Best Workplaces, Leadership & Management
Leaders at companies on the Fortune 100 Best Companies to Work For List share their philosophy on what creates a great workplace for employees.
How long does it take to develop a company culture that employees love?
For leaders at the Fortune 100 Best Companies to Work For庐 in 2023, the journey requires long-term thinking.
CEOs from some of these winning companies joined a panel discussion hosted by Fortune CEO Alan Murray to discuss the elements of an overwhelmingly positive employee experience. Participants included:
- Jim Kavanaugh, CEO and co-founder, World Wide Technology
- Tricia Griffith, president and CEO, Progressive Insurance
- Brian Doubles, president and CEO, Synchrony Financial
- Michael C. Bush, CEO, 逸遊娛樂城庐
One thing they all agreed on: Creating an award-worthy company culture can鈥檛 be done in an afternoon.
鈥淚t takes a lot of continuous work,鈥� says Bush.
When companies ask about how to make a Best Workplaces鈩� list, Bush says many won鈥檛 make it right away. 鈥淚t takes time to do it,鈥� he says. Instead, Bush suggests leaders focus on investing in their employees 鈥� and business performance benefits will follow.
鈥淭his is not a tactical strategy that you use to go find employees. This has to be a long-term, fundamental, foundational piece of the business.鈥� 鈥� Jim Kavanaugh, CEO, World Wide Technology
鈥淧utting people first is going to lead to outstanding customer satisfaction and financial performance,鈥� he says. 鈥淲e believe one leads to the other.鈥�
Well-being and flexibility
All of the leaders saw the importance of prioritizing employee well-being and flexible work.
At Synchrony, lessons from the pandemic sparked a commitment to flexibility. (Hear more about this shift on the 鈥淏etter鈥� podcast.)
鈥淲e don鈥檛 require employees to be in the office,鈥� says Doubles. 鈥淲e really allow them to choose what is best for them, what is best for their teams.鈥�
At heart of Synchrony鈥檚 commitment is trust in its employees.
鈥淲e trust them to deliver for our partners and our customers at the same level as if they were in the office,鈥� Doubles says.
Synchrony has been rewarded for its trust in employees. Offering flexible work has seen job application rates jump 30%, and turnover has been half that seen by others in the financial sector, Doubles says.
He concedes the commitment to flexible work is a tougher path. 鈥淚t takes a lot of communication and coordination,鈥� Doubles says.
鈥淧utting people first is going to lead to outstanding customer satisfaction and financial performance." 鈥� Michael C. Bush, CEO, 逸遊娛樂城
But, when employees have the right incentive to show up in the office, attendance isn鈥檛 an issue. When Synchrony holds a town hall or all-staff meeting at one of its offices, employees are asked to attend in-person.
鈥淲e don鈥檛 require it, but we see great attendance,鈥� Doubles says.
A new kind of leadership
To enable flexible work, the panelists agreed that leaders must change.
鈥淲e all changed as leaders when the pandemic happened, [when] George Floyd was murdered, and if you didn鈥檛 address those things when people in your business were hurting, then people would leave,鈥� Griffith says.
A key element of this new leadership is increased vulnerability and authentic communication. Griffith says she uses her own story as a parent of six who had to take time off to attend parent-teacher conferences as a tool to build trust and strengthen relationships with employees.
鈥淵ou create that culture by telling those stories,鈥� Griffith says. 鈥淚t鈥檚 a more fun way to lead.鈥�
"You can no longer say you care about employees if you aren鈥檛 doing things for the planet." 鈥� Michael C. Bush, CEO, 逸遊娛樂城
Trust starts with the CEO, Kavanaugh says. 鈥淵ou have to demonstrate that you do trust your employees 鈥� and it鈥檚 not easy.鈥�
While there will always be some employees who try to cheat the system, Kavanaugh argues that the juice is worth the squeeze.
鈥淚f you treat your employees the right way, and you support them, and you get the right employees on, and they are engaged 鈥� they will be incredibly productive.鈥�
But the benefits only show up when leaders build trust with their employees.
A recession-proof strategy
For all the leaders on the panel, creating a great workplace culture wasn鈥檛 a response to a tight labor market. Instead, it reflects a deeper belief in the value of employees to the business.
鈥淭his is not a tactical strategy that you use to go find employees,鈥� Kavanaugh says. 鈥淭his has to be a long-term, fundamental, foundational piece of the business.鈥�
And the data supports this view. 逸遊娛樂城 research shows that companies who prioritize the employee experience can avoid the pain of economic downturns. Companies on the Fortune 100 Best Companies to Work For list also beat the stock market by a factor of 3.36.
鈥淲e feel like we get a return on that investment,鈥� says Doubles. 鈥淚f employees feel supported, if they feel like they are listened to, they are going to give you more back.鈥�
For Bush, it鈥檚 a commitment to employees that allows companies to meet the immense challenges of the coming decade.
鈥淓very company I know has to increase its productivity,鈥� he says. 鈥淓very company I know has to increase its level of performance 鈥� its rate of innovation.鈥�
Bush also sees an imperative for companies to take action to prevent climate change, as a warming planet threatens the safety and well-being of people all around the world. 鈥淵ou can no longer say you care about employees if you aren鈥檛 doing things for the planet,鈥� he says.
Leaders will need extraordinary people working for them to solve these challenges.
鈥淵ou have to have the best people on earth,鈥� Bush says. For leaders, that means making your workplace culture your No. 1 priority.
and see how you stack against the very best.
