Here’s a simple idea from our CEO Tom Gardner: Stop providing limited sick days for your employees. It’s flu season, so Tom’s thoughts are all the more relevant – and urgent – now.
Match our yearlong approach at The Motley Fool: if an employee is feeling sick, tell them to please stay home. It seems like common sense, but Tom outlines four reasons why an unlimited sick policy is worth it in case you’re on the fence:
- Protect Your People.
- Extend Trust.
- Review Your Purpose.
- Manage to High Performance.
Instead of the flu, make freedom and trust contagious at your organization. To read more on Tom’s points, view his latest LinkedIn Influencer post here. And don’t be afraid to forward this information along to your CEO or Head of HR! Allowing employees to stay home when they’re ill will ultimately make your organization stronger – and much healthier.
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?
Tom Gardner was interviewed by Professor R. Edward Freeman of the University of Virginia’s Darden School of Business as part of a Coursera class called “New Models of Business in Society.” Watch him talk about how The Fool aims to be different from Wall Street and disrupt financial advice, unique ways we increase employee engagement, how we created our company values and live by them, and more!
Honesty has a beautiful simplicity. This straightforward value gives us a framework for making decisions companywide. In a company built on intellectual capital, with the stated purpose of helping the world invest better, honesty is essential.
We chose our words here carefully: Make. Us. Proud. Not “Don’t break the law” or “Tell the truth” or “Call ‘em like you see ‘em.” For us, honesty has to go beyond what is legally defensible.
Honesty also emphasizes the difference between core values and a code of ethics. Our core values serve as fundamental beliefs that we can turn to when making decisions. They should be easy to explain, embrace, and employ as decision-making tools. A code of ethics – although closely related — is generally a more formalized list of do’s and don’ts. It’s almost a *gulp* “policy.”
Now – as promised in my first post, here are the answers to our values questions.
Do we hire for this value?
Yes. How? Certainly, it would be great to have Wonder Woman’s lasso of truth, but I’ll admit that the one I ordered from Amazon needs batteries or something. And the last interviewee I used it on wasn’t amused. Maybe he had something to hide…
Instead, I ask prospective employees: Tell me something you’re proud of. A time that you had to be honest when it wasn’t easy. A time that there was a difference between what was right and what was legal.
I also love to hear “I’m not sure” or “I don’t know” answers in an interview. It’s virtually impossible to know all of the answers. Be honest about it. I also see red flags sometimes when we ask someone to demonstrate knowledge. Certainly, we don’t try to trick people with these questions, but it’s surprising to me how frequently this happens:
Q: “Are you an investor?”
Q: “Great, tell me about the last stock you bought and why?”
A: “Ummm, well…”
Will we fire for this value?
Can you see and feel this value in our office?
Many of the same ways we encourage collaboration also foster honesty. Everyone’s desk occupies the same open office, and our conference rooms have glass walls and doors. We also build honesty into our services, displaying our returns since recommendation on the front page of our web site. Some are up, some are down — but we don’t cherry-pick the winners. We also display returns for specific recommendations throughout the office, and change the returns as the stock price moves. Some months those are higher; some months, lower.
How often do we talk about this value? When was the last time we did so?
Similar to Innovation, I actually hear “make us proud” more frequently than “core value honesty.” But our CEO has recently taken this value to the next level by hosting a monthly Honest Tea. At this session, which follows our monthly all-company meeting, everyone is encouraged to come and dissent. We want to ensure that we have not only a desire to be honest, but also an outlet for those thoughts.
Please note that our values are not actually rank-ordered. I call this #3 to help blog readers keep track. See the full list of values at Core Values to Live By.