November 12, 2019
Agency View – ROI on Agency Culture
As collaborators with our clients and their agencies, we see a broad range of workspaces, each with its unique agency vibe. Agencies invest meaningful amounts of money to make workspaces a place you want to be in while promoting camaraderie and collaboration. From pool tables to bean bag lounges to beer tap bars, who wouldn’t look forward to going to work? They all seem to be aware that their environments are the canvas of their culture, but does the investment pay off?
Research tells us that the key to building your culture strategy is to have employees who feel engaged in what they do and the company they work for. A Hay Group study found that companies with high employee engagement bring in 2.5 times more revenue than companies with lower levels. Successful agencies have figured out that employees who feel involved, recognized and who are clear about the company’s purpose earn more business for the company. Further, when people are happy where they work, not only do you retain talent, which is costly to find, but clients want to work with happy people too.
So how do you engage employees? According to Gallup’s Building a Culture That Drive’s Performance Study (2019), it begins with the company’s purpose. However, only 41% of those employees polled by Gallup agree that they know “what their company stands for and what makes it different”. With the crowded competition in the industry, it’s more important than ever to be clear about the agency’s purpose, the values that drive it, and the differentiators that contribute to success. It makes employees feel their job is important and it has a direct consequence on everyday work.
Laura Boone, principal at Turnerboone Commercial Furniture and Forbes’ Small Giants recipient says it best: “There’s so much more to the office than simply being a place where we work. It’s also where we celebrate, collaborate, connect and grow as an organization.” Understanding our companies’ purpose and goals, and making people feel tied to the outcomes, can have a significant effect on revenue management. Celebrating team successes, rewarding exceptional work, and holding events and having a workspace that brings everyone together are the types of experiences that resonate with people, help them be more creative and inspired in their jobs every day.
Peter Drucker, management consultant, educator and author famously said, “Culture eats strategy for breakfast”. Be sure you take steps to ensure your agency culture is on a solid footing, having a clear vision of purpose and tangible ways to bring people together to result in a united workplace and thriving businesses.