There is a well-worn phrase that people are a company’s greatest asset – but cliches are just that because they are true. People are the beating heart of any organisation, something that has become more evident since the start of the pandemic. And when people thrive, so do businesses.
Research backs this up. Businesses with highly engaged employees enjoy 21 percent greater profitability. They also benefit from higher levels of productivity, lower levels of absenteeism and less turnover: teams that score in the top 20 percent in engagement realise a 41 percent reduction in absenteeism, and 59 percent less turnover.
This shows a direct correlation between performance and empowered employees who feel valued, engaged and inspired. “The ability to empower employees and make them feel engaged and inspired to do their best work comes back to company culture, the importance and value of culture cannot be underestimated – especially in an uncertain and rapidly changing world,” says Nthabiseng Masike, People Lead, South and Central East Africa (SACEA) at Mondelēz International.
People are increasingly prioritising the values and culture of the companies they work at – because culture connects employees to the values of the company. As a case in point: research indicates that people will consider leaving an organisation for one that is more diverse and inclusive, and also that it is one of their main criteria when deciding to join an organisation or not.
“Diversity and inclusion is a core part of our own culture and values at Mondelez. It has been entrenched in the DNA of our organisation, forming part of our hiring processes, performance management and succession planning,” says Masike.
This growing focus on culture and around values such as diversity and inclusion is proving to be particularly relevant in South Africa. A BCG study revealed that South Africa was one of the only countries – in a survey of 209 000 people in 190 countries – where company values rank as the most important consideration for people.
“We are focused on doing what’s right for the business and for our people, but we have seen the impact that shared values and culture can have on business performance and success,” Masike says.
The link between values and value
In this way, values also equal value. A study by Duke University found that the majority of executives see the correlation between culture and business value, with 92% of business executives saying that improving company culture increases company value.
The correlation between culture, people and success is undeniable. This is exactly what makes it so critical to invest in empowering and enabling employees – because this will create a vested interest in the company and help drive the long-term sustainability of both the business and its people.
One of the key ways to empower and engage people is by upskilling them. Learning and development is increasingly important to today’s employees: an IBM study revealed that employees who do not feel they are developing in a company are 12 times more likely to leave it.
More and more, that learning and development happens digitally and is a key characteristic of people thriving as part of the employee experience. The PWC Global Digital IQ Survey found that 86 percent of top-performing companies reported that digital training programmes boosted employee engagement and performance.
“Mondelēz, for instance, has an in-house online learning portal known as Mondelēz International University,” says Masike. “We also leverage powerful portals such as LinkedIn learning, which can be accessed by all employees at no cost to them. What’s more, each year we dedicate three weeks specifically to learning as part of a global approach. All business units get involved to make the learning as fun and engaging as possible, and we measure participation and reflect on our implementation to raise the bar for the next year.”
This is complemented by making offerings that support the virtual working world such as podcasts, videos, webinars more easily accessible. The company also provides a weekly bite-sized resourcefulness guide with a selection of articles and courses covering topics like health and well-being, remote working, personal resourcefulness and collaboration support.
Technology has the power to do more than facilitate various learning activities, however – it also has the ability to drive culture, connection and collaboration even in the age of remote working. The explosion of video conferencing and collaboration platforms has meant that teams and people are able to stay connected even when they are apart, and has allowed leaders and colleagues to check in with each other and maintain bonds outside of the traditional office environment.
“Our engagement platforms work incredibly well, as we have many opportunities to connect across the various platforms,” says Masike.
These are part of broader efforts to prioritise people’s well-being. “We have embraced our new norm by providing even more support that prioritises our people’s wellbeing, focusing on introducing new offerings and giving precedence to mental wellness as a focus point,” says Masike.
Support includes: implementing focus Fridays – where meetings are limited so people can focus on catching up with their work, admin tasks or colleagues – as well as encouraging people to communicate on Teams to cut down on emails, encouraging staff to take leave, providing support to staff going through difficult times, providing financial planning, fitness and nutritional support, and hosting monthly open forums to update people on how the business is performing.
“Focus Fridays have been an absolute winner for the engagement of the entire workforce,” says Masike.
There can be little doubt that workplaces have evolved and changed rapidly – but one thing has remained constant: the importance of people as a company’s most valuable asset. “This makes it critical for businesses to continue to invest in their people’s well-being and development to adapt and thrive in an ever-changing world. This is why we put our people first in every decision we make- because we realise our people are our greatest investment, we do everything in our power to support their careers, their wellbeing as well as their growth,” says Masike.