A Workplace culture in an employee-owned company is not much different than in a traditionally owned company. Your company doesn't have to provide literal "employee ownership" or stock options to establish a workplace culture of ownership. Your actions as a leader are what counts.
You can take small actionable steps to develop that sense of pride, commitment, and psychological ownership within your team.
Below we have listed 5 ways leaders can help increase that ownership mentality within their organizations and unleash the entrepreneur inside every employee.
To illustrate the benefits of an ownership culture, we wanted to share a video clip of some of our employees here at SRC (our holdings company and sister divisions) talking about what it means to be an owner (as you know, SRC is an employee-owned company), but these comments aren’t about stock value or monetary rewards; they’re about genuine pride and commitment to a company they can help build with their day-to-day actions.
Crafting an Ownership Culture at SRC
In addition to the video, we wanted to share a “Top 5” list of ways you can increase ownership culture and motivation in your company.
Then, we ask you to provide some examples of how you build ownership at your workplace.
1. Recognize, Recognize, Recognize
A pat on the back (especially from your superior, goes a long way). Creating an ownership culture means recognizing on-the-job successes and celebrating the wins.
This improves employee morale and motivates them to feel like they are truly part of something, which inturn leads to them taking ownership at work for what they say and do.
2. Ask for Others' Opinions & Let Them Make Decisions
We get buy-in from employees on all our major annual plans (called High-Involvement Planning).
After all, the key to playing the Game is for employees to think, act, and feel like owners. A strong sense of ownership comes from making decisions and having a say in the outcome.
3. Show Respect (to Every Employee)
One of my favorite quotes is, “I judge a leader based on the way they treat their subordinates.”
The values of leadership and ownership culture are inseparable. Regardless of how long they've worked at the company or what position they hold, show respect.
4. Show Employees How They Can Make an Impact
If you have ever wondered how to implement ownership culture in a workplace we suggest you start by educating your employees. One of the three pillars of the Great Game is "educating" employees. Showing your workers how their roles connect to the organization's larger vision will allow them to see the bigger picture.
This will help them gain an understanding of how important their actions are to the company's success. You can start with some basic open-book training to get the creative wheels turning.
5. Maintain a Great Company Image
Nothing is better than hearing something good about your workplace and having that moment of, “Hey, I work there.”
How do you build a sense of ownership in your company's culture? You will be amazed at how the ownership culture and the impact on customer retention show through your organization.
By sticking with these leadership strategies we bet you will find the benefits outway the challenges of ownership culture in your business.