Transparency Is an Essential Element of AvidXchange’s Employee Engagement Efforts

Transparency Is an Essential Element of AvidXchange's Employee Engagement EffortsOne important step in boosting employee engagement at your company is to foster a culture of transparency. When employees know what the organization is doing, it’s easier for them to understand their roles and how they can best contribute to the big picture. And when there’s a lack of transparency, that can foster fear and lead to rumors that inhibit engagement and productivity.

AvidXchange understands the importance of transparency and makes it a priority. In fact, one of the of the bill payment software company’s core values is transparency, says CEO Michael Praeger. “We want to get all our team members to understand where we are going as a company and how they can help.”

The results speak for themselves: AvidXchange grew 60 percent and has hired 150 people in the past year — and it has plans to add 600 more over the next four years. The company recently won the NC Tech Award for Fast Growth Large Company. It has also won employee-nominated Best Place to Work awards six years in a row.

Because AvidXchange is a fast-growing tech company, it relies on innovation and collaboration from its employees to achieve its growth goals, Praeger says. “Employee engagement was key in making that happen. We committed completely to creating the right environment for our teams to innovate and collaborate so we can drive innovation and stay competitive.” Making sure they’re informed about the direction the company is headed in can help foster that engagement.

Finding a Rhythm

Praeger says the company uses Rhythm Systems, a strategic execution platform designed for high-growth companies that follows the advice in the book “Rhythm” by Patrick Thean. The system combines tools and cloud-based software to help companies manage the complexities that come with rapid growth by helping keep employees at all levels on the same page. As part of this effort, the company holds a set of meeting rhythms to get everyone involved, including quarterly town hall meetings, monthly strategy meetings and all-hands-on-deck meetings.

The importance of this program is stressed from an employee’s first day. Praeger himself teaches new employees about the history of AvidXchange and introduces them to the core values when they attend Avid University as part of the onboarding process. Company leaders use the Rhythm platform to talk about the company’s core values, share how the business is doing in quarterly town halls and encourage employee engagement daily, Praeger says.

An Ongoing Effort

Building and sustaining employee engagement takes work every day, Praeger says. “It’s all about communication and providing visibility to what your company’s objectives and strategies are and how you measure them.” Ensuring employees understand the company culture and find ways to live it every day takes effort, but it pays off.

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