by Derek Irvine
Tomorrow, the Great Place to Work® Institute will release the World’s Best Multinational Workplaces 2014 (you can see the list of companies here, starting 23 October). China Gorman, CEO of Great Place to Work, offered insight into trends seen in these best multinational workplaces in her weekly blog post. I’m calling out three of those trends, quoting China and offering a few insights on each trend myself.
1) Great Workplaces Are Getting Better
“The positive trend that I’m speaking, to be exact, is that levels of trust, camaraderie and pride are rising at the best workplaces – essentially, the world’s best workplaces are getting better. In recent years we’ve seen “the best” companies get better in the majority of the ~50 countries where we measure workplaces using our Trust Index© employee survey. Additionally, we have seen increasing trust at the companies that make up Great Place to Work®’s annual World’s Best Multinational Workplaces list.”
In my consulting engagements, I speak often about the importance of creating or strengthening a culture of appreciation and recognition. When I work with “top” companies, leaders will often ask, “We already have a strong workplace culture. What’s the benefit to us of focusing on this?”
Simply put, you’re either moving forward or you’re moving backward. In today’s business world, you never stay in the same place for long. As this study points out, the strong are getting stronger. If you are strong today and are not focused on continuing to build your strengths, you may see your strength slipping away. If you don’t have a good, positive, healthy, appreciative culture today (or even a middling one), you will only continue to lose ground to the “bests.”
2) Increasing “Trust” Increases Business Results
“Our research highlights seven reasons why trust is rising in great workplaces: awareness, evidence, Generation Y, employee gratitude, wellbeing, momentum, and transparency. Globally, company leaders have been demonstrating an increased awareness towards the importance of a high-trust workplace culture. Furthermore, we’re seeing increasingly more evidence published that great workplaces lead to better business results. For example, publicly traded companies on the U.S. Best Companies to Work For list have nearly doubled the performance of the stock market overall from 1997 to 2013 and a paper published earlier this year by the European Corporate Governance Institute which studied data from 14 countries, concluded that higher levels of employee satisfaction (reflected by earning a spot on a best workplaces list generated by Great Place to Work®) corresponded to stock market outperformance in countries with high levels of labor market flexibility, such as the United States and the United Kingdom.”
Out of the six “dimensions” the Great Place to Work model uses, China chose to spend a large amount of her post focused on the impact of one of those dimensions in particular – “Trust.” It’s trust in our leaders, in our colleagues, in the value of our daily work that engages us at work. And, as China points out, the impact of that trust on business results in undeniable – globally. This is, again, a virtuous circle. The more trust we have, the more we give, the more successful the company is, so the more we trust.
3) Employee Gratitude Is Vital to Increasing Trust
“Employee gratitude also plays a big role in high-trust cultures. Best workplace environments reflect employee gratitude and reciprocation and aren’t solely about what management is doing for employees. This is especially true during trying times for companies. When one company’s culture may take a turn for the worse during economic hardships, organizations that take care of their employees amid such a time can create higher levels of trust.”
China also points to employee gratitude as one of main contributors to increasing trust. We express gratitude to our employees in any number of ways, the most obvious being through ongoing, timely, and meaningful recognition and praise. I like the phrase “employee gratitude” for the duality it implies – both the gratitude received by an employee as well as the gratitude expressed to others by an employee. It’s the back and forth between employees at all levels (and not restricted to manager-to-employee only) that creates a broad and deep sense of trust between everyone.
What do you see as the biggest drivers of your organization’s success? How would you describe your culture today?