Standex is committed to creating and sustaining a culture built on mutual respect, inclusion, trust and transparency, where employees feel valued and supported for the unique people they are, the skills and experiences they bring to the table and the contributions they make.
At Standex, we believe building a great culture is the foundation for cultivating successful relationships with our employees, customers, suppliers and shareholders, which, in turn, is critical to our continued enhancement of stakeholder value.
In early calendar 2021, we engaged in a new process with our external survey partner, CultureiQ, to define, develop and measure a cultural blueprint that would help Standex (i) attract, retain and develop the best talent; (ii) continue to build a continuous improvement mindset and discipline across the company; (iii) enhance processes and systems that facilitate and support achievement of our strategic goals and objectives; and (iv) ensure we keep the promises we make to our customers, shareholders and employees.
The CultureiQ process is a three-phase process involving the use of both broad based and focused surveys as well as leadership workshops to (1) define the most critical dimensions of a high-performance, sustained growth culture, (2) define the gaps between our current state and well-defined benchmarks, and (3) implement a focused action plan to address the highest priority gaps.
As we conclude our 2021 fiscal year and start our 2022 fiscal year, we currently are executing on the third phase of this initiative, in which two concurrent tracks of actioning are taking place. The “centralized” track focuses on actioning the top areas of greatest organizational impact for the company and has been initiated by the senior leadership team of Standex, inclusive of corporate officers and business unit presidents. The “local” track focuses on business units, functions and sites independently actioning the top areas of greatest impact unique to their specific businesses.
Actioning progress will be reviewed regularly with our Board of Directors and our employees. Follow up surveys will be launched in the second half of our 2022 fiscal year to evaluate progress against our actioning goals.