It’s that time of year again – March Madness is back! Although this month signals an exciting time for sports fans, most companies aren’t as enthused. Research shows that March Madness can be distracting to employees, plus decreased productivity is estimated to cost American companies nearly $2 billion dollars in 2015.
Perhaps the real madness lies behind employers banning the tournament from workplaces. That’s right – just hear us out. Our own Sam Cicotello said to The Washington Post, “”If employers lock things down, what that ends up doing is putting the employee in a very bad spot, where they have to lie and can’t do something they enjoy.”
Like The Motley Fool, more organizations are starting to view March Madness in a positive light. If the tournament is embraced, it can be the perfect opportunity to foster collaboration and build employee relationships.
Still not convinced? Sam Cicotello shared a few more Foolish thoughts on March Madness in The Washington Post’s feature – click here to read on!
In addition to physical and mental wellness, we strive to keep Fools’ financial health on the upswing. Thanks to our Foolish Learning and Development team, Fools recently celebrated “Financial Health Day” by budgeting their workdays to learn more about our employee benefits, attend educational workshops, and participate in office hours with Foolish financial planners.
Classes on the agenda were all Fool-taught and included How to Buy a Home, Couples & Cash, Foolish Family Finances, and Estate Planning: Wills, Trusts, and Health Care Powers of Attorney – Oh, My! One of the most popular classes was Living Cheap, which was hosted by Rule Your Retirement advisor Robert Brokamp.
Here are 3 tips from this session that can help you, too, cut your expenses:
1. Monitor your spending every day. One Foolish reader wrote, “If you do this for 30 days, it can change your life. Also, that feeling of being in complete control of your finances is a real self-confidence boost.”
2. Food is one of your biggest expenses. Make a master list of what you absolutely need every week, and try not to stray from it when you’re shopping. A wise Fool told us during the class, “It’s not a value if half of it goes bad.”
3. “Use Stuff You No Longer Want to Buy Something You Covet.” Take a look around your house and make note of what you don’t use anymore. Consider selling an item on Craiglist or to a friend, then put the profit toward purchasing something you need.
It could be difficult to host a similar event at your own organization, especially if you don’t work in the finance industry. However, a few of the quick challenges that were introduced throughout our day would be easy to recreate. Tasks that were completed in exchange for raffle tickets included signing into your 401K account and confirming or adjusting the contribution; accessing your free credit score; developing a strategy to get out of debt; downloading our expense system’s app; and confirming correct personal information in our HR platform.
Learning more about your HR tools will help employees understand all of the benefits your company has to offer. Encouraging a dialogue about personal finance – whether it’s providing helpful website links or hosting a full-fledged Financial Health Day like us – will only profit your employees’ well-beings.
Developing the perfect office space is one tough feat, but our People Team is constantly striving to fulfill 300+ Fools’ needs and wants. From adding new quiet spaces to knocking down walls, one Fool’s role is solely dedicated to our office’s cultural development. No matter if a Fool is shy or social, 4 benefits of our open office stand out:
1. Real (read: not electronic) Communication
At healthcare company GlaxoSmithKline, the absence of cubicles created more transparency among employees. After implementing an open office layout, overall email traffic declined by more than 50% and decision making accelerated by 25%. These productive shifts occurred because “workers were able to meet informally instead of volleying emails from offices and cubes.” In a casual, open environment, employees are more encouraged to engage in face-to-face conversation. Plus, you never know when a random brainstorm might lead to the next best idea.
Closed offices are a thing of the past, paving the way for more openness in both the physical and literal sense. One source explains, “Reasons for going open make for great agency rhetoric: communication, ideation, collaborative resonance, speed.” In an open office, there’s a sense of community that can’t be mirrored electronically.
2. Approachable Company Leadership
Maybe your organization’s executives are intimidating, even though we all know they shouldn’t be. Our open office definitely plays a part in connecting Foolish leaders with employees. Tom Gardner and David Gardner are just like normal Fools. Private offices aren’t requirements for them; in fact, you’ll often find Tom on a public treadmill desk and David among fellow investing Fools on his Supernova team. FoolHQ maintains a supportive environment for collaboration and creativity on all levels.
3. Unique Workspaces
We encourage Fools to do whatever it takes for them to produce the best work. Think beyond a cubicle and imagine moving around to different spaces throughout the day. Couches, beanbags, and working tables fill our office to accommodate different personalities. Not feeling inspired? Sit beside a window or find a quiet space to concentrate. Conference rooms don’t have to disappear, but we’ve added more informal meeting spaces that don’t have to be reserved.
FoolHQ is in constant flux. Fools voice their opinions on office space through engagement surveys, coaching sessions, and casual conversations. If a request can be honored, Fools will go to great lengths to ensure others’ happiness.
4. Convenient Collaboration
We keep Fools’ desks on wheels for a reason. If different teams need to work together, collaboration should be easy for them. With stationary desks, full office moves took too much time. Now that Fools’ workspaces are mobile, these moves can be finished in one (busy) morning.
Don’t isolate employees based on their departments. Some Fools are embedded onto different teams to boost collaboration and spread mastery of other skill sets. Shuffling Fools around to fit the needs of our business simply wouldn’t be as seamless without our open layout.
While a top-notch workplace culture is enviable, it also sets an example for what other organizations should strive to achieve. Tim Stevens wrote in his FastCompany article, “There is nothing worse than working in an organization that has a bad culture. It doesn’t matter how much money you make or how many weeks of vacation you are given; when you work in a toxic environment, you still come home tense and stressed at the end of each day.” Stevens is on point; I felt miserable on a daily basis during one of my first “real” job experiences (and no, it wasn’t at The Motley Fool).
Stevens goes on to list 12 traits that suggest your organization is among those with a fantastic culture. Here are a few that resonate with our organization:
1. Turnover is Low.
We want our employees to be Fools for life. Our turnover rate is less than 2%, which is remarkable by industry standards. We go to great lengths to ensure Fools’ happiness, whether it’s ordering gluten-free pizzas to celebrate monthly birthdays or building out more quiet spaces in our office. Foolish coaches also hold regular “Happiness Check-Ins” to chat with Fools about their work-life balance. Low employee turnover means you’re at least doing something right.
2. Team Members are Energized by the Mission.
Fools are passionate about our mission – “To Help the World Invest – Better.” You can feel the energy here, as well as from Fools all over the world. We have full-time Fools based in Canada, Germany, Australia, and Singapore that are all working passionately toward the same goal. When Fools are excited about projects, productivity levels rise to new heights. Creativity can also inflate, adding more valuable ideas to the mix.
3. It’s Not Just a Job.
Fools are not only excited to come to work, but they’re also enthusiastic about Foolish extracurriculars. Fools are friends too, so attending happy hours, concerts, plays, and other cultural events in the area aren’t foreign concepts. In fact, we actually enjoy spending time with our coworkers. We’re not running toward the door to exit right at 5PM (…we do have a flexible schedule), and it’s kind of refreshing from the corporate norm. A work environment is definitely more positive when it has this type of ambience.
4. People are Smiling.
Fools are shiny, happy people (and some are music lovers, too). Our Office Ops team does a great job of keeping FoolHQ an upbeat environment. These creative Fools host activities to all scales, from smaller touches like pushing around snack carts to planning larger events including our annual Holiday Party and company retreat called Foolapalooza.
5. Communication is Strong.
Though communication can always be enhanced, The Motley Fool strives to keep our conversations transparent. It’s important that your employees stay on the same page with what’s relevant, be it your company numbers or external conference opportunities. Fools are happier when information is provided instead of hidden, even if something is in the works. Simply stating “We’re working on it, but we wanted to let you know…” can make all the difference.
Interested in checking out the other qualities that make a workplace enviable and one of a kind? Click here to read more.
We’re featured on Glassdoor’s Recruiting Blog today to share our top 5 strategies for how to be a better place to work. We spill (some) of our secrets for enhancing employee engagement, company transparency, and workplace culture. You don’t want to miss out, so click here to read our tips!
Do you have any advice that can help organizations improve for the better? Please share below, and don’t forget to Fool On!
Have you heard the exciting news? Glassdoor has named us the #1 company to work for in America – for the second year in a row! Out of more than 125,000 companies eligible to win, The Motley Fool was ranked highest by those who know best – our Foolish employees.
Winners were determined based entirely on accurate and approved company reviews submitted to Glassdoor between November 13, 2013 and November 2, 2014. All of the reviews remain absolutely anonymous, and The Motley Fool took the top spot on the list for companies with fewer than 1,000 employees.
What makes a company the best place to work? Besides a motivating company mission, employee engagement and workplace culture are also major factors. Head People Fool Lee Burbage adds,”We don’t believe perks drive our employee engagement, but feeling like your leadership team cares about you and what you want or need to be happy does drive engagement.” Our CEO Tom Gardner and a few other Fools share more in this exciting video:
Thanks to Fools near and far that contributed to our success. Fool On!
I hear a lot of chatter about coffee at FoolHQ, but the buzz doesn’t always revolve around the need for caffeine. As an opportunity to connect, Fools are encouraged to request Starbucks gift cards sponsored by The Motley Fool. In return, Fools must treat a fellow coworker – ideally one they don’t know well – to a drink. Though there’s definitely a monthly card limit, some Fools don’t mind to fund Starbucks runs on their own dime every once in a while. You could say that coffee meetings are a popular part of our culture, to say the least.
Our CEO Tom Gardner envisions more to this benefit than just a free soy latte. Introducing the idea at a company-wide huddle last year, Tom encouraged using the cards as a chance to learn about others’ projects; identify best practices Fools use; and collaborate on challenges or ideas. Fool Amy Dykstra approximates that she hands out around 10 gift cards per month.
Jerry Seinfeld also recognizes room for great communication in a cup of coffee. In fact, it’s the focus of his successful Emmy-nominated web series Comedians in Cars Getting Coffee. Seinfeld explains, “…why it’s great to meet someone for a cup of coffee — the ease, the simplicity, the compactness. And that it also obviously gets people talking. You have coffee and for some reason it makes you talk a lot.” Whether or not you order coffee, tea, or a glass of water, it’s the conversation that counts.
While Jerry Seinfeld hosts his guests in cars, Tom and David Gardner hold a monthly event at FoolHQ called “New Fool Coffees.” Spending an hour together with our founders, recent hires are able to learn more about our company and ask tons of questions. Conversations can travel anywhere from Tom’s favorite drink to what inspired his team’s latest stock pick. Starbucks – or FoolHQ conference rooms – are hot spots for Fools, but the location shouldn’t stop you from incorporating this idea into your company’s culture. And it doesn’t even have to be about a coffee drink, either. Simply encourage employees to leave their desks, welcoming the idea that a fresh environment can inspire new and valuable thoughts.
Engaging others through stimulating conversation – caffeinated or not – is important. A quick sit down can allow for new concepts to brew and employees to mesh together, both of which will benefit your organization. Steven Johnson reinforces, “We take ideas from other people, from people we’ve learned from, from people we run into in the coffee shop, and we stitch them together into new forms and we create something new. That’s really where innovation happens.”
“All of the greatest companies want their people to succeed.” It’s true! Learn more from Tom Gardner’s presentation at Google HQ about the importance of investing in your organization’s culture. Don’t have time to watch the video? Here are Tom’s four takeaways:
1. Name your own value.
2. Know everyone’s name at your company – learn as many name’s as possible.
3. Connect with people outside of your company.
4. Craft your own job.
To learn more about Tom’s points in detail, read his full article here.
Where would The Motley Fool stand without the mentors that have shaped our company with their bright insights? The road to success hasn’t always been smooth, but we hope these 4 tips inspire you to take the wheel and change your organization – for the better.
1) Hire the Right People
Much like The Motley Fool’s investing strategy, we prefer to hire and hold onto employees for the long-term. Chief People Fool Lee Burbage explained, “When we are hiring for life, recruiting is the most important thing we do.” Our team strives to find the perfect candidate for every position because, in the end, the best hires will pay dividends. With every candidate, we consider whether or not they could potentially take our business to the next level. Throughout the hiring process, recruiter Jen Elliot focuses on applicants that are entrepreneurial, innovative, and unafraid to break the status quo. Burbage noted, “We want this to be the last job you ever have, and the long horizon makes things like job titles and hierarchy unimportant.”
No matter the job title, personality skill-tests are instrumental in maintaining employees’ happiness. If developed within your company, chances are high that employees will evolve and even develop their own job descriptions. Kara Chambers, VP of Talent Strategy at the Fool, notes that while cognitive diversity and collaboration is important in the workplace, communication issues can arise as a result. Assessments like Myers-Briggs and Kolbe allow managers to better acknowledge issues in advance and pair people in a more strategic way.
Les McKeown influenced us to evaluate new projects and teamwork organization with his Visionary-Operator-Processor triangle in mind. His quick assessment digs into the psychology behind how an employee handles their work. Because Fools feel more empowered and aware of their strengths, teams that struggled before are now thriving. Les has given us the ability to view a project’s life cycle by better understanding where we’re deploying resources.
2) Focus on Your Highest Performers
Burbage believes that while job fit is important, employee performance must be taken into consideration, too. Imagine that your workforce was a portfolio and you primarily invested in underperforming employees as stocks. Over the holding time, you’d progressively see a negative return on this investment. Though the real profit lies behind investing in high performing employees, many companies continue to foster their low performers.
Enter Steve Kerr, a member of The Motley Fool’s Board of Directors, who encouraged us to focus more energy on top-tier employees. Cultivating high performers to the level of Steve’s vision begins with measuring employees’ performance through feedback and one-on-one meetings. While asking for feedback isn’t mandatory here, it’s something that we care about and encourage. Guidance and constructive criticism only boosts motivation.
Steve once said that the highest performers are your future leaders. Do you want to leave your company in the hands of those that could fail?
3. “See the world through the eyes of your customer.” – Steve Kerr
A great employee is one who understands your business and, two years ago, we implemented Steve Kerr’s smart advice in a company-wide initiative to invest. Most Fools learned the investing basics, which started with how to open a brokerage account. Once the account was open, $1,000 was deposited into each and every one. Investing became a topic no longer segregated to our writers and analysts, but instead a dynamic, accessible discussion for everyone.
Sam Cicotello, who heads up Member Experience at the Fool, reflected on the benefits that this challenge left with our Member Services team. Expanding on the shared emotional experience, Sam explained “If a new member is ready to start in the stock market, we understand it’s not just as easy as pushing a button. Like members, the team feels on top of the world when trades are up, and angry or anxious when the market takes a negative turn.” It’s true that we’re a better company because Fools are smarter about the nature of our work.
4. Be Transparent
Kip Tindell, CEO of The Container Store and a true Fool himself, shared that one of his company’s foundation principles is “Communication is Leadership.” We’ve adopted the value as our own (thanks, Kip!) because we believe in the power of being a transparent organization – and we’ve seen the benefits first-hand. Our goal of having “totally informed Fools” is achieved by giving everyone in our company access to pretty much any information they want. Head Communications Fool Adrienne Perryman adds, “Building a culture of open communication between every facet of the company is a high priority of The Motley Fool — it builds trust, engagement, alignment, and ultimately, happy, productive Fools.”
This is not to say that communicating is easy. We’ve found that benefits of being upfront and transparent, especially when the news isn’t the best, far outweighs the damage that could occur if we didn’t share. With an open, honest, and timely explanation, employees are able to react more quickly and, even during the toughest times, collaborate for a solution.
Open communication is used in a number of ways to keep Fools up-to-speed in our fast-paced culture. Our monthly Huddles, which are attended by the entire company and streamed for our remote Fools, offers a full hour of 100% transparency. Do we talk in-depth about our numbers? Yep. How about strategy and what’s coming next? Check. Role changes? Sure do. Is there time for open Q&A? Obviously. In between monthly Huddles, we keep Fools informed via our intranet, which features weekly videos and a news feed, our weekly email, and sessions with leadership around specific topics.
We make communicating a priority because it matters. In fact, it makes us a better company. Does your organization do the same?