“5 Things You Should Do To Create A Fantastic Work Culture” with Steven Uster of FundThrough
We, as a society, should focus on giving employees the tools they need to succeed. We like to do that through innovative technology. There are so many apps out there help us stay connected, even if we are not always in the same physical location. I think it’s important that no employee feels isolated in their work. We always encourage our team to connect and bounce ideas off of each other. It’s important to listen to one another and grow as a team.
I had the pleasure to interview Steven Uster. Steven is the Co-Founder & CEO of FundThrough, an invoice funding service that helps business owners eliminate “the wait” associated with payment terms by giving them the power and flexibility to get their invoices paid when they want, with one click, and in as little as 24 hours. Launched in 2014 FundThrough has quickly become one of Canada’s leading fintech start-ups, funding millions of dollars in invoices every month. Prior to FundThrough, Steven was an investment banker in New York at UBS and Centerview Partners. Steven has an MBA from The Wharton School and a Bachelor of Commerce with Honours from McGill University, where he was a Loran Scholar.
Thank you so much for joining us Steven! According to this study cited in Forbes, more than half of the U.S. workforce is unhappy. Why do you think that number is so high?
I think employees are unhappy because they don’t feel empowered to make decisions. Too many managers and executives are constantly micromanaging, so employees feel stilted and underappreciated. Also, I think many employees often can’t see the tangible impact of the work that they’re doing. They aren’t given the scope to fully understand the big picture of their project.
Based on your experience or research, how do you think an unhappy workforce will impact a) company productivity b) company profitability c) and employee health and wellbeing?
The number-one asset for any company is people. If you can’t keep your staff motivated and excited, everything will be much more difficult. It will become a clock-in, clock-out type of job, employees will become dissatisfied, and productivity will drop. As productivity drops, so will profitability.
For me personally, I love it when employees think of FundThrough as an owner would. My employees are invested in the long-term well-being of the company. They think more broadly than their specific role, and we really grow from that. As a group, we are so much smarter than an individual. We hire smart people, motivate them, and inspire them with our vision and mission. Then we encourage them to create and innovate. As a result, my employees have reported feeling happy, motivated, and fulfilled.
Can you share five things that managers and executives should be doing to improve their company work culture? Can you give a personal story or example for each?
- Give regular informal and formal reviews and feedback sessions. I have made this a priority and make it a point to connect with each of my employees as often as possible.
- Have attainable, specific metrics so people know when they are doing well or not doing well. By setting a standard in place, the employee can have a clear understanding of what is expected. They also understand that their rating is not subjective.
- Reiterate constantly what the vision is, and why everyone comes to work each day. If you can give your employees insight into the bigger vision, it can really help keep them motivated and excited to come to work.
- Show appreciation to employees. We like to celebrate birthdays and enjoy each other’s company. About once a month, we have a company night out where we will go to a baseball game, arcade, bowling alley, or another fun local hang out.
- Don’t micromanage. I believe in hiring smart people that you can trust. If you give your employees a little room to grow, you’ll be amazed at what they can achieve.
It’s very nice to suggest ideas, but it seems like we have to “change the culture regarding work culture.” What can we do as a society to make a broader change in the U.S. workforce’s work culture?
We, as a society, should focus on giving employees the tools they need to succeed. We like to do that through innovative technology. There are so many apps out there help us stay connected, even if we are not always in the same physical location. I think it’s important that no employee feels isolated in their work. We always encourage our team to connect and bounce ideas off of each other. It’s important to listen to one another and grow as a team.
How would you describe your leadership or management style? Can you give us a few examples?
Give the employees the tools they need to succeed, empower and encourage them regularly and stay engaged. I like to check in with my team on a regular basis, but I make a point to avoid micromanaging them. While I stay involved in the project and hold my employees accountable, I like to give them room to grow. I trust them to come to me with problems if they need help.
I also encourage open lines of communication. My employees are incredibly smart, and I love hearing their ideas.
How have you used your success to bring goodness to the world?
I am proud to have created jobs for my employees and support them in their careers. Additionally, we help small and medium-sized businesses bridge cash flow gaps every single day. Waiting for invoices to be paid and struggling to make ends meet in the meantime is one major issue for many business owners. I like knowing that I can help make those entrepreneurs’ lives just a little bit easier by helping to solve that major problem.
