July 19, 2016 (San Francisco, Calif.) – Whether it's in insurance, banking, accounting or investment, credibility is essential to serving clients in financial services. By the same token, this sector's leading organizations also count on a high level of trust internally to ensure team members perform at their best. That's why research and consulting firm Great Place to Work® and Fortune Magazine are excited to announce their first-ever ranking of the Best Workplaces in Financial Services & Insurance. Employee surveys show that these companies offer exceptionally supportive cultures for pursuing a career.
"At the Best Workplaces in Financial Services & Insurance, ambition and collegiality exist side-by-side," said Michael C. Bush, CEO of Great Place to Work. "Employees we surveyed confirm that these businesses create environments of cooperation and trust – two traits that are absolutely essential to innovation in this fast-evolving industry."
Credit Acceptance Corporation held the no. 1 position in the ranking of the Best Workplaces in Financial Services & Insurance, followed by PrimeLending and ACUITY Insurance. Click here to see all 30 winners
- These workplaces dedicate themselves to rewarding employees' work in meaningful ways. Among the Best Workplaces, 93% of co-workers said they are paid fairly for what they do. At the same time, these companies reach for additional ways to make their people feel valued:
- Frequent giveaways for concert tickets, water parks passes and restaurant gift certificates help keep spirits high at Credit Acceptance. To acknowledge the extra effort that comes with the company's busy season, this provider of auto loans also kicks in free meals, snacks, energy drinks and massages.
- ACUITY demonstrates a commitment to colleagues' well-being with generous retirement benefits. Including profit sharing, the company has made 401(k) contributions equal to 10 percent of employees' salaries in recent years, regardless of whether they contributed to the plan.
- PrimeLending counts itself among the winning companies that emphasize philanthropy and create opportunities for community service during work hours. That's just one reason why 97% of PrimeLending team members said they're proud to tell others where they work.
More than 41,000 employees at financial services organizations certified by Great Place to Work completed surveys assessing their experience at work. Survey results for eligible companies were then compared to benchmarks for organizations of similar size. The Best Workplaces in Financial Services & Insurance excelled in a variety of areas relevant to employee success, including confidence in their managers. For example:
- Ninety-three percent of employees at these companies said their managers avoid playing favorites, compared to just 66% of people at eligible organizations that didn't make the list.
- Nearly all co-workers at the leading companies (98%) said their managers do a good job of assigning and coordinating people, compared to 72% at peer companies.
- At the best workplaces, 90% of employees said their leaders involve them in decisions affecting their jobs, versus 67% at other organizations.
In addition to transparent leadership, analysis of employee surveys also reveals organizational traits conductive to teamwork. For example, 97% of co-workers at the winning businesses said they can count on people to cooperate, while nearly as many agreed, "we're all in this together." These cohesive companies also create environments where nine in ten colleagues said they look forward to coming to work. Accordingly, annual turnover at the Best Workplaces averaged just 8%, which is roughly half the rate among all financial services companies surveyed by Great Place to Work.
The Best Workplaces in Financial Services & Insurance is one of a series of rankings by Great Place to Work and Fortune based upon employee survey feedback from Great Place to Work-certified organizations.
About The Best Workplaces in Financial Services & Insurance
The Best Workplaces in Financial Services & Insurance ranking is based entirely upon feedback from more than 41,000 employees at Great Place to Work®-Certified companies in the Financial Services & Insurance sector who completed our Trust Index© Employee Survey. Employees answered questions about how frequently they experience the behaviors that create a great workplace, which include management's honesty and ethics, camaraderie among employees, fair and respectful treatment, and clear expectations from management. Results from the survey are highly reliable, having a 95% confidence level and a margin of error of 5% or less. The total score for each company is based entirely upon this employee feedback. The 30 companies with the highest employee ratings compared with organizations of the same size were selected for the list.
About Great Place to Work®
Great Place to Work is the global authority on high-trust, high-performance workplace cultures. Through proprietary assessment tools, advisory services, and certification programs, including Best Workplaces lists and workplace reviews, Great Place to Work® provides the benchmarks, framework, and expertise needed to create, sustain, and recognize outstanding workplace cultures. In the United States, Great Place to Work® produces the annual Fortune 100 Best Companies to Work For® list and a series of Great Place to Work® Best Workplaces lists, including lists for Millennials, Women, Diversity, Small and Medium companies, as well as lists representing many different industries.
Follow Great Place to Work® online at Greatplacetowork.com and on Twitter at @GPTW_US.
Contact: Ann Nadeau, Chief Marketing Officer, Great Place to Work®
Phone: (+1) 415-844-2500