If quitting your job and changing industries meant you could finally look forward to work, avoid workplace favoritism, and experience fair pay and promotions, would you?
The answer is probably yes.
According to research, in a context of low unemployment and a resilient job market, employers who don’t prioritize culture risk losing talent. Great Place to Work®.
The company’s research of more than 1.3 million employees on Fortune’s 2023 Best Places to Work industry list shows that companies that put people first outperform across all culture and business metrics, regardless of industry.
Take the retail industry, for example, which has been more difficult than other industries to fill job openings since the outbreak.
Fortune’s Best Workplaces in Retail not only have a much better workplace experience than their peers (52% better), but they easily outperform the typical U.S. employer by 35%, including 25% higher in competitive industries such as professional services and technology % and 27%.
This is not unusual in retail. All of Fortune’s 2023 Best Workplaces by Industry rankings top employee experience compared to the typical workplace.
“There are a lot of people looking to change careers and wondering which industry they should move to,” said Michael C. Bush, CEO of Great Place to Work. “They ask, ‘What are the best industries to work for?’ There isn’t one. The question you should be asking is, ‘Who are the best companies to work for?'”
The rewards of a people-first culture are reflected in employees’ willingness to stay with the company (88%), referrals (91%), self-directed efforts (90%) and agility (87%), which is nearly twice as high as in a typical workplace.
“This is what happens when you take care of your people,” Bush said. “Every leader I know wants to improve their productivity, performance, innovation and agility. You need the best people to do that. To attract and retain these people, your job is to make sure they They all look forward to coming to work. Take this path and you’ll never look back.”
Great Place To Work identified the 2023 workforce by analyzing workforce data in manufacturing and production, aging services, health care, consulting and professional services, financial services and insurance, advertising and marketing, retail, real estate, construction, biopharmaceuticals and technology. Annual industry list.
ideal place to work
When it comes to productivity and agility, it’s especially important to work towards building a strong culture where all employees are seen, heard and valued – a top priority for leaders in today’s lean economy of.
For example, when employees can count on the cooperation of their colleagues, they are more likely to put in extra effort and adapt to changes. On average, nearly 90% of employees in the Best Workplaces across industries feel they have co-workers who collaborate, compared with 63% in the typical workplace.
When there is collaboration, employees are 587% more likely to believe that their colleagues go the extra mile to get their jobs done, and 57% more likely to believe that employees will adapt to changes.
ideal place to work
What the Best Workplaces Do Better
According to a Best Places to Work market study of more than 4,400 U.S. employees, an average of 37% of employees in the Best Places to Work said their workplace was better than their colleagues in a typical workplace. great.
Creating a great workplace requires foundation of trust Built on credibility, respect and fairness. You don’t get there with perks and shiny items.
Here are three differences in company culture between winning workplaces and average workplaces across all industries studied:
1. Fair profit sharing
On average, 108% more employees in the best workplaces said they received their fair share of profits compared to typical workplaces.
gold nugget marketWalmart, ranked 14th among large retail companies, has recently taken a number of measures to share profits and wages equally. The company made “thank you” bonuses permanent, launched a salary review four months in advance to keep up with rapid inflation, increased everyone’s pay by $1 an hour and doubled employee discounts to 20% for all employees. Role or tenure.
2. Managers avoid favoritism
In the average workplace, less than half (45%) of employees believe management treats all employees equally. In the Best Workplaces, that number nearly doubles (88%) because there are programs in place to help managers avoid bias in their daily interactions.
For example, employee care and connection initiatives ChemaxRanked fifth among large retail companies, it intentionally connects managers with employees to build relationships of support and trust through one-on-ones, small meetings, quarterly communication sessions, and roundtables.
3. Provide a sense of purpose
research shows Purpose-driven cultures perform well Everyone else, regardless of their industry. In fact, the belief that “you do more than just a job” is one of the top drivers of talent retention in every industry. In retail, for example, creating a sense of purpose can increase the likelihood of retention by 76% and increase discretionary effort by 35%.
The result of a great culture is that (not surprisingly) people look forward to coming to work. In typical workplaces, only half of people look forward to coming to work, while nearly nine in 10 employees in Best Workplaces look forward to coming to work, a 76% increase.
Building a great culture takes intention and hard work—no matter the industry or company size.
Roula Amire is Content Director at Great Place To Work®.
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