Exploring the Integrated Stakeholder Ecosystem (ISE), we will first look in depth on its core, the Essential Trio, being the PEOPLE, PURPOSE and CULTURE. Without getting these three elements right, your company might be profitable and relevant today, and even in the next two or three years, but that might not be the case 10 or 20 years from now.
So for those, who want to grow their companies in a sustainable and long-term manner,…read on!
ESSENTIAL I. – The Right and Passionate People
Inspiring…conscious..trustworthy…authentic…servant…passionate….mentor-like…(you name it) leaders are key. Those, willing to put their egos aside, not afraid of a younger manager taking their position and making them redundant. Those able to say “I am sorry” or “I am wrong”, knowing their information is just one piece of a bigger puzzle. Those, for whom to set others for success makes their heart sing. Those, being aligned with the company values and purpose, roll-modelling the desired behaviors needed to create and maintain a safe and creative environment, encouraging innovation and growth. Those being highly emotionally intelligent and mature, able to welcome and respect diverse opinions, knowing there is not just black and white, exploring other color combinations.
Key three recommendations:
- Shift away from traditional and old-school hiring practices looking for the best fit regarding years of experience and other details listed on the over-crowded and usually well-boosted CV. Make sure you find the right people with passion for your product/service and your vision.
- Once you find them, nurture them, develop them and showing them trust, not micromanaging or telling them what to do based on “this is how we have done things until now”.
- Encourage them to share their “gift” with their team and peers, assuring the right succession planning and preventing negative effect in case they happen to leave your company.
THE ESSENTIAL II. – Purpose going Beyond Profit
Another key to creating the foundation for success is to have a well-defined company Purpose going beyond maximizing shareholders value, linked to doing good in the world.
When you think about this part, it is in a way logical or common sense. Most businesses were founded in order to enhance life-quality, enable us to achieve specific desires or solve our challenges. It was the people “leading” the businesses driven by fear and greed that made the public label the companies “evil” later on. Initially, the newly-started-businesses had a purpose, even if an unwritten one. Unfortunately the hunger for profit made many businesses to lose it later on. Therefore stopping to reflect about “What is our ultimate goal we desire to achieve by our company’s existence” is absolutely crucial. Once defined, align it to your business strategy and engaging your employees, making them part of the impact you envisioned to achieve.
Key three recommendations:
- If you have a Purpose statement – review it and check – Is it still correct? In case not – define one reflecting on why was the businesses founded in the first place and what is our ultimate goal or contribution you want to make?
- Communicate your Purpose statement within your business, not only by sending one email to get lost in the over-crowded mailbox, scattered with “urgent” exclamation symbols.
- Align your business practices with your Purpose statement and check – e.g. By closing this deal or acquiring this particular partner are we getting closer or further away from achieving it?
THE ESSENTIAL III. – Winning Corporate Culture
Finally, creating a winning company culture is vital in completing your foundation for growth. A culture that gives and not only takes. A culture, where all people are equal and valued. A culture of trust, transparency, autonomy, integrity, loyalty, care, fun, belonging, learning, ownership and commitment.
Creating such culture goes beyond just renaming of the HR department to “People and Culture” or “People Services”. Achieving a winning corporate culture means creating a safe and fun environment where specific core values are known and lived. It means creating a high-energy and family-like place, where diversity and inclusion are the norm, where failure is seen as the “first attempt in learning” and is encouraged, and where, love and care for each other and for all stakeholders is embraced.
Key three recommendations:
- Understand and assess your current company culture, measuring the gap between the current and ideal one.
- Review the current practices, working environment, leaders, mindsets and the values shaping your culture understanding what changes need to be done in order to achieve a more productive and winning culture.
- Set up a Culture Committee composed by individuals elected by the staff-crowd, having a designated budget and power to make sure the culture DNA is lived by all.
What is your essential trio, being the foundation of your success? Do you master all three areas of People, Purpose and Culture? If not, what are the blockers you are experiencing?
