What are the 4 Factors That Make Your Company One of the Best?

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Each year, since 1998, Fortune Magazine publishes its 100 Best Companies to Work for in the USA. As I wrote in my previous Passion Point, there are great lessons to be learnt from them, and I have been using these lessons in my speeches and workshops and executive coaching. This is the second Passion Point exploring the lessons to be learnt from this year’s listing.
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There are Four Proven Factors that have been distilled from the evidence that will make your company one of the best:

  • There is a clear Mission, or what I call Purpose: “It feels great to work for a company that is trying to solve the next unmet medical need.” Roche Diagnostics
  • Great Colleagues: the best people want to go to where the best people are
  • Trust. If team members are trusted, most people prove to be trustworthy. Being trusted is incredibly empowering.
  • Caring. Every company says it values employees. The Best 100 don’t say it: they show it in many ways.

How then can your organisation harness the power of these Four Factors? Here are some key strategies that the Best embrace, as reported in Fortune:

  • Foster strong and rewarding relationships  among employees
  • Relationships are the essence that makes culture and character
  • In times of great change, it is more important than ever, and harder than ever, to do this.
  •  ‘Culture’ is what people do when they are not being told what to do
  • Great companies have cultures that are relationship-based
  • Free lunches help to build relationships
  • Human capital is growing more valuable in every business; such people are more thinkers and creators.
  • “Intangible assets, mostly derived from human capital, have rocketed from 17% of the S&P 500’s market value in 1975 to 84% in 2015.”
  • “Knowledge is becoming commoditized. The most valuable people today are increasingly “relationship workers”.

In the next Passion Point, I will share a number of very practical action steps to implement the above strategies that the Best Companies use. Remember, the benefits of being one of the Best are extensive, and were examined in the April 2015 Passion Point.

 

QUOTES TO CONSIDER

These are two of my all-time favourite and inspiring quotes. I refer to them in every workshop I have facilitated since 1993.

“When you are inspired by some great purpose, some extraordinary project, all your thoughts break their bonds. Your mind transcends limitations, your consciousness expands in every direction, and you find yourself in a new, great and wonderful world. Dormant forces, faculties and talents become alive, and you discover yourself to be a greater person by far than you ever dreamed yourself to be.”

Patanjali, circa 2nd Century BCE

“I believe that the role of business is to make the world a better place for everyone. First, by creating self-esteem through jobs, choices, opportunities, and challenges. And then by focusing our creative minds on innovating for the greater good.”

Kevin Roberts, former CEO Worldwide, Saatchi & Saatchi

 

A STEP TO TAKE

Start to change the culture in your organisation by contemplating the Four Factors and the two quotes. We can help you with a clear road map on how to do this. Just get in touch and let’s have a chat.
 
So, why would you bother striving to be a great place to work? It is incredibly difficult to make it into the Best 100. Is it worth it? 

This is the question I invite you to consider, and it will be the subject of a couple of these Passion Points to Ponder, in this and the next edition. The data and information below is all extracted from the 15 March edition of Fortune Magazine.

 

WHAT ARE THE BENEFITS OF BEING ONE OF THE BEST?

  • You can attract and hold on to the best and most valuable talent: this is proven to be one of the best ways to gain competitive advantage.
  • The Best 100 really do outperform other companies as investments: the publicly-listed 100 Best companies outperformed the S&P 500 nearly 2 to 1!!
  • A happy workforce is a cost-saving strategy.
  • Turnover of staff is lower in a great workplace.
  • A seasoned workforce does a better job – and they cost you less money (Marriott Hotels).
  • Culture of a great workplace drives loyalty, which drives better service, which drives customer preferences, which drives higher retention, which reduces costs (Marriott Hotels).
  • The Best 100 are getting better results because business leaders are focused on workplace culture as a competitive tool.  More employers are seeing the connection from culture and relationships to workplace greatness to business success.
  • Google’s leaders explicitly attribute the company’s financial performance to its benevolent people practices
  • Deloitte’s annual survey from 106 countries found for the 1st time that top managers say culture is the most important issue they face, more important than leadership, workforce capability, performance management, or anything else.
    AND HERE’S A COUPLE OF PUZZLES ACCORDING TO FORTUNE

Most employers realize they have no clue where to begin in creating the culture they need.
Why don’t investors realize that great places to work are also great investments? Investors just don’t get it: they simply don’t understand that great workplaces work better.  A corollary is that most employers don’t get it either.


QUOTES TO CONSIDER

“More and more major employers are recognizing that they need workers who are good at team building, collaboration, and cultural sensitivity”

Fortune, 15 March 2015.

“It is not simply the brightest who have the best ideas; it is those who are best at harvesting them from others. It is not only the most determined who drive change; it is those who most fully engage with like-minded people. And it is not wealth or prestige that best motivates people; it is respect and help from peers.”

MIT’s Prof Alex Pentland, quoted in Fortune, 15 March 2015

 

A STEP TO TAKE

Start to change the culture in your organisation if you want more success. We can help you with a clear road map on how to do this. Just get in touch and let’s have a chat.

 
Charles Kovess CSP


About

Charles Kovess CSP is a lawyer, successful businessman, professional speaker and passion provocateur.

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