Until the economic value of an employee’s skills, experience and knowledge appear on the balance sheet, management teams’ motivation to engage dissatisfied workers and imbue them with a sense of purpose may remain highly variable.
That’s despite studies like the one from Indeed and the University of Oxford’s Wellbeing Research Centre this year that link high job satisfaction and employee well-being with higher company valuations, returns on assets and profitability.
Fortunately, some companies are making the connection. ITech AG, an Arlington, Virginia-based tech consulting firm to federal, state and local governments, underwent an 18-month-long cultural transformation project two years ago. The goal: to strengthen the company’s core values and create a workplace genuinely aligned with the company’s business strategy and vision, according to iTech AG CFO Marvin Soward.
To learn more about the kind of culture the 157-person organization strives for, we spoke with Soward, a veteran finance executive with experience in the technology, payments and banking sectors. He joined iTech AG in 2017 as director of finance and operations. Named CFO last March, he oversees HR, marketing initiatives, customer contracts, project controls and finance.
From your perspective as iTech AG’s CFO, what is the value of prioritizing company culture and the employee experience?
A genuine and well-developed company culture is invaluable and starts at the leadership level. When leaders promote innovation, collaboration and a shared vision, it sets the tone for the entire organization.
As CFO, I’m uniquely positioned to allocate funds and determine the most impactful areas. Company culture is one critical area of impact; retaining and attracting top talent is vital for our continued success. We embrace learning, pursue excellence in every endeavor and emphasize integrity, trust and collaboration.
To foster a positive culture, our team engages in monthly coffee status meetings; recognizes other team members company-wide for above-and-beyond contributions through a program called iSee You; and participates in Roadshows, in-person events where remote iTechians work together and take part in fun team-building activities.
Investing in resources and ideas that emerge from culture-building efforts is a cornerstone. Our culture thrives on collaborative and open communication, supported by an open-door policy that welcomes genuine feedback. In my opinion, companies must lead with authenticity and place company culture at the forefront of the business so that when employees speak of the company, they do so with pride.
You’ve grown with the company and made it to the C-Suite. What are the benefits of seeking to promote from within?
The benefits are tremendous for both the company and the individual. For the company, it ensures continuity, a deep understanding of operations and invaluable earned insight. Long-term employees bring established trust and a proven track record. It’s one thing to read a résumé and another to witness professional growth firsthand. Additionally, these employees’ familiarity with the company’s culture and processes mitigates the learning curve, leading to immediate efficiency and productivity.
On the other side, for employees, internal promotions are a career milestone and a powerful motivator for peers. When employees witness their colleagues’ promotions and successes, it boosts morale and cultivates a sense of empowerment, creating an environment in which employees can envision their own growth. This atmosphere of celebration and support provides a clear blueprint for advancement, encouraging them to pursue excellence with the confidence that we’ll recognize their efforts.
Ultimately, promoting from within is a win-win: The company gains a leader who understands the business, and the employee enjoys a rewarding career path. As a CFO, I think those numbers add up just right.
Does your approach to decision-making as CFO reinforce the new culture in any way?
My broad experiences have given me a bird’s eye view, leading me to a holistic decision-making approach and a strong appreciation for innovation. Many CFOs rely on predictable, safe decision-making. My varied experience creates a more proactive and comprehensive approach, enabling me to balance financial discipline with swift, effective decisions that drive iTech AG forward. I keep sight of the numbers while aligning with the company’s strategic direction.
However, team members play a critical role. I’ve learned the immense value of empowering those around me. By embracing a collaborative style, I ensure team members are inspired and can share their unique perspectives. That leads to well-rounded decisions.
