Sunday Times 100 Best Companies to Work For
awards provide Britain's most
For the 2004 list we captured the
Judith Leary-Joyce has identified the value of the project and used the research to discover precisely how senior managers create environments in which staff can flourish. One of the key factors is trust. It is a credit to the faith of all those chief executives who take part in Best Companies surveys that they allow their staff to express
It is abundantly clear that best companies to work for do not happen by
Richard Caseby, Managing Editor, the Sunday Times
This chapter could consist of just one statement:
Great companies consistently outperform the FTSE All Share. Over the past five
yearsthe best companies would have earned an investor a compounded annual return of 12.1 per cent, compared with a 5.8 per cent decline in the FTSE All Share index as a whole.
Source: Sunday Times 100 Best Companies to Work For list, 2003
Statistics by Frank Russell Company
How interested would your shareholders be in your corporate culture if they knew that? They would really want you to become an employer of choice because it is good for the bottom line.
It is a universal truth of business that no matter how unique or innovative your products and systems are, it is only a matter of time before someone else is doing it as well or better than you. If you are a market leader, you have to keep running hard to stay ahead of the hounds snapping at your heels, and if you are one of the chasing pack, you will get breathless just keeping up.
The only thing your
It is not worth worrying that others might
In short, great company culture will give you:
high levels of creativity and innovation
improved customer service
a great workplace that customers like too.
Once people hear what an exciting workplace you have, they will
In 2001, prior to the publication of the
50 Best Companies to Work For
list, Timpson had 80 per cent employment. After publication this increased to 100 per cent. And by 2002, when named again as one of the
100 Best Companies to Work For
, Timpson had a waiting list and was
Such is the power of great company culture -
Once people realise they are in a good workplace, they want to stay. Great companies develop careers in house - growing their own to make sure they keep all the expertise and experience. They also involve colleagues in seeking the best way to run the business, listening to their ideas and concerns from the front line. What young high-potential person can resist that? From the moment they walk through the door, management are paying attention, listening well and looking to three jobs down the line - it is a compelling argument for commitment. Especially when linked to a challenging and honest workplace.
Imagine the bottom-line impact when recruitment costs fall and less time is lost as the outgoing person shifts his or her attention away from the work and the incoming arrival strives to grasp the intricacies of a new job.
Provide challenge and support in appropriate balance and you will stimulate the creative juices. Couple this with a strong feeling of
Hiscox are a prime example. They were part of the syndicate that insured the World Trade Centre, so business took a major hit in 2001. Because their commitment to colleagues includes appreciating the wisdom of experience, they were able to ride the
The very best customer service operations have
Take Flight Centre. Strong working relationships
People who feel cared for, respected and valued give
In this day and age, ethics in business has a high profile. People will take their custom away from organisations that do not live up to expected standards, so being known as a great workplace will help differentiate you from
TD Industries are known for high trust and integrity by
I am convinced that high trust has allowed us to be agile and
aggressiveduring these difficult economic times and continue to outperform our industry. TD always emerges from difficult times with a strengthenedposition in our marketplace.
To test his judgement on this, look at the graph on slide number 9 in the business case/evidence (Appendix 3) - it speaks