7 Ways to Create a Company Culture that Engages Teams and Drives Growth

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Most companies spend a lot of time developing monetary compensation strategies. However, as we collectively embrace more human-centric business practices rather than transactional cultures, it’s time for companies to have a clear strategy for their non-compensation plan.

Although working from home has always been the most common “unpaid” benefit, it has become the norm. As we face the great resignation, companies must be precise and strategic about how they approach their non-paying offers.

Your uncompensated plan is how you recognize and reward your employees beyond monetary compensation. Employees have been increasingly vocal about the non-monetary factors holding them back from switching companies, and even their willingness to take less pay for roles that offer the non-monetary rewards they value.

For entrepreneurs, a successful non-monetary compensation strategy considers two camps: your team’s general sense of belonging to your company and the personal way each employee perceives their value.

Related: How to Create a Compensation Structure That Supports Team and Company Growth

Here are some ways unpaid strategies can come to life in your workplace.

1. Recognition

How to make victory, growth and personal development fun? How to reinforce a culture of gratitude? It feels good to work in a place where small and big efforts are recognized. At our company, we have a #gratitude Slack channel where employees can publicly congratulate each other and share their gratitude for the things in their lives. In doing so, we have created an outlet for our team to connect through celebration as part of our culture.

2. Support

How do you support causes directly related to the experience of your employees? Our Loop & Tie company allows gift recipients to select a gift they would like to receive or give, and we choose new groups to donate to monthly. One of our employees is a breast cancer survivor, so for Breast Cancer Awareness Month she has selected charities that have helped her on her journey. Being able to support her in this endeavor also helps us to encourage other employees to think of ways to support them in causes close to their hearts. This has created a powerful positive snowball effect where other employees can see that the company is there to support them in a personal way.

3. Empowerment and influence

I can’t count the number of times I’ve had candidates and employees tell me how they want their ideas heard and the opportunity to influence the direction of their company. It’s an incredibly powerful non-competitive value for creating a space where people feel heard and ideas are received and implemented, regardless of tenure and seniority. This type of dynamic is mutually beneficial for employees, innovation and business resilience. By creating a space where young and old share ideas that are equally considered, you create a sense of personal commitment to the company and the mission of each employee, because your employees truly feel part of Something.

4. Commitment to career development

In addition to creating a space where all ideas are considered, encourage leaders to publicly praise junior team members, creating a sense of possibility. Everyone expects leadership to be praised and respected, but they often don’t expect the trainee to be recognized. By doing this, you create a space where leaders are empowered to share kindness and coach people while mid- and junior-level talent feels valued, keeping them engaged with the company and motivated to expand their skills. At Loop & Tie, we offer everyone access to “executive” coaching. We want people to feel that when they come here, they are in a place that supports continuous growth and learning, regardless of their title.

Related: How to Achieve Meaningful Career Progression

5. Build meaning

How often do you communicate about the impact of your business? Employees stay at jobs where they not only benefit personally, but where they also feel their work contributes to something bigger than themselves. Regardless of your industry, each company’s existence has an impact beyond what it sells. What is yours and how do you communicate it? At Loop & Tie, we build gratitude through gifts. We show employees the absolute impact of the people using our product. They get a monthly overview of how many people have donated to charity and what charities are doing with that money. We plant trees with every gift shipped so the environment benefits as we grow. Employees can also see reviews from small business builders selling through our platform. We make it a point to show the impact our product has on our global community, the kinds of stats we can all share with our families and feel good about.

6. Advocacy

How does your culture include the friends and families of your employees? Employees are more likely to stay at companies that share their commitment to the people they trust most in their lives. Ensuring your culture serves employees outside of their dedicated work areas creates a strong bond. At Loop & Tie, we have a dedicated Slack channel for people to share moments about their pets and kids and have a silly ritual of creating slackmojis that represent everyone’s kids and puppies. It’s fun how we can include families in such a playful way. We also send gifts to families to celebrate milestones.

7. Play

How is the meaning of play expressed in your culture? A job is easy to quit, but a lifestyle is not. By creating a sense of play in your business, you are creating a fun life to live every day. At Loop & Tie, we have a culture of laughter and learning that goes beyond direct responsibilities. Our team posts silly GIFs on Slack and jokes around in a way that helps new hires feel at home. Team members are also open to sharing their personal development journeys. We meet every Friday to share both our emotions (good and bad) for our jobs and what is happening at home.

Related: Want to Succeed? Enjoy. Seriously.

There are many non-competitive ways to recognize and reward your team. While there is no one-size-fits-all approach, every entrepreneur can start by taking a look at their culture and the workplace they want to create. From there, you can easily identify what your team values ​​and how you can prioritize that through your non-competitive strategies.