Great Places to Work Create Exceptional Company Cultures

April 7, 2017      |      Posted on Posted in In the News
Great Places to Work Create Exceptional Company Cultures

SVP of Leverage Concierge Cathy Leibow is a regular contributor to HuffPost. See Leibow’s recent article below, originally published on HuffPost.

It’s here! The 2017 Fortune “100 Best Companies to Work For” list was recently released, and it was exciting to see a 100-year-old family grocery chain, Wegmans, right up there in the no. 2 spot (after Google, of course.) It proves any company, across any industry, can create a winning employee experience and achieve the positive recognition it deserves. But how does a company create a culture of winning—and why should they?

Having worked for the Great Place to Work Institute, which conducts this survey for Fortune Magazine, I know first-hand how intense the selection process can be to determine the top 100 companies. It’s a studious method, with thorough surveying, and numerous checks and balances to assure no biases. All that hard work is worth it in the end though, since studies reveal best places to work not only attract and retain top talent, but also yield big returns. According to the Great Place to Work Institute, these top companies have the following similarities:

  • Employees who said they have a great workplace were 13 times more likely to express a commitment to stay with their employers long-term
  • Companies in the top quartile enjoy three times the revenue growth of companies in the bottom quartile
  • Best places to work see stock market returns two times above average

A few observations from the Great Place to Work Institute’s “Three Predictions for the Workplace Culture of the Future” report include:

  • Creating an environment where salary transparency and fair pay is up for discussion is an emerging trend
  • Enhanced communication to promote transparency and idea-sharing was a top cultural priority
  • Attracting talent and cultivating tomorrow’s leaders is a top concern for 2017
  • Connecting employees to a deeper sense of purpose and meaning at work was a key focus among the ‘100 Best’ this year

How unique benefits help create a great place to work culture

Considering today’s workforce spends almost 80 percent of life at work, their expectations from the workplace have evolved. Every employee wants to feel like they matter, and companies that invest in benefits and perks that create a positive environment, make life easier, and provide modern convenience are experiencing the highest return in retaining top talent, and developing a more productive and engaged workforce.

Business News Daily reports, “A strong mission, like-minded coworkers and a great company culture can be rewarding, but there are other, unique perks that can both attract prospective employees and keep your existing ones motivated and engaged.” For example, 100 percent of all Fortune 100 companies offer some kind of concierge-like perks; and 25 percent of the Fortune 100 Best have formal concierge programs. These popular concierge programs and perks include onsite errand runners, dry cleaning, car wash, referrals for caretaking services, vacation planning and travel booking, discounted tickets and entertainment, and information and resources for absolutely any personal need. Offering these kind of perks acts as a constant reminder to the investment in employee well-being and quality of life, and employees notice!

And given the impact these concierge benefits have on recruitment, retention, engagement and performance — employers are looking to boost their benefit programs with best place to work perks to hopefully get on that illustrious list. Corporate concierge services are becoming increasingly popular for companies of all sizes and across multiple industries, with healthcare, high tech, biotech, law and finance leading the way.

While trendy perks like nap pods and surf breaks may certainly attract attention, the companies who are investing in creating an exceptional employee experience with people-first policies and support in all areas of life will not only achieve recognition as a great place to work, but will ultimately see the greatest return by growing a world-class workforce.