Normally, when we talk about business success, it tends to be in relation to record sales, productivity and top of the line technology and service.
It is probably fair to say that with so many column inches dedicated to the advantages of tech innovation, it is easy to overlook the fact that for all the algorithms and process automation, human beings are, and will remain, the most important asset in any business.
The world has come a long way from ‘old style’ staff engagement with its rigid hierarchical structures and clock in/clock out culture, which were still a feature of working life as recently as the 1980’s.
This legacy of engagement had its roots as far back as the move from a largely agricultural economy to an industrial one from the late 18th century onwards and the manufacturing/factory system that came out of it.
In order to continue growing, today’s best businesses, large and small, are in a perpetual state of evolution to meet the demands of a rapidly changing business landscape.
But it is not just about delivering the best products and service, it is about meeting the needs of staff members, so they feel they are engaged and valued by the business which employs them.
As the ‘job for life’ culture began to lose its grip in the recession days of the 1970’s along with the decline in manufacturing industry, the labour market, especially in office based and customer facing roles, also had to evolve.
Business has had to re-evaluate the way it recruits, manages and develops the people it employs. While job seekers are looking for the basics of a decent salary and prospects, so many more want to feel that their contributions make a difference.
A study carried out by the University of Warwick found that increased happiness in the workplace led to a 12% jump in productivity and surveys like the one below, have measured the success of a strategy that helps its employees engage with their roles and the ethos of the company they work for.
Companies with high levels of employee engagement reported –
2.5x greater revenue growth
2x annual net income
50% fewer days of absence
40% less staff turnover
18% higher productivity
Nothing brought this more into focus than the response to the recent COVID pandemic which emphasised the need for working flexibility, the urgency to adopt new technology to cope with maintaining team and customer communication.
More importantly, it also emphasised the absolute imperative of valuing the wellbeing of every team member.
Our experience at Black & White Bridging, which will be a year old in April, goes some way to explaining how a start-up like ours has benefitted from adopting positive strategies that enhance not only our employees’ engagement levels but also made our business more effective and allowed us to grow more quickly.
Apprenticeships – We have taken on our first two apprentices who live locally. They are already benefitting from our hands on approach to training which will see them introduced to all the departments within the business, to get a thorough grounding in the bridging industry and how it works.
We believe that taking on apprentices as the business grows is a way of creating a long lasting stake in our local area and a chance to grow the next generation of financial services leaders.
Flat management – Our non-hierarchical approach to management, gives seasoned team members a chance to set their own goals and manage their time in the most effective way that suits them.
Wellness – Building a positive, vibrant team ethos is at the heart of what we are all about. In October, Black & White was among the first businesses to join the Mortgage Industry Mental Health Charter (MIMHC) and have since enrolled each team member in a wellness initiative by putting together a team wellness chart aimed at helping everyone achieve their personal and professional goals over the year.
As we are surrounded by beautiful countryside, we have also introduced daily walking pairs, encouraging the team member to get out of the office with a random member of the team, helping keep us fit and healthy and fostering a closer team spirit.Â
We want people to pursue a long-term future with us and while it is early days, we believe we have the right formula to recruit and retain people to work for us because they genuinely want to come to work, not because they have to.
Damien Druce is commercial director at Black & White Bridging
