Press Releases -
Great Place to Work -
October 8, 2014
The 2014 FORTUNE 100 Best Companies to Work For rely on strong workplace cultures and employee development programs to drive growth that outpaces their competitors, announced Great Place to Work®. The workplace culture research and consulting firm has produced the FORTUNE 100 Best Companies to Work For list, released earlier today, for the past 17 years.
The 2014 100 Best Companies to Work For show strong signs of growth, with the number of employees at the 100 Best increasing by a reported average of 6.2% over the past 12 months and 15.6% over the past 24 months—nearly five times the rate of U.S. companies overall in the same two-year period, according to the Bureau of Labor Statistics. Moreover, the 100 Best Companies with available revenue data reported that revenue among both private and publicly traded companies has risen an average of 7.8% over the past 12 months and 22.2% over the past 24 months.
Great Place to Work analyzed 257 companies from an applicant pool of 376 that surveyed their employees as a part of the list selection process, revealing two things as the driver of this growth: first, a stalwart focus on company culture, and second, an investment in employee development programs.
While buzz around workplace culture has been growing, the companies appearing on the 100 Best list frequently identify their workplace culture as the driver of results superior to competitors, particularly around turnover and financial returns. To achieve their competitive advantage, leaders at these companies focus on activities such as defining values statements, hiring for culture fit, and integrating culture with strategy.
When it comes to employee development, the 100 Best are inclined to spend more time and money investing in employees. On average, the 100 Best provide 73 hours of on-the-job training for full-time employees, compared to 38 hours among non-winning list applicants. From creating individualized development plans for each employee to placing a greater emphasis on succession planning, the 100 Best are committed to developing and advancing their people, understanding that retention is a competitive advantage whose value will only increase as the competition for talent heats up.
“A strong workplace culture strengthens not only your workplace but also your brand,” shared China Gorman, CEO of Great Place to Work. “The companies on the 100 Best list understand that who they say they are in their employment brochures and how they act in dealings with employees, customers, shareholders, analysts, the environment, and more, are one and the same. It’s the carefully honed identities of these companies that drive their success, not the other way around.”
Great Place to Work produces the 100 Best Companies to Work For list based on companies’ results in a survey of a representative sample of their employee population and an in-depth questionnaire about their programs and practices. Great Place to Work® then evaluates each application using its trust-based methodology.