How to Scale a Business With Compassion With Laurie Tennant
On this episode of Redefining Work, I’m joined by Laurie Tennant, principal of Norwest Venture Partners’ People Advisory. We discuss the complexities and opportunities of leading a talent partner team in venture capital while supporting portfolio companies of different sizes, industries and locations.
The common thread across such a wide and varied scope is people. That’s why Laurie prioritizes community and its role in bringing people together across backgrounds and experiences. “Probably the most important thing that I do with our portfolio leaders is connect them,” she says.
Connections matter, especially in today’s dynamic and challenging working environment. Laurie coached the firm’s portfolio teams during COVID-19 and continues to support them through the ongoing economic uncertainty.
Find out what Laurie has learned about balancing the needs of people and the business while scaling portfolio companies.
You can also listen/share the episode directly syndicated on any of these channels: Apple Podcasts | Spotify | Google Podcasts
Be Compassionate During Tough Times
Many portfolio companies were hit hard during the pandemic and had to implement reduction-in-force (RIF) measures. Laurie found herself coaching HR leaders on how to conduct layoffs with empathy and compassion. “Whether you were one of the people laid off or not, everyone is impacted,” Laurie says. “They're really rough.”
Laying people off with compassion comes down to transparent communication and preparation, she says. You can’t always tell everyone every detail of the business, but you can treat people with respect — and give them as much notice as possible.
These conversations are challenging but necessary. Throughout the process, consider each person’s dignity and self-esteem. “It feels personal,” Laurie says, “even though it’s not.” The better you can communicate to the people you’re letting go — and the remaining workforce — the easier the experience will be for everyone.
Blend Strategic and Tactical Work
Everyone focuses on startups going public, but that’s not the primary concern for HR leaders in portfolio companies, Laurie says. Instead, portfolio company HR leaders need to understand the rhythms of business growth, including “when you need to deal with the stresses on the systems and the processes and the people,” Laurie says.
Successful HR leaders in this environment have often worked at a large company or consulting firm, Laurie says. They understand corporate best practices and frameworks — and how to adapt them for startups that are smaller but looking to scale.
An additional challenge with running HR at portfolio companies is resources. Many times, you’re a team of one. These solo HR leaders must “be strategic and hands-on at the same time,” Laurie says. For example, they might focus on foundational efforts, such as payroll and performance management, to support the larger growth strategy.
Laurie understands the positives and challenges of this structure. “I felt like I was an HR department of one for many years here at Norwest. And it's fun to be able to do all of that. But it can also be a really lonely job,” Laurie says. That’s why she focuses on connecting leaders across portfolio companies so they can share stories in a safe place.
Meet People Where They Are
One of the biggest trends Laurie sees in HR is the need to meet employees’ mental and emotional needs. “Our leadership had to teach their managers how to deal with employee mental health issues that come up — how to talk to people about it, what to do when someone raises an issue that really needs elevated HR attention,” Laurie says.
This is a balancing act for HR leaders, as they must toggle between strategic projects and the mental and emotional work of helping employees through personal issues that affect their performance.
“We're also dealing with a lot of things on a … personal employee-by-employee level that takes a significant amount of time,” Laurie says. “So you have to have a good team and be able to balance all of it.”
The past few years have elevated HR’s status inside many organizations but also given them new responsibilities. It’s up to us to address these evolving needs with compassion and empathy — meeting people where they are.
People in This Episode
Laurie Tennant: LinkedIn
Resources
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