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How Redefining Your Core Values Can Benefit Your Business

As the new year momentum continues, it can be beneficial to review the core values of your business to see what you can amend and improve upon. Redefining your business core values to make them significant and actually mean something to your staff, partners, and customers can play a monumental role in the way your company is seen and how others relate to your brand.

A source for Harvard Business Review, who has helped companies refine their corporate values for over one decade, states that bland or meaningless values can damage the credibility of the company and alienate employees. To prevent this, revisit your current core values, find room for improvement, and take the following steps to redefine them.

Review Your Current Core Values

To start, re-familiarize yourself with the current corporate values you have established. Are they still relevant, achievable, and actually being implemented? For example, if one of the values is transparency, do your firm’s daily operations reflect that goal? Does information freely flow from top to bottom and in reverse? Are you open and honest with your investors, business partners, and clients about any issues, roadblocks or failures?

Remove any core values that are no longer important to your brand, don’t say anything about your corporate identity, or are simply impossible to achieve.

Survey Your Team

An organization is made up of the team members employed there; therefore, it can be beneficial to survey your employees to find out what their personal values are. If you able to align the personal beliefs and values of your staff with your business values, you can create a better corporate culture and overall working experience for your team.

Send out an email or online survey and ask employees to write down three to five personal values that matter to them. Review these answers and narrow down the top five to 10 choices based on popularity, significance, and relevance to your brand.

For example, if the majority of your staff value sustainability and the green movement, you may consider adding an eco-friendly component to your company’s philanthropic efforts. This can increase employee loyalty by supporting a cause that is important to them, and also start to promote your brand image with a new and important initiative.

Implement the Newly Established Core Values

Once you remove outdated and irrelevant values, and have worked with your staff to come up with meaningful new principles, you must create a plan to implement them. Core values must be ingrained in every decision and practice of the organization because they are the foundation of the brand’s identity.

If you added honest communication as a core value, for example, consider investing in training that would improve the communication skills of your managers and other staff members. Teaching them to better read nonverbal cues, actively listen, and understand difference in multicultural communication can lead to a more productive work environment.

Redefining your core corporate values can unite you with your clientele, partners, and employees by exposing the main principles that define your company and creating common goals for all staff to follow. Revisit your business’ core values while you’re still riding the momentum of New Year’s Resolutions and betterment initiatives!

Is Offering Unlimited Paid Time Off Right for Your Company? A Top 5 Pro and Con Review

Offering employees perks is no new concept. Many companies offer great benefits, 401k options, and discounts on everyday purchases through employee rewards programs. For many companies offering perks to employees has been a major selling point when they aim to recruit some of the best talent. But what about offering employees the perk of unlimited paid time off? While this may sound crazy to some, many companies are starting to offer this amazing benefit. But at what cost? In this post we will review 5 Pros and Cons of offering employees unlimited paid time off

1. Pro: Morale Boost

Boosting and maintaining morale is one challenge that every employer faces. Offering an incentive of essentially “unlimited” vacation time at an employee’s disposal is a major draw of talent who may be swayed by other companies offering great benefits packages. Offering and supplying unlimited paid time off is an instant morale boost.

  • Con: Employees may take advantage. While employees would “assume” people would follow the norm of 2-3 weeks off a year, plus a given day here or there, they must be ready to have practices in place if an employee decides unlimited time off means “unlimited.”

2. Pro: No Rush to Take Unused Time

We have all been there. End of year or end of cycle where paid time off is available to be used and we are rushed to use that time before it gets cashed out or blocked by accrual caps. By offering unlimited paid time off, employees are less likely to bank and dump that time. They may spread the time out, take smaller chunks of time off, and use the time when things come up, rather than use it at the worst time or because they were forced to.  

  • Con: No rush to come back. One downside is that once the employee’s foot is out the door, they may be no rush to get that foot back inside. One major risk is some employees may take advantage of this policy or skip out of the office for larger chunks of time. Some employees may come and go so often that it starts to impact their work and those who rely on them.

3. Pro: Monitoring Gets Easier

Human Resources (HR) costs and managing of employee’s time off can be daunting, tricky, and costly all in itself. Watching employees’ time so they don’t abuse it comes at a price. With unlimited time, HR doesn’t have keep track of  how much personal time, sick time, accrued time, etc. so closely.  Some numbers suggest that an unlimited vacation time policy saved companies over 50 hours a year in administrative time.

  • Con: Implementation is tricky. For those employees who have been with a company before an unlimited time off policy goes into effect may be impacted by the banked hours they were able to keep. For many “old timers” who leave they may want to cash out their hours for cash. Those folks would need to be considered if “paid time off” became non-monetized in value.

4. Pro: Less Employee Overhead

Consider all the overhead of housing employees throughout the year and the cost associated with each employee being in the office each and every day. By offering unlimited paid time off, employees may become more efficient, happier, and do not waste as much time in the office because they are tied to a “schedule.” By allowing employees to go when they need, they reduce wasted time, energy, and overall overhead costs.

  • Con: Lack of face time. Employees that are out of the office tend to not be as visible. Therefore, offering unlimited paid time may be a dip in important face time with their colleagues and business partners. If companies rely on face time and presence, this option may put a damper on the party.

5. It Sounds & Looks Good

How good does “unlimited paid time off” sound? It sounds like a perk nobody could pass up, like  freedom for employees, and like it is almost too good to be true. Bragging about this option would make a company sound great to work for and seem very forward thinking.

  • Con: Performance can be bad. One downside with giving employees complete freedom is that for those that may take advantage, could leave a company in worse shape. Performance could go down, which may ultimately impact the overall strength of the company. Having one bad apple may ruin it for the whole barrel.

While there are many pros to offering unlimited paid time off for employees, companies must also think of the other side of the coin. By offering employees such an amazing perk, a company could be positioned to increase productivity, morale, and overall appearances. However that can also be the exact opposite if not implemented correctly. By understanding the above 5 pros and cons, companies can now consider if this is a right move to make at the current time.  By going in this direction, the innovative approach to employee benefits could also impact the company’s interests.

Should You Allow Pets at the Workplace?

As a business owner, there are a lot of decisions you need to make about the best policies for your office. You may offer your employees unlimited vacation, the option to telecommute to work, or free lunch. Another benefit to consider offering your staff members is a pet-friendly office environment. Although this may seem counterproductive to running a successful operation, it’s becoming more common for business owners to allow staff members to bring their pets to work. Is a pet-friendly office right for your business? Consider the benefits that pets can offer to your team members, such as:

dog_blogLower Stress Levels

The workplace is a fast-paced, demanding environment, which creates stress for working professionals. Forty percent of workers stated that they were very or extremely stressed out on the job, and 25 percent said that their work was the number one cause of stress in their lives. The effects of stress on the body are well-known: high blood pressure, sleep problems, weight issues, diabetes and heart attacks.

One effective way to fight stress is to create a pet-friendly office where employees are allowed to bring in their cats and dogs. A 2012 study found that employees who brought their pets to work reported being less stressed out throughout the day.

Dogs have been proven to reduce levels of cortisol, which is a hormone that is responsible for stress, while raising the levels of oxytocin, the “love hormone,” which causes happiness. A 2001 study found that pets can lower blood pressure levels that are caused by mental stress.

Improved Communication

Employees must be able to effectively communicate with each other, ask each other for help, and create a support system in the office. However, most professionals are too busy with their responsibilities to get to know their colleagues.

Bringing pets to work has been shown to increase interaction between employees. “When I first took the job, I often learned the names of the pets before employees, and it helped me build a bond with everyone,” stated Lisa Conklin, public relations manager for Replacements, a dinnerware retailer.

When a team is able to communicate effectively, they are more efficient, productive and happier. This benefits business owners with a better corporate culture, higher employee retention rates and additional profits due to increase productivity.

Work/ Life Balance

Employees are increasingly demanding a better work/ life balance amidst the longer work  hours common in the US. A pet-friendly office helps to improve that balance by allowing staff members to bring their beloved pets to work. A long day at the office does not seem so bad when your employee’s canine best friend is next to them. Additionally, it takes away the burden of hiring dog walkers or worrying about pets being alone for extended periods of time.

Set Policies When Allowing Pets at Work

If you believe that allowing pets at work could benefit your business, it is advantageous to create rules that all employees must abide by. First, the office should be pet-proofed, which means all loose wires must be hidden, small objects must be removed from lower surfaces and all doors must be closed at all times.

Second, a pet policy should be adopted that allows only well-behaved and friendly pets to be brought to work. For example, a dog that is prone to barking will only distract your workers instead of increasing productivity.

Third, find out if any of your staff members have allergies to pets. If this is the case, they may agree to take allergy medications; however, that must be discussed before pets are allowed on the premises.

If you could benefit from more advice on managing a business, click here to find seven tips to small business success.