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You can come up with proven supply chain solutions, master new product development and know how to cut through regulatory red tape, but it’s your people who turn business plans into action items and sales goals into revenue streams.
“To fuel growth, satisfy customers and sustain a competitive advantage, companies must prioritize not only their technology, products, processes, facilities and equipment, but also their people, who are their most valuable asset,” said Jody Gilmore, President and Business Unit Director of Orthopedics at Elos Medtech. “They must be developed, nurtured and empowered in the best possible way.”
Gilmore shared her insights as the moderator of a BONEZONE webinar that explored ways orthopedic companies can develop a workplace culture that attracts, drives and retains top talent in today’s competitive marketplace. She was joined by Meg Crosby, Co-Founder and People Strategist at PeopleCap Advisors, a consulting firm that teaches organizations how to unleash the full potential of their employees.
Crosby pointed to six imperatives of a successful people strategy for creating a healthy organization that’s primed for sustained success.
Sharpen focus. Drill down to the vision and strategy of your organization and set specific goals based on what the business needs to achieve. Then develop the composition and cohesion of your leadership team based on current goals.
“Structure follows strategy,” Crosby said. “Leadership teams should reflect the organization’s direction.”
For example, a company that’s focused on new product development should have a technology leader in place to help the team reach design and development goals.
Calibrate culture. Define the culture your organization wants to incentivize to achieve its overall business strategy. Crosby pointed to three steps that create a world-class work culture: Define it, demonstrate it and reinforce it through processes and communication within your organization.
The most difficult — but arguably the most important — next step is to defend your culture, according to Crosby. “That demands relying on your company’s culture when making decisions, whether that involves starting a major strategic initiative or making a new hire. Decisions made through a cultural lens align with your company’s core beliefs.”
When considering a merger or acquisition, determine if the company you’ll add shares your values. Do the same when taking on new investors and adding them to your advisory board. A new investor who doesn’t share the same values as your company can be disruptive.
“These are big decisions and culture plays a big role in helping you make them,” Crosby said.
Instead of evolving your culture, look to calibrate it. “Culture can adjust and evolve in small movements to business changes,” Crosby said. “The values of your company lend themselves to being redefined as long as they resonate with the pillars you’ve already established.”
Elevate talent. Consider filling in talent gaps by promoting from within. When leveling up employees into leadership positions, be thoughtful about how long it takes them to grow comfortable in the roles. Setting clear expectations, providing one-on-one coaching and giving constant feedback are important ways for these employees to learn the skills they need to become effective managers.
Your efforts will pay off in the long run.
“Studies have shown that companies get the biggest bang for their buck by investing in the people who make up middle management,” Crosby said.
Strengthened leadership. Crosby said it’s important for companies to develop the next layer of leadership as they scale their teams and business. This often involves promoting strong individual contributors into leadership positions.
Take steps to avoid outscaling your leaders as more employees join the team and individual responsibilities increase. “Growing companies must recognize all levels of leadership and ensure the people in those positions have the right skill sets and mentorship to evolve as leaders,” Gilmore said.
Aligned structure. Gilmore said your company’s structure must provide a purpose and follow the rationale for how you want it to evolve. “A corporate structure is not a fixed entity,” Crosby said. “It should be dynamic and shift as your company’s strategy changes over time.”
When forecasting for the future, decide how the organization will achieve the goals you set. Do you need to make the company more nimble? Are people with the right skills and experience in place to bring the company to the next level? Answering these questions will help you set a course for success.
Amplify communication. Determine what information you want to provide to your team and how you want it to flow through your organization. Ensuring that your communication methods are sound and that everyone is on the same page is an essential part of strong leadership.
Make sure all communication is infused with your company’s culture and that you’re always reinforcing cultural pillars, Crosby suggested. “Use your company’s values and culture as a litmus test for the messages you’re sending out, and make sure they align with both,” she said. “Speak in a language that’s congruent with your culture and make sure you’re reinforcing cultural pillars at all times.”
Effective communication in the workplace must involve more than top-down messaging. Put two-way methods of communication in place — employee engagement surveys or periodic check-ins with middle managers — to understand what’s happening on the frontline.
“You’ll better understand what’s happening with your customers through the voices of the people who deal with them directly,” Crosby said.
Cascading communication is a best practice that’s easy to employ, according to Crosby. It involves dedicating the last five minutes of leadership and staff meetings to recap what was discussed, agree on the talking points and decide what needs to be communicated to the rest of the team — and what should remain confidential.
Here’s a useful tip: Write the take-away points on a whiteboard and have team members in the meeting snap a picture of the board with their cellphones. They can then craft an email in their own words that hits on the key points that need to be communicated to the rest of the staff.
Working in the orthopedic industry demands adapting to a fast-paced work environment and having an entrepreneurial mindset. “Things move very fast, and it’s easy to get absorbed in the whirlwind,” Gilmore said.
Still, never lose sight of the importance of applying these six elements of a successful people strategy. A consistent and dedicated approach will help your team reach its goals and create solid organizational health that will move your company forward.
