Enhancing the Workplace Brings in Results
In a great workplace, how people are treated adds significantly to the competitive advantages available to the organisation. Our research covering the best employers in the United States for Fortune magazine's "100 Best Companies to Work for in America" annual article confirms that these great workplaces benefit from the following:
- Receive more qualified job applications for open positions.
- Experience a lower level of turnover.
- Experience reductions in health care costs.
- Enjoy higher levels of customer satisfaction and customer loyalty.
- Foster greater innovation, creativity and risk taking.
- Benefit from higher productivity and profitability
Best Workplaces Outperform Their Peers
Numerous independent studies have shown that companies from Fortune's "100 Best Companies to Work for in America"® list deliver higher returns than their peers. A comprehensive review by the U. S. Department of Labor of more than 100 studies that examined the link between progressive people practices and improved bottom line results, our own research project "People Practices and Business Success" funded by the New Prospect Foundation and completed in 2000, and our ongoing research on Best Workplaces around the world have concluded that:
- There is a positive relationship between training, motivating, and empowering employees and improvements in productivity, employee satisfaction and financial performance.
- When developing and implementing a people strategy with progressive people practices, a combination of practices is more effective than a single practice.
- The impact of progressive people practices is greater over the long term (3 plus years), indicating that practices need to be integrated into the work environment to provide benefits.