Perks like frequent pay raises, generous vacation packages, and respect for work/life balance are often cited as great reasons to work for a company. However, surveys indicate that employee satisfaction goes much deeper.
According to a survey of US employees conducted by CareerBliss, employees listed things like opportunity for advancement and comprehensive benefits packages as top reasons why they love the companies they work for. This trend has been observed in various surveys of the world’s top corporations, and those that do it well repeatedly make the list of best places to work.
What the Data Says About the Best Companies to Work For
It should come as no surprise that data used to choose the best companies to work for comes directly from those who know these companies best – their employees. According to Forbes’ list of America’s Best Employers, the ranking was based in part on employee recommendations to others looking for work.
Meanwhile, Fortune’s 100 Best Companies to Work For list also is based on employee feedback. In fact, about 75 percent of each company’s score on Fortune’s list comes directly from employee survey responses. Survey questions touch on a variety of topics including ability to get along with coworkers, overall job satisfaction, and employee interactions with management.
Human Capital 30’s list goes a step further by using prior year data in order to calculate a composite score. This score accounts for criteria like turnover rates, how many hours are dedicated to employee training, tuition reimbursement policies, and availability of flexible work schedules, to name a few. In addition to the aforementioned factors, Human Capital 30’s list also analyzes a variety of subjective and qualitative data to determine which companies make the final cut.
Specific Examples of Companies That Are Great to Work For
Among the standout companies is Edward Jones, a financial services company with nearly 12,000 offices responsible for advising 7 million individual investors. Edward Jones strives to foster a sense of unity among employees through regional summer meetings that encourage employees to bring family members. These outings include activities like golfing and live music, while also incorporating business meetings and recognition ceremonies. To illustrate how much employees enjoy these events, the 2016 regional meetings had over 37,000 employees in attendance.
Another top company is Hyatt Hotels – a company that treats its employees well on all levels, from the top down. Focusing on career advancement, Hyatt Hotels believes in promoting from within, and in the past year has promoted internal candidates nearly 50 percent of the time.
When it comes to employee satisfaction, it’s no wonder Google continues to rank highly: Google treats its 34,000 workers extremely well. Some of Google’s well-known perks include free gourmet lunch offerings on-site, free haircuts, and doctors located at the workplace. However, the tech giant goes even further to benefit its employees. For example, if a Google employee passes away, the surviving spouse or domestic partner will receive half of his or her salary for the subsequent 10 years, regardless of the length of the employee’s tenure.
What Can CEOs Learn from These Companies?
There are many Best Companies lists, and the top companies make an appearance on nearly all of them. From Forbes’ America’s Best Employers list to Fortune’s Human Capital 30 list, Google continues to rank high when it comes to employee satisfaction. In fact, Google just keeps getting better every year, as the corporation recently saw a massive 36.7 percent increase over the prior year’s CareerBliss ranking.
Companies that consistently make various best companies lists usually have several characteristics in common. Each company clearly states its mission and strives to motivate and inspire employees to carry out that mission.
Additionally, these companies understand the value of their employees and how one person’s success can lead to collective success for the company. Employees of the best companies to work for are given the tools needed to successfully perform their job duties. Additionally, they are encouraged to collaborate with each other to reach toward a common goal.
While generous bonuses and frequent vacations are great, these things usually only serve to attract new talent. CEOs of the best companies to work for understand that to really be successful, they must find ways to develop and retain the talent they already have. One of the most important traits for successful leadership is understanding that employees are people too. By displaying a high degree of emotional intelligence when it comes to recognizing employees’ personal and professional goals, companies can set themselves apart in the marketplace.