Southern Miss Business March 2024 Newsletter

Beyond Employment: The Power of Ownership Culture in Organizations

Employees often complain that their jobs aren't as fulfilling or engaging as they desire, and managers frequently suggest that many employees don't have a sense of personal responsibility or accountability for their work. One remedy for both problems is to develop a culture of ownership in your organization. Ownership in the workplace refers to a mindset and accompanying behaviors where employees feel a sense of responsibility, accountability, and investment in their work, tasks, projects, and the overall success of the organization. It involves employees taking initiative, making independent decisions, and actively contributing to achieving the goals and objectives of the company as if they were the owners themselves. It means not waiting for others to act, and caring about the outcome as much as an owner of the company would.

Everybody seems to want an ownership culture, and this is understandable considering its benefits. From increased employee engagement to innovation and initiative, employees who feel a sense of ownership of their tasks and responsibilities contribute considerably to the overall success of their organizations. Employees with a sense of ownership are deeply engaged, motivated, and committed to delivering high-quality results, often going above and beyond their defined roles to ensure success. This mindset fosters a culture of trust, collaboration, and innovation, driving organizational growth and sustainability. Furthermore, a culture of ownership enhances innovation and problem-solving, by empowering employees to tackle organizational problems and make decisions that will make the organization better. Ownership also contributes to a greater sense of belonging and commitment. When you add all these benefits together, the net product of a culture of ownership is improved individual and organizational productivity and performance. A company with an ownership culture is typically a very successful company.

Most companies yearn for their employees to have a sense of ownership, but don't often do the things that help incentivize the behaviors required. It harkens back to the classic Steven Kerr article "On the Folly of Hoping for A, While Rewarding B" in that owners, executives, and managers expect a sense of ownership, however the organizational practices don't support it, but discourage it. So, what strategies can organizations employ to foster a culture of ownership? First, organizations should empower employees through giving them autonomy and decision-making authority. When employees have the freedom to make decisions concerning their responsibilities, they feel a greater sense of control and responsibility for the outcomes. Granting decision-making authority empowers employees to act quickly, decisively, and independently, leading to increased efficiency and effectiveness. Next, companies should clearly articulate a shared vision and common goals to help align employees' efforts toward a collective purpose by regularly revisiting and reinforcing the organization's vision and goals, which keeps them top of mind for employees. When everyone understands the organization's mission and objectives, they can see how their individual contributions impact the "big picture."

Further, regular feedback helps employees understand how their work contributes to organizational and unit goals and where they can improve. Recognizing employees for their contributions and achievements reinforces a culture of ownership by acknowledging their efforts and impact on the organization. Everyone enjoys receiving kudos for a job well done and doing so provides other workers with a role model to emulate. Additionally, open communication fosters trust among employees and between employees and management. When information is shared openly and transparently, employees feel valued and respected, which cultivates a sense of ownership and loyalty to the organization. Finally, creating opportunities for collaboration and teamwork encourages employees to work together toward common goals, fostering a sense of shared ownership and accountability and promotes a culture of mutual support and cooperation. When employees work together to solve problems or accomplish tasks, they develop a sense of esprit de corps and mutual responsibility for the team's success.

There are some great examples of successful companies with a strong culture of ownership. Netflix is known for its unique culture of freedom and responsibility. Employees are encouraged to take ownership of their projects and make decisions autonomously. The company's famous "Netflix Culture Deck" outlines principles such as "Freedom and Responsibility" and "Context, not Control," which emphasize trust in employees and their ability to drive innovation and success. Additionally, Google encourages a culture of ownership and innovation through initiatives like the "20% time" policy, where employees can spend a portion of their workweek pursuing projects of their choosing. This fosters a sense of ownership and creativity among employees, leading to groundbreaking products and solutions. Patagonia has a strong culture of environmental and social responsibility. Employees are encouraged to take ownership of sustainability initiatives and are empowered to make decisions aligned with the company's values of environmental stewardship and ethical business practices. Patagonia's clear articulation of its values attracts employees who share those values which contributes to a greater sense of ownership.

If your organization desires to have an ownership culture, what is it doing to foster it? What policies and techniques are being used to accomplish this end and how successful have they been? I would love to hear from you!

2024 National Collegiate Sales Competition

Southern Miss Business crushed expectations at its debut performance at the National Collegiate Sales Competition (NCSC) hosted by Kennesaw State University. This event is recognized as the pinnacle sales competition amongst university sales programs nationwide. Representing Southern Miss Business in the sales roleplay competition were Kennedy Lambert, senior marketing major from Columbus, Mississippi, and Lillian Shambra, senior business administration major with a professional selling certificate from Long Beach, Mississippi.

Universities are seeded based upon their past 3 years’ performance in the NCSC. With no prior participation, USM came in as a bottom seed—competing against the strongest university programs. USM ranked #39 out of 72 schools, resulting from Kennedy & Lillian's exceptional performances. Kennedy Lambert achieved TOP spot in her Wildcard room, leading to her competing in the quarterfinals. Kennedy did not advance to finals, but her cumulative score placed her #46 out of 144 competitors. Sierra Greene, junior marketing major from Sumrall, Mississippi, also attended to participate in the speed sell competition as well as prepare for NCSC 2025.

Kevin Buckley, professor of practice in marketing & director of the USM Sales Program, lead the competition sales team with coaching assistance from Kaela Barnicle, MBA candidate & graduate assistant for Sales & Healthcare Marketing. USM will receive an invitation back to NCSC 2025 with a higher seed thanks to the 2024 team’s efforts.

MBA graduate student catcher Hannah Borden launched a grand slam on the first pitch of her at-bat in the second inning, setting the all-time program record for most career home runs and making the difference in an 8-5 win versus Marshall at the Southern Miss Softball Complex. With 42 career home runs, Borden is the all-time program leader in home runs.

"It feels really good and it was really special knowing it was a home game and that it was a grand slam," Borden said. "We really needed to win this series. We didn't have the best turnout last weekend against ULM and this series was really important, so it felt good to get my team on top."

University-wide focus on economic, workforce development at the heart of Southern Miss

Business columnist Phil Hardwick wraps up his three-part series on entrepreneurship and economic development efforts at Mississippi’s Big 3 universities by talking with Southern Miss Trent Lott Center Director Brian Henson. During the interview, Henson highlights the masters in economic development program as well as the graduate certificate in economic development, both offered by the College of Business and Economic Development. The program is focused on improving communities through business attraction, retention, and entrepreneurship development in the context of localities and states in the US.

They went on to discuss the upcoming True South Basic Economic Development Course designed to focus on the core components of the practice of economic development, including managing an economic development organization, business retention and expansion, workforce development, economic development finance, entrepreneurial and small business development, and community development. A crucial part of the True South is the development of professional connections.

The next True South course will be offered September 23-26, 2024, at The University of Southern Mississippi Trent Lott National Center on the Hattiesburg campus. The four-day course is $650 and can be taken for graduate credit through the Southern Miss Master of Science in Economic Development program. The course is accredited by the International Economic Development Council (IEDC) as part of the required coursework to apply for IEDC’s Certified Economic Developer (CEcD) program.