Fortune magazine just released its list of 100 Best Companies to Work For. But while many news outlets and job boards are covering the main list, the magazine’s researchers compiled some very detailed and segmented data. And I found some patterns emerging on why certain companies have created authentic employer brands as great places to work.
Keeping Employees Healthy Keeps Them Happy
Fourteen companies on the Fortune list pay 100% of their employees’ health care costs. Sure, that’s easy for giants like Microsoft, but a number of small firms do it, too, including Boston Consulting Group, NuStar Energy, the Everett Clinic, and Perkins Cole, which all have around 2,000 workers. As health insurance costs climb and the Affordable Care Act’s future becomes cloudy, health care should be part of every organization’s employer value proposition. How do you handle your employees’ health benefits?
Forty-four of the 100 companies have a workforce of at least 50% women. Twenty-three of the companies have a workforce of at least 40% minorities. Eighty-nine of the companies offer domestic partner benefits. We’ve long known that diversity brings fresh, new perspectives to an organization. Now we have the hard numbers to back it up. And don’t forget that “diversity” includes people with disabilities and older workers.
It’s Not Just About Money
Amazingly, 27 of the companies give hourly workers an average annual pay of under $40,000. That includes Men’s Wearhouse, CarMax, Aflac, and Starbucks. Five of the companies, including Nordstrom and General Mills, pay annual salaries of less than $50,000. And yet they beat out hundreds of other, better-paying firms to make Fortune’s list. Obviously these companies have great employer branding and are attracting and engaging employees in other ways. Which brings us to…
Uniting Employees in Unique Ways
One of the lists on the Fortune site is called Unusual Perks, naming some clever benefits that improve employee satisfaction. Among them is NetApp, which offers a basketball court, volleyball court, and massage rooms. Alston & Bird provides free Spanish classes. The Southern Ohio Medical Center features an employee-run vegetable garden. FactSet Research brings local food trucks to its offices, along with free lunches and weekly summer barbecues. And Pricewaterhouse Coopers offers a Mentor Moms program, pairing up expectant mothers with other moms at the company.
What do these top-10 perks have in common? For one, they all bring employees together. Whether they’re eating, learning, planting, or playing, all these perks have a communal aspect that helps build teamwork and camaraderie. Compare that to #4 Wegmans’ free holiday coupon books, which employees use to buy products on their own. Nice, but how does that improve the workplace?
More Perks That Employees Love
Not every company can put a basketball court in their office. Some of the more conventional benefits that the top companies offer include: an on-site child care center (31 companies), an on-site gym (69 companies) or off-site gym discounts (61 companies), telecommuting (85 companies), and the option for a year-round compressed workweek (80 companies).
The Secrets of the Top 100
My takeaway? These successful companies have brought in a broad array of workers with different backgrounds. They pay their employees well or offer substantial benefits, or both. They offer unique perks that allow workers to interact across departmental lines and to socialize before and after business hours. They also provide options for the busy 21st-century employees, such as telecommuting, child care, and a compressed workweek.
It doesn’t matter how large these companies are, how old they are, or what field they’re in. All these elements add to their employer brand as a destination of choice, building success at attracting, engaging, and retaining top talent.
But what if your organization has already received honors as a great workplace or offers unique benefits, but your employees don’t know about them? Our corporate communications experts can help.