As a kid, you might have pondered over your dream job or your favourite vacation destination. As you become an adult, the definition of these might change, but the aspiration remains essentially the same. For many people now, the aspirations are to work for specific companies or workplaces that embody the core values with which the individual associates. In fact, employees at the World’s Best Workplaces indicated they would recommend their workplace to friends and family 87% of the time. Is that a sign for your organization to become a top workplace?
This blog looks at the characteristics that define a top workplace. This blog also provides tips on how your organization could become a top workplace.
What’s a top workplace?
One of your primary goals as an employer is to establish a happy and productive work environment for your staff. But how do you do it, and how do you know whether you’re successful? Aiming to become a top workplace is one method to gauge your development. Of course, each individual has their description of a top workplace, but specific characteristics stand out. Let’s look at these characteristics!
Characteristics of a top workplace
Positive work culture:
This includes having a supportive and collaborative work environment and valuing diversity and inclusion. A positive work culture can lead to increased productivity and job satisfaction. For example, a study by the Society for Human Resource Management found that employees who felt supported by their colleagues and supervisors were more likely to stay with the organization and be more productive.
Good leadership:
This means having fair, transparent, and approachable leaders who set an excellent example for the rest of the team. Good leaders inspire and motivate their teams and can significantly impact the overall success of an organization. According to a survey by the Leadership IQ, 44% of employees who resigned from their job cited their immediate manager as the reason for leaving.
Professional development opportunities:
A top workplace values its employees and provides opportunities for them to learn and grow. This may include training, mentorship, and other development programs. Providing professional development opportunities can help employees feel fulfilled and engaged in their work, leading to increased productivity and retention. For example, a study by LinkedIn found that 94% of employees would stay at a company longer if it invested in their career development.
Work-life balance:
A top workplace recognizes that its employees have lives outside of work and takes steps to help them manage their time effectively. This may include flexible work arrangements and time off policies. Work-life balance is essential for the overall well-being and satisfaction of employees. For instance, a National Work-Life & Flexibility Study survey found that employees with an excellent work-life balance were more likely to be satisfied with their job and less likely to be stressed.
Clear communication:
A top workplace has open and transparent communication channels and keeps employees informed about significant developments and changes. Clear communication can help build trust and foster collaboration within a team. A survey by VitalSmarts found that 89% of employees said that open and honest communication is essential to them and leads to better decision-making and increased productivity.
Fair compensation:
A top workplace values its employees and offers fair pay and competitive benefits with similar organizations. Fair compensation is vital for attracting and retaining top talent. A survey by Glassdoor found that salary and compensation were the top factors considered by job seekers when evaluating job offers.
Employee engagement:
A top workplace actively seeks employee feedback and takes steps to address any concerns or issues raised. It also encourages employees to be involved in decision-making and to share their ideas. Engaged employees are more likely to be productive and committed to their work. A study by Aon Hewitt found that companies with high levels of employee engagement had higher customer satisfaction and lower turnover rates.
Health and safety:
A top workplace puts the well-being of its employees first and takes steps to ensure their physical and mental health is protected. Ensuring the health and safety of employees is not only the right thing to do, but it can also have financial benefits for an organization. A study by the Occupational Safety and Health Administration found that every $1 invested in workplace safety programs can result in a return of $4 to $6 in reduced costs.
Giving back to the community:
A top workplace recognizes its social responsibility and takes steps to give back to the community through charitable donations or volunteering time and resources. Many organizations prioritize corporate social responsibility and find that it can positively impact employee morale and recruitment. A Committee Encouraging Corporate Philanthropy survey found that 87% of employees said a company must give back to the community.
So, what does it take to be a top workplace, and how can you get there? Here are a few tips:
Tips to become a top workplace.
Foster a positive culture.
Culture is the foundation of any top workplace. It’s the set of values, behaviours, and norms that shape the way your employees work and interact with each other. To create a positive culture, focus on building trust, respect, and open communication within your organization. Encourage collaboration, creativity, and continuous learning, and create opportunities for employees to have fun and build relationships with their colleagues.
Offer competitive benefits and perks.
Top workplaces understand the importance of taking care of their employees. This means offering a competitive salary and benefits package and additional perks that make work more enjoyable and fulfilling. These include flexible work arrangements, professional development opportunities, or wellness programs.
Encourage work-life balance.
Work-life balance is increasingly important to employees, and top workplaces recognize this. Offer flexible scheduling options, and encourage employees to take breaks and use their vacation time. A healthy work-life balance can increase productivity, engagement, and overall job satisfaction.
Provide opportunities for growth and development.
Top workplaces invest in their employee’s growth and development. Offer training and development programs, encouraging employees to set goals and work towards them. Provide opportunities for advancement within the company and support employees in pursuing new challenges and roles.
Show appreciation and recognition.
Showing appreciation and recognition for a job well done can go a long way in creating a positive work environment. This can be as simple as thanking employees for their hard work or offering small tokens of appreciation, such as gift cards or company swag. You can consider a formal recognition program to acknowledge employees who consistently go above and beyond.
Focusing on these critical areas can create a top workplace that attracts and retains top talent and where employees are engaged, motivated, and productive.
Trend: A Top Workplace Invests in Well-Being, Flexibility, and Equity
The Fortune World’s Best Workplaces in 2022 are characterized by their commitment to employee well-being, flexible work arrangements, and equitable opportunities for all employees. These companies were identified through a survey of nearly 4.5 million employees worldwide, representing the experiences of almost 15 million workers. To be eligible, companies must have made a national Best Workplaces list in at least five countries and have more than 5,000 global employees. On average, 87% of employees at the World’s Best Workplaces said they would recommend their workplace to friends and family, 85% wanted to work for their organization long-term, and 88% said they “give extra” to support their organization.
These positive outcomes result from companies investing in employee well-being and offering flexible work arrangements. Some companies have also implemented policies and programs to promote equity in the workplace, such as providing equal pay and opportunities for all employees and promoting diversity and inclusion.
