A study implemented by Great Place to Work® selected the World’s Best Multinational Workplaces from nearly 5,700 international companies. What they found is not that surprising and can help your business too.
The two critical keys to creating a great work environment are:
- The Employee Trusts Management
- The Employee and Company are a Cultural fit
Measure these key concepts and improve them and you will not only improve employee satisfaction, but also customer satisfaction – and increased Profits will naturally follow. Want proof? On average, returning companies on the list increased their revenue by 9% this year and created 120,000 new jobs.
One simple way to evaluate the level of trust in your company is to see how failure is treated. Does your company value excellent mistakes? Remember that it took Thomas Edison 1,000 “failures” to invent the light bulb? Of course he didn’t see them as failures at all, stating to a reporter “The light bulb was an invention with 1,000 steps.”
These companies not only empower their employees, they also support them both professionally and personally. This allows creativity and innovation to flourish – providing the life force that keeps these companies expanding. Word gets around quickly – these companies receive 11 times more applicants in a year than they have employees! They also have high employee retention rates.
How can you create a great work environment? Here are just three critical components.
# 1 Hire the right people.
Sure, competency is a given. But hiring people who are great at what they do but do not fit within your vision for your growing business will not help you achieve your ultimate goal. Does your company value independent, reliable, self-directed problem-solvers or team players who never deviate from the plan? The needs of a fast-food corporation, which values consistency and uniformity, are very different from an ad agency (or a Google), which values creative thinking and flexibility. Screen for round pegs if that’s what you are looking for.
#2 Implement two-way (360) performance reviews.
Employees need to receive regular feedback about how they’re doing. They also need to be given the opportunity to provide feedback to their supervisors (anonymously if they choose). Implementing 360 reviews is one of the best ways to see where trust is in place (or lacking).
#3 Stand for something.
Standing for something beyond simply increasing profits is a great way to build trust. Create products or provide services or serve causes that clearly add value in the world. If employees find a sense of meaning from their work, they will feel good about the companies they work for. And we all know.., Happy Employees = Happy Customers.