In the latest HCI Webinar, Dr. Jonathan H. Westover talks with Rich Funk about how human capital can differentiate a company in a virtual world. Below is a summary of the main points from their conversation! Check out the full episode and let us know what you think!
Watch the episode here:
Quick Recap
Rich and Jonathan discussed the origins and vision of The Better For You Company's health drink, Boom Chaga, and the importance of a strong sense of purpose in their company's success. They also emphasized the need for a flexible work environment that caters to the unique needs of different employee groups, particularly in a remote setup, and the significance of regular communication and personal connection in retaining top talent. Lastly, they touched on the company's expansion plans, charitable efforts, and the challenges of managing a team across different time zones and cultures.
Boom Chaga: Rich's Journey to a Healthy Snack
Rich shared the origins and vision of The Better For You Company, the company behind the new health drink, Boom Chaga. He explained that his previous experience in consumer goods and his personal health struggles inspired him to create a convenient, healthy snack option that tasted great and provided necessary nutrients. He met his partner, Mark, who introduced him to Chaga mushroom, leading to the development of Boom Chaga, a beverage that guarantees more than half of the daily antioxidants and significant amounts of soluble fiber in every serving. Rich also highlighted that Boom Chaga is the only vegetable or mushroom-based beverage that is 100% oxalate-free, making it beneficial for those with kidney issues.
Human Capital, Quality, and Sustainability Focus
Jonathan praised the company's successful brand and discussed the importance of human capital in a virtual work environment. Rich elaborated on the company's approach to talent, emphasizing the importance of shared purpose, passion, and a supportive work culture. He stressed the company's commitment to maintaining high standards of quality and sustainability, even in the face of financial constraints. Rich also highlighted that the company values hard work and the ability to achieve results while staying within the company's established principles.
Emphasizing Purpose and External Focus
Rich emphasized the importance of a strong sense of purpose in one's work, arguing that excessively internal meetings and processes could lead to a loss of focus and motivation. He advocated for a more external focus, encouraging team members to push themselves and flexibly adjust their schedules to align with the company's objectives. Rich also emphasized the value of in-person interactions, suggesting that regular meetings, even if infrequent, could help build trust and a shared sense of purpose among team members.
Understanding and Catering to Employee Needs
Rich emphasized the importance of understanding and catering to the unique needs of different employee groups, particularly those in the early stages of their careers who often view work as a significant part of their social and cultural lives. He also stressed the importance of maintaining flexibility, acknowledging that the company's remote operations would eventually incorporate an office to accommodate different preferences. Jonathan concurred, highlighting the complexity of individual needs within different groups and the necessity of a flexible environment to meet those needs. He also shared his own preferences regarding physical touch and his liking for a tight-knit community.
Addressing Diverse Team Needs and Challenges
Jonathan and Rich discussed the importance of understanding and addressing the diverse needs of their teams to maintain top talent in a competitive work environment, especially with distributed teams in a global marketplace. They emphasized the need for a flexible environment that caters to individual differences, and the significance of regular check-ins and open communication with their teams. Rich highlighted the danger of rewarding face time over results, and stressed the importance of passion, flexibility, and understanding the culture they wanted to foster. They also touched on the challenges of managing a team across different time zones, languages, and geographical locations.
Managing Remote Teams and Talent Retention
Rich emphasized the importance of over-communication, flexibility, and encouragement in managing a remote team, particularly in different time zones. He further highlighted the necessity of being clear about time differences and appreciating the team's efforts. Jonathan then asked about the key factors that drive top talent retention, to which Rich responded that a sense of purpose and the value of the work done were crucial.
Talent Retention and Business Expansion Strategies
Rich emphasized the importance of retaining talent by fostering a culture of monetary and non-monetary incentives, personal connection, and growth opportunities. He also stressed the need for flexibility, especially in a virtual setup, to maintain high-quality employees. Rich's company, Boom Chaga, aims to expand nationally and internationally while supporting their charity of choice, St. Jude.
Listen to the webinar here:
