Hiscox's Bob Thaker on why strong company culture is key to success

Some sceptics regard a shared belief in how things should be done as being so light and fluffy that it should have no weight compared to the overriding goal of making money. I disagree.

So, why are they so important? Because we work in an industry that is entirely based on upholding trust. The idea that we keep our promises is of paramount importance in our business, as we sell customers assurance that we’ll be there for them if, and when, they need our help. We’re asking them to make a big leap of faith.

The fact is that thousands of people working at an operational level in this industry have the power to make important decisions every day which have a profound effect on customers’ lives. So, having a strong culture and values is like giving them a map and compass to help them navigate their way to a sensible destination – happier customers and partners.

For me, it’s best summed up by something Robert Hiscox, former Hiscox chairman, repeatedly told us: “I don’t mind if you lose my money, but I’ll never forgive you lose my reputation.” 

Culture and values cannot be paid lip service to. They can’t simply be etched on stone tablets and delivered down to employees from the executive suite. To really breathe life into them, they must be close to everyone’s hearts. For that to be the case, people must identify with them. To ensure they still resonate, it’s important they are reviewed from time to time, and, if necessary, recharged so they remain relevant to everyone.

Unique spirit

Trying to hold onto the unique spirit and shared sense of purpose that was the secret of their original success is a familiar growing pain for many companies. It’s easy for everyone to know what a company stands for and how it should act when there are only a few dozen people working there. That becomes much harder when the workforce has expanded to a few hundred, or a few thousand employees, many of whom may be from different nationalities, backgrounds and upbringings.

We’ve recently finished a year long initiative to refresh our values. It involved canvassing the opinions of hundreds of employees, asking what makes them proud about being part of our team. One of the new values we’ve adopted as a result is ‘ownership’. We want everyone to act like they own the company, so, before embarking on something they ask themselves: “Would I do this if it was my money?”

It’s a good example of how our values will have an even more positive effect on our bottom line. Culture and values can’t be learned from a book. To effectively shape a company’s behaviour, they need to be lived by everyone who works there.