3 Ways to Improve Company Culture that will Boost the Bottom Line
Have you ever wondered what it takes to get on the Fortune 100 Best Companies to Work For List?
It’s no surprise that big companies such as Google, Mars, and Adobe made the list. But what about smaller and lesser known companies such as PCL Construction, Bright Horizons Family Solutions, and Novo Nordisk, Inc.? How does a company make the list and what does the workplace culture look like for the future?
Since 1998, Great Place to Work has been making predictions about the workplace from their findings with the Fortune 100 Best. They have long predicted that culture shaping would be a key component in a successful company’s strategic plan. Now, in 2017, culture shaping is more important than ever.
Still skeptical about the whole focusing on culture to turn a profit idea? I looked at key statistics from the 2017 Fortune 100 Best. Companies that made the list had 3x more in stock market returns than the market overall (Great Place to Work Report). Bottom line, companies that are not focused on culture are sure to fall behind in the overall market.
Every year, Great Place to Work surveys employees from companies that make the list. Within their findings from 2017, they reported “3 predictions for the future of workplace culture”.
A fair work environment was a big theme found in this year’s list. Within the fairness category, I looked at statistics for what employees said about promotions, favoritism, and discretion in pay.
- When asked about promotions, 75% of employees said promotions were given fairly, a 19% increase from employees on the 1998 list (Great Place to Work Report, 2017).
- When asked about managers picking favorites, 74% of employees said there was no favoritism in their work environments, a 19% increase from the 1998 list (Great Place to Work Report, 2017).
- When asked about discretion in pay, 79% of employees said they are paid fairly, a 14% increase from the 1998 list (Great Place to Work Report, 2017).
What effect does fair treatment of employees have on revenue? The study surveyed employees of the companies that made the list in 2017 and companies that did not make the list. “We found that the more consistent and inclusive an organization’s culture of trust is, and the more diverse it is demographically, the more likely it is to outperform peers in revenue growth” (Great Place to Work Report, 2017).
How can your company score high on the fairness scale? Enable free-flowing communication and become more transparent. Make it easy for your employees to share their ideas with leaders and with the company. Not only allow your employees more access to communicate, but make important information from upper management available to employees.
Can your company say that all of your employees cared about each other and enjoyed coming to work every day? What if the answer was as simple as developing your employees and promoting their well-being? Companies that made the list for 2017 have outstanding employee development programs. Professional development and wellness programs are not just designated for top performers and upper management. Companies that made the list give all their employees access for development.
Here are what a few companies that made the list are doing for employee development:
American Fidelity Assurance Company – At American Fidelity Assurance Company, accountability for leadership is a major priority. In fact, the company hosts Accountability Groups, during which employees meeting once a month to rate their leaders.
Southern Ohio Medical Center – Promoting people within the company is a huge deal to Southern Ohio Medical Center. Not only are they committed to developing talent, but they provide compensation for employees to pursue bachelor’s degrees.
Marriot – This company not only focuses on talent development, but they also provide wellness programs to for employees to be physically, emotionally, and mentally well. Marriot offers traditional training development along with unique programs such as photo contests.
What kind of things can your company do that will have your employees looking forward to coming to work every day? To put it simply, show them that you care. Provide training and invest in all of your employees, not just top performers.
Employees Finding Purpose in Their Work
In today’s workforce, it is crucial for employees to find meaning in their work. Employees are more likely to stay with a company longer when they know they are making a difference in the world. Companies that make giving back a priority are more likely to see a huge boost in employee satisfaction. “A whopping 93% of employees at the 100 Best report they ‘feel good about the ways we contribute to the community’, and over half of companies offer employees paid time off to volunteer” (Great Place to Work Report, 2017).
Were you shocked that flexible work hours and a great benefits package didn’t stand out as a reoccurring theme? While those things are important, the key to retaining good employees is simple. Show them that you care. Create a fair work environment, eliminating favoritism and promoting those who truly represent the core values of the company. Invest in your employees by providing training development and wellness programs. Show employees and future candidates that your company values giving and making a difference in the world. In other worlds, create an authentic culture that is transparent and gives everyone a voice, while embracing differences. It may just land you on the Fortune 100 Best Companies to Work For List.