By Alison Grenier, Head of Culture and Research, Great Place to Work
Business rules are changing. Societal and technological advancements are creating new opportunities and challenges for organizations. Many traditional jobs don’t exist anymore and new roles are being created daily. People of diverse backgrounds are speaking up and being heard. All of these changes mean companies must clear a higher bar to win the war for talent.
Foundation of Trust
This year’s list of Best Workplaces in Canada represents great diversity in terms of sector, industry, size and location. Each has pioneered a unique path to success. But there is one thing they all have in common – TRUST.
Over two decades of research confirms that workplace trust is the foundation for quality jobs and performance excellence. Employees who trust their managers give their best work freely, and that extra effort goes directly to the company’s bottom line. Managers who trust their employees allow innovative ideas to bubble up from all levels of the company. Employees who trust each other report a sense of camaraderie and even the feeling of being part of a family. Together, people working in high trust environments deliver far more value than the sum of their individual efforts. Building workplace trust is the best investment any organization can make.
Trust Fuels Growth
For the past 20 years, the Best Workplaces have consistently experienced better stock market returns, lower turnover (about half of industry average), better customer service, higher levels of innovation and increased productivity. The chart above illustrates the results of a study by Russell Investment Group that tracked, over the course of two decades, the comparative annualized stock returns of companies recognized by Great Place to Work as “high-trust” cultures. These companies performed more than three times better than the general market.
Inclusion Accelerates Growth
We are entering a new frontier in business: one that is about improving business results by developing every ounce of human potential. While we know that high-trust organizations grow faster than their peers, our newest research shows that when high-trust organizations are also inclusive, their growth is accelerated.
We call a truly inclusive workplace a Great Place to Work For All. The idea is a kind of holistic inclusivity where daily human interactions at work recognize, welcome and expect great things from every employee, no matter who they are, what they look like, where they come from or what they do in the organization. In doing so, these organizations cultivate the human potential of all their people and outperform their competitors.
Our newest research tracks the median, year-over-year revenue growth of organizations that have built an Innovation By All 1 culture by involving more employees in the innovation process. These organizations generate more high-quality ideas, realize greater speed in implementation and achieve greater agility – resulting in 5.5 times the revenue growth of peers with a less inclusive approach to innovation.
Building Great Places to Work For All
Great Place to Work’s mission is to build a better world by helping organizations become Great Places to Work for ALL. Our research clearly shows that Great Places to Work FOR ALL are better for business. Their high-trust and inclusive cultures fuel growth and cultivate the human potential of all employees. Great Places to Work for ALL are also better for people, enabling everyone involved to achieve more than they thought was possible and enjoy healthier, more fulfilling lives.
Want to learn more? Download the report, Better Workplace, Better Performance.
Produced by Randall Anthony Communications. The Globe’s Editorial Department was not involved in its creation.