Doing business the Nordic way

Kris Simpson at Cool Company argues that Nordic values are at the heart of great business

 

The Nordic way of life is something many of us strive to replicate as they just seem to get it right, achieving an ideal work/life balance and often coming top in polls for overall happiness – and that’s not all. They can also teach us a thing or two about business.

 

Why are Nordic businesses so successful?

Company culture is key to Nordic businesses as companies understand people want much more from employers than money – they want to be part of something bigger and part of something that shares the same values.

 

It’s important for staff to believe in the business they work for, and most workers prioritise a sense of purpose and well-being higher than financial factors. Many companies take a flexible approach to enable people to manage the demands placed on them outside of work and put a greater emphasis on results rather than clocking in and clocking out.

 

For many years, Nordic countries have topped global leaderboards when it comes to happy workers, and this is because of the culture that emphasises employee purpose and wellbeing, trust, transparency and equality.

 

Workers feel valued and supported, which empowers them to give their best – for the company, for clients and for customers alike. This is good for the individual, for business and for society. People enjoy work and want to work hard, offsetting this with a healthy work-life balance that is important to the Scandinavian way of life.

 

There is a sense of fairness, with a low gender pay gap and shared parental leave. The working environment is open and honest, with individuals feeling comfortable sharing their ideas and giving feedback freely. This leads to teams working well together and collaborating regardless of team or job title.

 

IKEA, H&M, VOLVO and Spotify all hail from the Nordics and are successful on the global stage.

 

Top tips for embracing the Nordic way

Here are some tips for adopting the Nordic way and values for your business, and benefiting as a result:

• Invest in getting the company culture just right. Culture is the heart of every business, influencing just how successful it can be – it is one of the best investments businesses can make as it drives the business forward to ensure it is appealing to investors, staff and customers alike, and able to achieve its goals thanks to having employees who are willing to go above and beyond their role.
• Be more inclusive and less hierarchical. Fundamentally, by being inclusive and less hierarchical, you welcome the opinions of everyone in your company, regardless of position or team. This enables your pitch to be heard and recognised by those who can implement a good idea without getting distracted by any formal processes for idea sharing.
• Make wellbeing matter. Employee well-being is key and providing great benefits to all your staff translates into a trustworthy culture which is supportive and lets everyone be productive and solutions focussed.
• Focus on the end user. Make sure that the end user’s experience of your services or products is what matters most to you, and approach all challenges with a suitable mindset. Depending on your business, this might be a technical, product, or feelings-based mindset.
• Simplify what you do and offer. Ultimately, simplicity is key and customers like businesses to deliver in an easy-to-use and effective way.

You don’t have to have Nordic roots to enhance your business – businesses around the world can benefit a great deal from simply embracing the Nordic way of life and approach to company culture, although perhaps the UK won’t be so eager to adopt the pickled herring any time soon!

 

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Kris Simpson is Country Manager UK at Cool Company. Cool Company Freelance UK is the fastest-growing umbrella company working to simplify and streamline administration for contractors, providing freedom without the bureaucracy via its dedicated digital platform.

 

Main image courtesy of iStockPhoto.com