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06 February 2024 - 3 min read
In today’s world, with the increasing impact of social media, high performing companies do not necessarily only rely on commercial strategies for success, rather the healthy habits within its employees or ‘‘community’’ play an important role too. Companies like Tesla, Microsoft, Amazon, for example, share similar characteristics which go beyond their financial results.
In this blog, we explore the healthy business habits that distinguish these organisations from others but also foster a sense of ‘‘belonging’’ from their consumers.
High performance organisations foster a culture of collaboration where team members have common goals and objectives. This creates an environment which allows for brainstorming innovative and efficient ideas.
Apart from providing the latest technologies for your employees, such as the latest technology, including updated laptops, smartphones, and useful platforms for administration and organisation, these companies allow open communication and make it a habit.
An inspiring vision or leader has become important in maintaining an organisation’s values. Elon Musk (Tesla), Bill Gates (Microsoft), and Jeff Bezos (Amazon), for example, all represent inspiring organizational leaders to their employees. Followed by millions on social media, they also showcase motivating stories that explain how they have built their empires and highlight the meaningful paths to success they have followed to help them keep achieving goals. By showing their own example, these leaders are encouraging the creation of communities where everyone can attain their objectives. To maintain this type of business environment, these organisations promote:
High-performance organisations not only promote an inspiring vision and purpose, but they also show how using clear strategies and objectives can help to achieve them. Communication is not a buzzword, it’s an inevitable priority to have in your organisational culture.
According to insync surveys, over two-thirds of high-performance business employees are clear on the organisation’s strategy. Additionally, 54% of employees should easily be able to refer to organizational goals. This shows that successful the employees of successful organisations contribute to a good understanding and alignment of their working purpose, environment, and goals. Moreover, clarity on the objectives permits employees to participate in setting priorities and making informed decisions. The study suggests that companies should put in place an efficient strategy development process which includes questions to ask, such as:
Answering such questions allows the organisation’s team leaders to analyse their strengths, weaknesses, opportunities, and threats, permitting them to understand the strategies and communicate them efficiently to all employees. This minimizes if not avoids any overcomplications and wastes of time due to confusions or misunderstandings.
According to McKinsey’s report on The Great Resignation, employees report that relational factors such as a sense of belonging or being valued by their organization as most important.
High performance organisations recognise the importance of their employees’ mental health. In most cases, these companies have their own wellbeing programs and resources to support their employees as well as provide a better work-life balance. This contributes to creating an environment where team members feel supported, valued, motivated, and energized.
Moreover, they encourage a culture of innovation encouraging staff to discuss and suggest new ideas by investing in research and development but also staying ahead of evolving market trends. As high performing organisations consider their employees to be their most valuable assets, they invest a lot in professional development, offering continuous learning and mentoring solutions to increase their employees’ individual competences and knowledge as well as reinforcing employee retention, loyalty, and engagement within their community. The adaptability of employees to rapid market changes is what differentiates leading companies from their competition. Business that incorporates flexibility in their DNA are primed for constant success.
Take the example of Citigroup's CEO, Jane Fraser, who has started implementing “Zoom-free Fridays" and encouraging scheduling work calls within working hours to promote work-life balance is. Fraser also highlights the importance of annual leave, granting an extra day off for employees. This initiative came from the CEO’s concerns about employee well-being and burnout along with complaints from junior bankers about excessive working hours.
Another example is a simple approach used by the LVMH Group celebrating World Mental Health Day with their employees, offering counselling, mindfulness sessions, training, and special events. Showing their dedication to employee well-being, through the launch of LVMH Heart Fund in 2021 as part of the LVMH Corporate Social Responsibility (CSR) efforts, they have allocated 30 million euros to provide 196 000 employees in over 80 countries emergency financial aid as well as psychological assistance and global support.
‘‘Motivation will almost always beat mere talent.’’ – Norman Ralph Augustine, US aerospace businessman. Motivation is what drives your employees to success, therefore, it’s important to set a tone of gratitude as well as encouragement. According to Forbes, individuals are all motivated by diverse factors, however, there’s a strong bond between individual performance and organisational success. Thus, it’s crucial to recognize and reward employees in different ways:
Moreover, being considerate and aware of your employee’s financial health is just as important as their mental health. You can set rewards and promotion based on a set of requirements in advance to keep the employee motivated but also to set clear goals, expectations, and results. Additionally, this can avoid any sensitivities, demotivation as well as can avoid the awkward situation when they ask for a raise, and it cannot be provided to them. In the long run, this will strengthen your employees’ trust in you and vice versa as this allows for a culture of fair compensation.
Understanding customers behaviour shifts as well as their needs and wants is what leads to a high performing and successful organisation. In the Middle East, where ‘Customer is King’, meeting customer expectations in a timely manner leads to their satisfaction, trust, and loyalty.
It is vital for businesses to listen to their consumers and continuously seek feedback. This allows companies to identify areas for improvement in their products and services but also permits the customer to feel heard, appreciated and that their voice matters. Think of all the times you’ve been to restaurants, spas, sports academies or even grocery shopping. The small feedback at the end of the experience, is what makes a difference. For instance, inside The Dubai Mall, in the United Arab Emirates, feedback surveys are placed in restrooms to evaluate the service, cleanliness and comfort of bathrooms within the mall.
Furthermore, utilizing data analytics and customer feedback to stay ahead of trends ensures that what you sell remains relevant in the market but also helps you adapt to new and rapid changing trends. This also permits you to stay ahead of competitors in the market.
High-performance organisations distinguish themselves through their mentality, motivation, and dedication to their beliefs. Their healthy habits prioritize an inspiring vision, genuine care for employees, clear communication of objectives, recognition of accomplishments, and a deep understanding of customer needs and behaviour. These habits do not only contribute to their success, but they also create a sense of belonging and loyalty within both their employees and customers, fostering a positive and sustainable business.
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