Employees are the lifeblood of a company – they can make or break an organisation’s success. That’s why hiring the right people is so important: they need to be a good fit with the company’s culture, their work ethic should match the organisation’s, and they should be passionate and good at what they do.
But once you find such individuals, it is equally important to keep that passion and motivation going. Innovation and investment can help you do just that.
Why does staff morale matter?
Low staff morale can be extremely damaging and costly for businesses.
Employees that have low team spirit, or no faith in the organisation, will struggle to give their best to their jobs. This is especially apparent during times of crisis, when employees need to put in their best to help a company through a tough period. Demotivated employees will also find it hard to perform their day-to-day tasks with maximum efficiency – and innovation may be a distant dream.
If morale drops too low, then team members may leave the organisation in search of better opportunities and a greater chance at growth. This means the company ends up forfeiting the time and money invested in that individual’s recruitment and development, and having to pay it out again on the next person.
And, when you add in the reduced productivity caused by the breaks in continuity high staff turnover creates, an important question is raised: can businesses afford to not invest in staff morale?
Increasing staff morale through a culture of innovation
A great way to increase staff morale is through innovation. A recent survey by Deloitte Touche Tohmatsu Limited (Deloitte Global) found a strong connection between innovation and millennials, who are the new generation of the workforce. More than 60% of Millennials believed that innovation is not a spontaneous process but is a product of formal systems that allow a creative mindset to flourish. The study found that most millennials sought out organisations with breakthrough ideas.
Innovation is also a great way to sustain a high level of employee engagement. Job satisfaction depends on a combination of factors, including how challenged an employee feels in their role and the intrinsic and extrinsic rewards they receive (or perceive to have received) for fulfilling that role. Monotonous jobs are likely to yield lower intrinsic rewards and employees may move organisations to find more challenging roles that allow them to grow.
And there’s more – being an innovative company attracts the best staff. Employees want to feel a part of the company mission; they want to believe that their efforts are creating long-lasting change. The same study by Deloitte showed that millennials want to work with companies that are trying to change the world for the better. Making innovation an integral part of your business strategy and culture can help attract a talented workforce and keep them motivated to reach company goals quicker.
Supporting innovation by making the right investments
But for an innovation-centric culture to take root, the right work environment needs to be in place. People need to feel connected, valued and looked after. Here are some areas where investment will help create a work environment that supports an innovation-centered corporate culture:
Workspace – Designing your workspace in alignment with your corporate culture is important. Google offices always have some element of play: Google Venice has a climbing wall while Google Zurick has slides, all of which encourage employees to kickback and innovate in playful ways. Most companies now go with open-plan offices to encourage collaboration, conversation and transparency. A beautiful office can make coming into work on Monday more attractive!
Corporate retreats – Encouraging team building outside of the workspace is important for a number of reasons. Corporate retreats allow employees to relax and bond on more significant levels than just work; plus it boosts their focus and makes them feel valued by the company. Do not underestimate the value of a corporate retreat, as a well-bonded team is more likely to deliver the innovation your company needs.
Technology – There is no doubt that technology is transforming the way we work, and staying up to date with those innovations can help ensure a happier workforce. Why not use cloud-based apps, for instance, to allow employees the flexibility to log in and work from anywhere, giving them greater control over how they shape their day? Use project management tools and communication platforms that make collaboration between departments easier and keeps everyone up to speed with what is going on.
These are just some of the areas you can invest in to show that you truly care about innovation and about the wellbeing of your employees.
A Business Focused Procurement approach
Both innovation and employee-focused investment should be an integral part of your corporate strategy and supported by the right procurement approach. A Business Focused Procurement approach is not necessarily about cutting costs – it’s about creating value and maximising long-term profit.
That cannot be done without a happy and fulfilled workforce.
There are several ways in which a Business Focused Procurement approach can help you embed an innovation centred culture and sustain staff morale:
- Placing innovation at the centre of your business strategy – The decision to make innovation an integral part of the corporate culture needs to come from the senior leadership team. Once that decision has been made, Procurement can help engage the right organisational change consultants and navigate all the pit-falls associated with buying such consulting services.
- Recruiting more innovation-minded millennials – According to the previously mentioned Deloitte survey, it may be challenging to recruit millennials as 70% indicated a preference for working independently at some point in their careers. Procurement can help select the recruitment agencies that are most geared up to attracting these candidates, whether that means permanent recruitment or on a contract basis. The survey also concludes that millennials are attracted to companies that show a “commitment to sustainability, improving society, or ethical practices”. Ensuring ethical and sustainable practices throughout the supply chain is an important part of a Business Focused Procurement approach.
- Improving the work environment – Creating an innovation centred work environment typically requires significant inputs from a number of supply markets. Those playful workspaces, the retreat venues and the collaboration technologies all have be sourced from somewhere. A Business Focused Procurement approach will help select the right suppliers and deliver the most value from them.
To find out more about how a Business Focused Procurement approach can make your company more attractive to prospective employees, book a call with our Managing Director, Armand Brevig using the form below.
Related social media posts…
This is an interesting article from @psychscience. Encouraging #gratitude could be the key to increasing honesty from your employees https://t.co/J8UkYFlojf #workplace #leadership
— Armand Brevig (@ProcurementCube) July 3, 2019
