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The Power of Family Culture in Business: An ABACORP Success Story
At the core of every thriving business is a robust sense of community, reminiscent of a tightly knit family. This isn't a mere coincidence, but a conscious cultivation of what's often referred to as a "family culture." The concept of family within a business setting goes beyond just an organizational structure; it encapsulates shared values, mutual respect, and a commitment to collective growth. ABACORP CNC Machined parts has flourished by integrating this family structure into our operations. For the past 30 years, owners Rob and Kim Frankel have prioritized their team members and their families. Over the last decade, we've implemented strategies that have significantly boosted our company morale. At ABACORP, you're not just a team member; you're family. We genuinely care about our team members and their families. As President Kim Frankel recently expressed, “My primary goal for the past 30 years has been to support the families in our company and our community. It is the reason I’m still doing this.”
Our recent team member survey yielded an impressive average score of 4.9 out of 5.0, with ABACORP being rated as an excellent place to work. This annual survey allows every team member to rate their manager and the executive team, providing us with valuable feedback on how we can improve. Alongside this high team member satisfaction, we've also seen a significant increase in our production and team member retention. Despite our revenue doubling over the past five years, our shop efficiency rate has improved from about 80% to 92%. Our team member retention rate has also seen a substantial increase of 15%.
Cultivating a family culture within businesses is crucial for our continued success. A strong family-like environment enhances morale, promotes loyalty, and fosters a sense of belonging among team members. It also cultivates resilience, as individuals feel supported during challenging times, both personally and professionally. This leads to higher team member satisfaction, improved productivity, and enhanced overall performance.
Building a Family Culture in Your Business
Creating a family-like atmosphere within a business requires intentional effort and commitment. Here are five strategies to foster a strong family culture within your organization:
1. Shared Values and Mission: Establish and communicate clear values and a mission statement that will resonate with team members on a personal level. Encourage alignment with these principles and emphasize their importance in guiding decision-making processes. Kim and Rob engage with every team member throughout the year to discuss not just business goals but personal and family goals, exploring how ABACORP can support their aspirations.
2. Open Communication: Foster an environment where every team member feels heard, valued, and respected. Encourage dialogue at all levels of the organization and provide opportunities for feedback and collaboration. ABACORP maintains an open-door policy, allowing any team member to voice their concerns directly to the owners. We also conduct monthly team leader meetings to assess the culture within each department and explore ways to improve. We have a yearly survey which includes rating their direct manager and executive team. They are encouraged to include where they would like to see the company improve. If they choose this survey can be anonymous.
3. Recognition and Appreciation: Regularly acknowledge and celebrate individual and team contributions. Recognize not only professional achievements but also personal milestones and acts of kindness. ABACORP hosts monthly team lunches to celebrate professional and personal accomplishments, fostering a culture of appreciation and reinforcing the sense of belonging.
4. Invest in Development: Prioritize team member development by offering training, mentorship programs, and opportunities for advancement. At ABACORP, we invest significantly in team member training and demonstrate a genuine interest in the well-being and career progression of each team member, fostering a supportive and nurturing environment.
5. Promote Work-Life Balance: Recognize the importance of maintaining a healthy balance between work and personal life. At ABACORP, we schedule our work around specific holidays to maximize time off for team members to spend with their families. We also accommodate team members facing medical issues, ensuring they can manage their health while still supporting their families.
The concept of family culture within businesses is not just a sentimental notion but a strategic imperative for long-term success. By fostering a sense of community, shared purpose, and mutual support, we can create environments where individuals thrive, relationships flourish, and collective goals are achieved. In a world where traditional family values are increasingly scarce, businesses have the unique opportunity to fill this void and emerge as beacons of unity and resilience in the corporate landscape.
