Creating a culture that allows an organization to reach its peak potential, while also providing an environment where employees feel free to bring their best selves to work, doesn’t happen by chance. It’s an evolving landscape and the work is never done.
If a company’s organizational structure, systems and processes make up its hardware, its culture and behaviors are the software. Both elements have to work together as a single system for the company to achieve its purpose and ambition.
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This is as true for businesses in the wealth management industry as it is for any other — in fact, one could argue that with financial advisers often spread out over a large geographic area and often being the face of your firm in their one-on-one interactions with clients, maintaining a strong and cohesive culture is of paramount importance.
At Edward Jones, culture is our heart and soul, an amalgamation of our purpose and values brought to life through our thoughts and our actions. Firm culture manifests itself in the way we show up, think and act. In many ways, it’s like a tree. Our history, core values and purpose are the roots of that tree; these elements are constant and position us for strength. Above the ground level are the ways we work, think and act — and these things will evolve over time as we bring our purpose and values to life in service of our clients, colleagues and communities.
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A great example of this structure in action took place over the past year, with the arrival of the COVID-19 pandemic. When the world changed, seemingly all at once, the leadership team had to make a series of big decisions with wide-ranging ramifications and that had to be done quickly. The firm also had to wade through information that was evolving quickly and sometimes conflicted with other information. We had to lead without a playbook and without the luxury of time.
This is where our clear sense of purpose made a huge difference. When decisions are made through the lens of purpose and principles, it’s possible to move quickly and trust that the decisions being made are the right ones for all of your key stakeholders. In a very short period of time, we changed many of the ways we do business every day so that almost everything could be done remotely.
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It wasn’t easy, especially for a firm that emphasizes close, personal relationships with its clients — relationships that are traditionally built on in-person conversations. But we strived to not miss a beat in terms of our ability to serve our clients, who really needed us to be there for them during a very turbulent time.
During an unprecedented event such as the pandemic, it’s important to ensure that associates are feeling supported at all times, and that can be done in a number of ways — for example, offering additional paid time off, waiving deductibles for the treatment of COVID-19 and providing guidance for families struggling to balance childcare, at-home learning and work. In addition, we provided our financial advisers the tools they needed to stay connected with current and prospective clients virtually.
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Looking at the impact of the pandemic more broadly, it has truly amplified and reinforced the role of business in society. It has also increased understanding that businesses need a prosperous, healthy society to sustain themselves — and that we have a role to play in supporting that society through a purpose that goes beyond profits. While there’s a lot about the future we don’t know, we can say with confidence that leading with purpose and culture will generate the best results for all stakeholders.
