Paying well and having good benefits is a cornerstone for ‘great employers’, however, that is not all that is necessary. It is really about making every employee feel like a ‘star’ and that takes a conscientious effort!
Google has free meals; Quicken Loans has arcade games and Salesforce.com provides treadmill desks….but the compensation, benefits and perks are only part of it. If you talk to anyone that studys, builds or just works at great workplaces, you will learn that the foundation is one of trust and engagement that unites management and the workforce in a common vision that is not only about success but describes the type of an organization that an employer wants it to be.
‘A very intentional, people centric culture’, as described by China Gordon, CEO of the company that puts together the Fortune 100 Best Companies to Work For list. The individuals that lead ‘people centric companies’ talk about their people not as employees who can be satisfied with the right compensation package but as colleagues who are invested in the business.
Apparently, it is not an easy thing to accomplish and it takes ongoing energy, communication and transparency. It means taking a long term view that can be a major conflict with short term business results. It is maintaining a communication style and method that is ongoing, frequent and deep.
The results can be (and generally are) worth it…..and it is not just a ‘feel good’ HR exercise. Studies have shown that companies with an engaged workforce turn in better financial performance. Employers on Fortune’s 100 List saw an 11.8% annualized stock market return from 1997 to 2003 compared to the normal S&P 500 with a 6.04% return for the same period. These companies showed an 8% turnover rate for IT compared to 16.2% of industry average or 24.5% turnover rate in hospitality compared to an industry average of 38%.
‘Trust’ and ‘Engagement’ may be words that sound touchy/feely but it seems that they contribute to positive results. Engaged employees are generally better performers, which translates into more customer satisfaction and better financial performance. Great places to work with great cultures also recruiting programs that are assets, as well.
Great care is taken in the hiring process….these companies do not just look for the KSA’s (knowledge/skills/abilities), they want people who will understand the company’s mission and values and who will actively contribute to making the culture work. Many of these companies on the Fortune 100 list do those Questionnaires written about in my BLOG regarding Employee Satisfaction Surveys…..not only do they create and utilize the questionnaires, they share the results with all members of the organization.
The interesting thing is that I am studying for this international Human Resources’ Certification Test and it is reiterated over and over again as to what makes a ‘great’ employer in all of the study material….and it turns out that the corporate culture, ethics, shared values, etc. that are being touted in the books are actually, what REALLY works.
So, be good to your employees, trust them and they will trust you. Be transparent and remember to communicate….about everything, as often as you can. You will know if someone is not buying into the corporate culture….Give your employees a ‘great’ place to spend their work day and you will be ‘rewarded’ in more ways than financially!!!
If you would like to make your workplace a ‘great place to work’, contact Rosanne Bennett at email@example.com or 484-798-1236. Be on the lookout for the BLOG on WEBENC and it’s certification process….or lack thereof.