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. We believe building a great culture is the foundation for cultivating successful relationships with our employees, customers and shareholders.
In FY 2021, we engaged in a new process with a third-party partner to define, develop and measure a cultural blueprint that would help Standex attract, retain and develop the best talent; instill a continuous improvement mindset and discipline across the company; develop processes and systems that facilitate and support achievement of our strategic goals and objectives; and ensure we keep the promises we make to our customers, shareholders and employees.
During the first phase of the initiative (Strategy Phase), we conducted a pulse survey and facilitated two virtual workshops with the Company’s top seventy-five leaders, using an applied framework to identify the most critical dimensions of our desired culture that best enable our journey to becoming a high performance operating company and employer of choice, while creating long-term and sustained growth in existing and emerging markets.
During the second phase of the initiative (Measurement Phase), we launched a baseline pulse survey to a third of our global employees to quickly identify and then prioritize gaps and areas of concern. A full culture survey was developed from this initial data and fine tuned with deeper, more probing questions focused on the areas identified from the results of the baseline pulse survey.
The Culture Survey was sent to all 3,800 of our employees in seventeen languages. There was a 67 % response rate with a total of 3,800 responsive comments.
The results of the Culture Survey were evaluated at the Company, business, region and site location level and were assessed against an external aspirational benchmark. In the spirit of transparency and continuous improvement, Company level results were shared during the Company’s Q3 All Employee Webcast, and business segment results were shared with those segment employees.
Phase 3 of the initiative (Actioning Phase), involved initiating two concurrent tracks of actioning. The “centralized” track focused on actioning the top areas of greatest organizational impact for the Company, initiated by the senior leadership team of Standex, inclusive of corporate officers and business segment presidents. This process included incorporating areas of focus into the Company’s FY 2022 Corporate Strategic Goals. The “local” track focused on business segments, functions and sites independently actioning the top areas of greatest impact unique to their specific survey results.
A follow up culture survey was deployed globally to all employees in February 2022, measuring progress against the 2021 results and comparing results to an external aspirational benchmark. All business segments were required to develop an actioning plan to focus on priority opportunities for improvement specific to their business and to each facility. Progress against goals is reviewed during the Company’s formal quarterly business reviews. Additionally, the results of the 2022 Culture Survey were reviewed on our global All Employee Webcast and discussed as part of the annual talent review with the Company’s Board during the April 2022 Board meeting.
Participation in the FY 2022 survey increased by 8% from the FY2021 survey and a total of 5,900 comments were received. The results were generally similar to those received in FY 2021, with small increases and decreases in varying dimensions. Two business segments saw improvements in every dimension.