How do workers define a great company? That is, without a doubt, the epitome of a question with no clear right or wrong answer. There is no one-size-fits-all response to this question; it varies widely from person to person.
Workers' level of engagement is critical to a company's success. Sadly, less than half of American workers are reportedly happy, and the country loses an estimated $7 trillion annually.
There is an increasing demand for employees to feel fulfilled in their jobs, so these traits should be noted and implemented. They make all the difference between a strong business on the rise and one struggling to stay afloat.
Here are seven characteristics of a great workplace:
1. The Best Companies Have Purpose
Great companies share two common purposes that make them successful.
Firstly, they all have a clearly defined purpose, a reason for being, that everyone understands and considers essential. If asked, every employee can tell you their role in achieving that purpose.
The best companies also promote their people and reward achievement, honesty, mutual respect, and fairness. An excellent organization supports a culture where individuals work hard to produce outcomes and appreciate their contributions.
2. Active and Engaged Leadership
When CEOs show they understand their organization and hold themselves to the same standard as everyone else, employees are more likely to support the company's objective. Additionally, it is one of the traits that distinguish a skilled manager.
Around 83 percent of top Fortune 500 companies employees state that their leaders met their expectations of what a good leader should be, thus, making them more trustworthy.
Good leaders walk the talk, so to speak, earning the respect of their employees who see them as their committed champions on relevant issues, especially those that affect employee satisfaction.
These leaders work hard to encourage employee involvement. They are open to feedback and concerns to protect a healthy workplace culture.
3. Real Concern and Empathy
Even after an employee quits, the top organizations emphasize their overall well-being—their personal, family, and community life. These workplaces give health insurance, training and development, and food care to employees who have been laid off or furloughed.
Caring and understanding do not imply providing a mediation app or a one-size-fits-all policy, such as working from home. It may, in part, but it is dependent on your people.
The best companies tailor the employee experience to provide genuine flexibility wherever their people work while making the environment equal, safe, and productive. This increases employee satisfaction.
In the United States, half of the employees say their employer promotes work-life balance. However, only one in every six employees in the United States is flourishing, compared to 58 percent of the best 100 companies in the country.
While listening and showing empathy are significant first steps, failing to take action afterward can erode trust. For instance, If you don't intend to act on the feedback, don't bother asking for it. This is why a good follow-through further establishes trust and morale among employees.
4. Prioritized and Transparent Communication
Open and timely communication fosters transparency and trust and unites employees and leadership behind common goals.
Companies that conduct employee engagement surveys regularly open the door to a conversation that benefits everyone involved. Employees can express their issues and feel heard. At the same time, management can use employee survey insights to initiate vital talks that would otherwise go unnoticed.
Feedback can also assist leaders in making organizational decisions that are in the employees' best interests.
5. Highlight Employee Input and Provide Data-Driven Solutions
Data-driven solutions based on employee feedback become more effective and stir a more active employee engagement. So, the best companies will not hesitate to implement improvements targeting their weaknesses.
Great businesses move their focus from getting the most out of their employees to providing for their employees' needs. This correlates to improved company outcomes, frequently resulting from employee-focused decisions.
When firms use employee survey data in decision-making, they may get to the heart of the matter and better understand where they fall short. Building on survey insights results in legitimate, practical change and allows the staff to engage in the organization's progress actively.
For example, if there is a call for better leadership, they would not be afraid to develop or revamp the leadership team to better lead and respond to the demands of the workforce. If there are unclear processes, the best companies would provide improved instructions and adequately guide the workforce.
The best companies also generate opportunities for employees to feel valued and a part of the team by celebrating things like birthdays, anniversaries, life events, and new hiring, which experts believe makes employees feel more appreciated and a part of the team.
A great company also simplifies the procedure around pay hikes and promotions so employees can set a career path within the company that matches an agreed-upon pay scale, which boosts employees' trust in the organization.
A systematic and ongoing way to get feedback on the employee experience gives a company the data and insights it needs to create a plan for making positive changes.
6. Healthy Company Culture
Employee engagement, communication, and trust are continually developed in successful workplaces with a contented workforce. Strong business culture can also help you stand out, promote your distinctive brand, and make a statement to jobseekers.
The shared values, attitudes, and behaviors of the best companies and their employees are what makes their company culture. Work culture can be affected by honesty, communication, innovation, working environment, work hours, leadership, benefits and compensation, and the like.
Even non-work-related factors can contribute to creating a unique work culture, such as camaraderie, and shared beliefs can affect the workplace culture.
A positive company culture bodes well for the business because employees become more synergistic, engaged, productive, and satisfied. Some companies even provide incentives such as stock options, free meals, transportation, employee lounge area, etc. Remember, it's more than stuffing employees with benefits but creating activities that build a fulfilling community within the workforce.
7. Innovation
Innovation is at the heart of the best companies. An organization's competitive edge and sense of pride in its own achievements are both bolstered by a culture of innovation.
Innovation encourages workers to perform their best and make meaningful contributions to the organization.
Make sure employees feel confident telling managers and higher-ups their ideas. After all, workers have first-hand knowledge of how things run daily, which may hold the key to your company's next big innovation.
Conclusion
The best companies take care of their people because they are the heart and soul of the company.
This can be a challenge, but when a company focuses on its people and customers, continually innovating to create valuable employee and customer experiences, it creates a culture of trust that promotes growth. The more your people grow, the more your company grows.
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