December 15, 2024
Chris Weil
and guest writer
Kit-Victoria (Weil) Wells
Caution when expressing pride at a particular achievement is sensible lest the gods find ways to make you pay for your hubris, so I’m lowering my voice when I report that, in the face of significant competition, WEIL has been named the 2024 Number One Best Place To Work in San Diego (in the category of firms with 50 or fewer employees) by the San Diego Business Journal.
In reaching a decision, representatives of the Business Journal relied in part on the completion by each candidate of a very comprehensive questionnaire involving 104 questions and instructions, followed by a survey sent to every employee, and a series of calls to selected vendors (where anonymity was assured and candor encouraged).
There were 32 finalists in our category, including many fine firms (and some with “brand names” despite their size), so we were a little gobsmacked by the result. Three of our staff, Rob Gaan, Kimberly Higgins, and Jon Strauss, representing us at the Journal celebration, became increasingly alert as the names of the finalists, starting at 32 and counting down, were announced. Not among the bottom ten? Huh. Not among the next 19 named companies? What the…? Down to the three finalists? Are we at the right event?!. And then…voila!
I have asked our Culture & Communications Officer, Kit (Weil) Wells, to guest write the balance of this quarter’s Chairman’s Newsletter. She can speak of the basis for our achievement with a particular degree of familiarity.
Before I hand off to her, I want to make two observations. First, in the fifty-four years I’ve been in the investment business, there has been a radical shift in the way employees are viewed, what’s expected from them, what’s conceded to them, who gets a seat at the table, and how decision-making authority is distributed. (Our goal is to push decision-making authority as far down the organizational chart as possible.) Instinctively I’ve known that this is an important and necessary shift, even when it left me worrying that we might be pandering. But as they say, the proof is in the pudding, and I am very happy with the outcome.
Secondly, and not surprisingly, it turns out that the conditions which characterize a “best place to work environment” involve all that the firm and its people do and the sensibilities each of us bring to the relationships we have – with each other, with ownership, with vendors, with regulators and, most importantly, with clients. So “best place” is inclusive of the best we can be, whatever we may be involved with in the moment.
I am not Pollyannaish about this. We have our share of screwups, bad hair days and flareups (although, based on my considerable experience, these tend to be less intense and more short lived than is usually the case). Not Pollyannaish, no, but happily realistic when it comes to client relationships. I have a good feel for the ways in which our clients view their relationship with us. A good many of them have made it clear to me and others at the firm that they are happy with the people who advise them, happy with the sense they have that we know and hear them, happy with our competent and responsive service capabilities. For me, there is no doubt that there’s more than just a mere connection between “best place to work” and “best client relationships.” They are two sides of the same coin.
Chris
WEIL’s “Best Place to Work” Pillars
Kit-Victoria (Weil) Wells
Over the last decade or so, we have been closely examining and defining our culture. Conventional wisdom dictates that shared cultural ideals between employer and employee are critical to a mutually beneficial relationship, so it’s something we keep a keen eye to when hiring. In interviews, it’s exciting to see a candidate’s eyes light up and watch them lean in when they realize that they have found a cultural match. Conversely, watching a candidate realize that our culture does not match their idea of corporate culture, and show themselves the door, confirms our approach is likely working.
Here are what we believe are our fundamental pillars in creating a “best place to work.”
Employee Health and Wellbeing
Work-life balance is a bedrock of our firm culture and the managers are trained for (and naturally inclined toward) early intervention. To reinforce our commitment to health and wellbeing, the managers (indeed all members of the leadership team) lead by example, by thoughtfully managing their own physical health, mental health, and work-life balance, including being willing to acknowledge when they themselves need help. Through hard work and outward empathy, we have built a workplace that embraces the idea that “no person is an island” and each member of the Team actively wants to support the other members of the Team.
Our employees operate under the ‘unlimited time off’ policy which means they decide when, for what reason, and for how long they take time off. We have found that hiring culturally aligned people makes this a no-risk policy.
We also encourage employees to discuss their concerns with anyone on the Team with whom they feel most comfortable, from their colleagues, to their managers, to the CEO.
Recognition and Appreciation
We have come to understand the power of recognizing and appreciating every member of our Team. Birthdays are always acknowledged as are joyful everyday moments that employee’s choose to share. Recently we began more formally recognizing work anniversaries with balloons and cards with handwritten personal messages. (Since employee tenure ranges from 1 year to 35, it’s about time!) When an employee earns a degree, designation, certification, promotion, or passes a major exam, we gather to toast them. Major personal rites of passage (engagement, marriage, children, retirement) always mean a full afternoon of food, drink, and celebration.
Flexibility
We operate on a hybrid work location schedule. Our guidelines successfully support a good balance between the convenience of working outside the office and the camaraderie of working in the same space. We have learned that this approach optimizes employee productivity. Each of our employees has done a good job of developing their own ethos as to which activities are best performed in which space.
Fair Compensation & Benefits
Our compensation is comprised of a base salary, quarterly bonuses, and a percentage of Success Sharing (the firm's net profits). During the handful of protracted economic downturns in our 35 year history, we chose to rework compensation at the executive level to avoid impacting non-executive pay. In so doing, we have never (knock wood) been faced with laying off employees. We have a 401(k) plan that offers near immediate eligibility, and comes with financial advisory services and a safe harbor contribution. We also offer a variety of health plans for which we pay the bulk of the employee (and a portion of the dependents) premiums.
Efficient Systems
Having efficient systems has been a core value of the firm since its inception in 1990. Everyone utilizes the same systems of procedures, checklists, a state-of-the-art task system, a robust Client Relationship Management program (“CRM”), and weekly one-on-one and team meetings. We’re always on the lookout for what we call “friction in the system.” Procrastinating? Feeling stressed? Chasing your tail? Finding hurdles too high to clear? These are indicators that there is too much friction in the system. We talk, root out the source of the friction, and find a better way.
Diversity and Inclusion
At WEIL, we have intuitively sought diversity for some time. More recently we’ve gained a deeper understanding of inclusion, too. We come to the table with myriad academic degrees including the requisite Economics, Finance, Business, and Accounting, but also History, Communications, Marketing, Comparative Literature, Women’s Studies, Chinese/American Political Studies, Theater, Philosophy, and Dance. We are diverse as to gender, ethnicity, sexual identity, religious beliefs, and socio-economic background, as well as where from and when we, our parents, our grandparents, or our ancestors immigrated to the U.S. These choices have confirmed that talent is found in many places (sometimes in places where the dominant discourse has been delinquent). Furthermore, diversity of backgrounds and worldviews eliminates the risk of the unintended “echo chamber.” It delivers a stronger, truer, smarter, and more nuanced result. To quote Jamie Dimon, CEO of J.P. Morgan; "It's good for business; it's morally right; we're quite good at it; we're successful.”
Sensitivity
“Sensitivity” has become something of a charged word. We use the word with a specific intent. In our case, sensitivity means that we commit to being knowledgeable about lived experiences that are different from our own. We listen actively with respect for those differences. And we trust that the people who have lived the experience understand it better than the people who have not. Being knowledgeable about and respectful of the worlds we each come from (and live in) makes us a more high functioning Team.
Leadership
The members of our Team are eager to get better at what they do, to expand their skill sets, gain new knowledge, and learn techniques to serve our clients in even better ways. Working together, managers and employees develop and track employee goals and make sure employees are getting the resources and information needed to learn new skills and become even better versions of themselves. Our managers are innately inclined toward goal setting and achievement. They are skilled at utilizing resources to augment their team's individual and group goals, always with the understanding that becoming better at what they do will help the firm become better at serving our clients.
All of this is to say that experience has taught us that a happy workplace is rooted in good systems and communication, processes for problem solving, and a culture of respect and appreciation. We hope and believe that one of the most important benefits of a happy workplace is an excellent client experience, from the advice we give, to the financial plans we construct, to the investments we recommend and manage, to the service we provide. As ever, we are particularly grateful for our clients, who are consistently a pleasure to work with, and who make our work and our business possible.
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