rapid growth can dilute company culture. Inconsistent hiring practices, fragmented communication, and a lack of a shared vision are the typical culprits. However, some companies defy the odds, successfully scaling their businesses while preserving the core values that contributed to their success in the first place.
For studios scaling fast, maintaining a consistent company culture is paramount. Rigorous hiring standards should prioritize cultural fit over technical expertise. While technical skills can be learned and honed over time, collaborative and respectful mindsets are foundational and inherently ingrained. Aim for 51% cultural fit and 49% technical expertise in new hires to ensure smoother integration.
Emphasizing cultural fit naturally leads to a work environment where open communication and psychological safety are prioritized. When everyone feels comfortable sharing ideas and voicing concerns, a culture of innovation and continuous improvement flourishes.
Commitment to preserving core values during rapid expansion sets successful teams apart. Team members who don’t embrace these core values are unlikely to find a long-term fit. Consider relocating key team members to new studios to act as cultural anchors, fostering a smooth integration of the new team.
A strong sense of community can be fostered through Employee Resource Groups (ERGs) dedicated to various identities and communities. Fund these groups to support events and initiatives, ensuring that everyone feels included. Celebrate diversity through events and open dialogue on hard topics, fostering a respectful environment that values a tapestry of backgrounds while prioritizing shared core values. Executives should always lead by example.
Empowered employees are key to scalable growth. Investing in talent development and prioritizing internal mobility helps employees achieve their career goals, fueling personal development and company growth. Implement programs that equip high-potential employees with the skills and knowledge needed for leadership roles, fostering continuous learning and advancement.
Strong internal mobility programs not only retain top talent but also elevate the overall skill set of the studio. Offering well-defined career progression paths keeps employees engaged and motivated. Mentorship opportunities and personalized development programs further cultivate future leaders from within.
As a company grows, the need to scale communication increases in tandem, presenting unique challenges. To foster transparency, consistency, and empowered teams, consider implementing tactics such as talking points, FAQs, timelines, plans, and translations for global teams. Regular all-staff meetings, fireside chats and briefings, combined with a mix of well-used communication tools like Teams, Slack, WhatsApp and email, reinforce a commitment to open communication. These measures minimize misinterpretations and ensure everyone feels informed, valued, and part of the bigger picture. Remember, taking a thoughtful pause to ensure clear and well-crafted communication, even under time pressure, is essential.
Like any other studio initiative, the return on investment (ROI) in company culture deserves measurement. Annual engagement surveys can reflect the effectiveness of efforts in fostering psychological safety, inclusivity, and communication. These surveys also provide valuable insights into employee satisfaction and areas for improvement. High engagement scores and positive feedback on psychological safety reflect a healthy, inclusive workplace where diverse viewpoints are respected, signaling a thriving company culture that fuels growth and reinforces core values.
A strong company culture directly impacts talent acquisition and retention in powerful ways. It acts as a magnet for top talent and translates to employee satisfaction, leading to lower attrition rates and reduced recruitment and onboarding costs. Happy and engaged employees become brand ambassadors, advocating for your company and helping to attract new talent through positive word of mouth. Measuring metrics like employee retention rates, time to hire, and engagement surveys can gauge the ROI of company culture efforts.
Continuous investment in talent development, refined communication strategies, and seamless collaboration are key to fostering a thriving studio culture. This combined approach ensures sustainable growth while nurturing the desired company environment. The true ROI of a strong company culture goes beyond metrics. It fosters innovation, fuels employee passion, and ultimately becomes the foundation for a company that not only survives but thrives in a competitive landscape.
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