Key Factors in Small & Medium Workplace Growth in 2014: Inclusiveness, Accessible Leadership and Care for Employees
Great Place to Work® today revealed the 2014 Best Small & Medium Workplaces list, which includes Etsy, ZocDoc and Lincoln Industries among the 50 employers on the list. Published by media partner FORTUNE magazine, this 11th annual list is the premier, nation-wide list of best workplaces with fewer than 1,000 employees.
“It’s harder for smaller companies to attract top talent, so even more than their larger counterparts, they need to get recognized for being outstanding employers,” said China Gorman, Global CEO of Great Place to Work®. “Brand recognition goes a long way with today’s candidates, but we know from employers that appear on this list, that this accolade has top talent knocking their doors down.”
That’s a good thing since the businesses appearing on the list are growing at a breakneck pace. According to the Bureau of Labor Statistics, average two-year job growth for American companies has been 3.4%. For the companies on the Best Small & Medium Workplaces list, that average is 31.8%, which is particularly interesting given that only a handful of the companies on the list qualify as “young.” The average number of years in business for companies on the list is 27 , and 13 on average for the tech companies.
While it is a proverbial chicken and egg debate to identify if a great workplace culture drives business growth and success, or if the business success drives the growth and great culture, it is undeniable that great culture, profitability, and growth, go hand in hand.
“The companies on this list really prioritize hiring and have some out of the box practices in place to make certain that they only hire people who share their values and will fit in with their culture,” offered Gorman. “These companies are intent on maintaining their cultures as they grow and they recognize the importance of strong hiring practices in that. I think this affirms their belief that is the culture that drives the success.”
Great Place to Work®’s researchers analyzed this year’s responses and in addition to “hiring people who fit in well” found several factors that in particular contributed to a great workplace environment, including: strong perceptions of fairness in the workplace, an inclusive environment, approachable leaders, care for employees as people, and enjoyment of the workplace.
This year, 571 companies applied for and 357 participated in the Best Small & Medium Workplaces list. Companies are selected based on employee responses to Great Place to Work®’s Trust Index© Survey, in addition the company’s cultural practices and benefits. Two-thirds of a company’s score is based on the employee survey results.
In addition to earning a spot on the Great Place to Work® list, participating companies also received a profile on Great Rated!™, Great Place to Work®’s new site that reviews workplaces based on the same validated methodology and representative employee sample used to produce the Best Companies list.
To view the full list, visit: http://www.greatplacetowork.com/best-companies