Jenny Woods, chartered paraplanner with Wills & Trusts Wealth management, looks at the importance and power of culture within a firm and the ways a great culture can be created.
A company without culture is like a boat where everyone is rowing in a different direction. How can you expect unity and forward momentum if nobody knows how to use the oars? People need to know where they’re heading, how to get there and why they’re even going there in the first place Similarly, how can you expect clients to choose you over every other firm, if you aren’t bringing a strong sense of purpose, of doing the right thing and putting them first?
The power of culture is creating a deep sense of purpose that underlies everything a company does and most importantly ‘why’ they do it. Simon Sinek, described as a leadership guru and visionary thinker, describes a person’s ‘why’ as “the compelling higher purpose that inspires us and acts as the source of all we do”. When you put it like that, it’s obvious that having a strong ‘why’ for your business would be the foundation for a great culture.
Working out the ‘why’ will give everyone in the business the same framework, which will ultimately result in a better and more consistent experience for your clients. If you have a clear set of guidelines and expectations, then there is no confusion about what the right thing to do is in any given scenario. And it hopefully means that everyone is doing the right thing all the time!
Culture in financial services
In a highly regulated industry where qualifications are sometimes considered king, you may wonder where the culture of a business fits in. In my opinion having highly qualified staff or a top-notch compliance department will only get you so far. If the culture is poor, then qualified staff are open to leaving or being poached and, in a quest to please the regulator, your processes start to get in the way of doing the right thing and putting clients first.
As we all know our clients must always come first, and whilst this means that their experience is at the forefront of everything we do, it doesn’t mean that this same principle doesn’t apply to the people you work with.
Employees are all clients of one another, each department is the client, or has clients internally within the business, and so everyone should be treating each other with the same level of respect and regard that is afforded to our external clients. Implementing this frame of mind within a firm, means that it becomes second nature to anyone who interacts with clients in their role. And trust me, the clients will notice the difference between a business with a strong sense of culture and those that are lacking!
Remote vs Real Life
Remote working has been adopted on mass throughout the financial services industry, after becoming a necessity during the COVID-19 pandemic, even becoming a main selling point for recruiters. Whilst being able to work from anywhere has great advantages, the impact on culture can be enormous.
Speaking to your colleagues or clients on Teams or Zoom, whilst very convenient, will never be the same as speaking to them face to face. In the same way, trying to instil culture within a single team, let alone a large business, solely through a computer screen is near impossible. It is well know that up to 93% of what we say is non-verbal, and the reality is that you can only really get the full impact of an interaction when you are right in front of someone!
Not only that, the mental and physical benefits of working from an office and interacting with colleagues face to face can often be overlooked. If you and your business have adopted remote working, then there is certainly a balance to be had between remote vs real life. In my experience, if you get that balance wrong, the breakdown of culture will likely follow soon after.
How to create culture?
Saying that culture is key is all well and good. But what things can you actually do to make this a reality. Well, the answer is, a lot. Here’s just a few ideas that can apply to individuals or firms.
Work out your ‘why’
Creating a vision and being clear on why you do what you do is the most important start. Simon Sinek’s book Start With Why could help figure out what your vision for your firm is. Or even for your team or you as an individual.
Create values and directives to live by
Providing clear guidelines that can apply to any scenario means that everyone always has clarity on what is expected of them and how they can continually do the right thing at work. Similarly, individuals should determine what their inherent values are.
Make Culture a priority
Make culture part of everything you do. Appoint someone in the business to take responsibility for making sure the culture is front and centre. Organise culture workshops, then schedule in culture refresher sessions, then maybe take some inspiration from Zappos and create a ‘Culture Book’, where all staff get to give their views on the culture. The list goes on.
Lead by example
The leaders of a business, from the CEO to the team leaders to senior members of every team are the culture ambassadors and should be the most invested. Because how can you expect the rest of your teams to buy into the culture if your leaders aren’t.
Hire based on attitude and values
Qualifications and experience are important, especially in such a regulated industry. However, these are skills that can be taught in most instances. Attitude and inherent values are much harder to ingrain, so make sure you are hiring based on the right things.
Meet face to face
Whilst remote working has its place in businesses these days, for those important meetings and collaborations make it important for people to get together in person. That means you too leaders!
Give people a voice
People like to feel they are listened to and can have a positive and meaningful impact. Set up an employee forum so people can communicate what’s important to them. And most importantly, make sure the right people listen and take action.
Show gratitude:
Sometimes the most simple acts of gratitude, such as following through on promises or sending a handwritten note can have the most impact. Other offerings from a business perspective, like share schemes, can create real buy in, as at the end of the day it is then in everyone’s best interests for the company to succeed.
