Love is the New Workplace Currency
Over the past few years, finding loyal employees who also produce beyond everyone’s expectations, has been a hot topic amongst talent professionals and senior executives. The reason you’re seeking this answer is pretty straightforward– you want self-motivated, productive employees who stay and produce more because they choose to do so. Not to be misconstrued with traditional engagement surveys, we sought to solve for the production variable when employees are presented with a myriad of options to choose from regarding willingness to give and provide more results for their organizations. And, we found the #1 reason why people produce more for their companies, is love.
We surveyed over 175 companies across the US, Middle East/Northern Africa, and SouthEast Asia. We drilled down into what love of company really means to them in order to create a model for a Most Loved Workplace.
Our results were conclusive across geographies, organization size and industries. People who work in a most loved environment are 94% more likely to perform better and provide results, with 59% saying they are four times more likely.
Perks, compensation, and friendship at work end up at the lowest end of the results that prove you love your workplace. In fact, commonly discussed impacts like compensation, benefits and perks have very little impact on employees “loving” their workplace. So does having friends at work, which has been central to past studies from other institutes. Our respondents were very clear what causes them to “Love” their workplace, and it’s about Respect.
To help aid in the process, we created an audit which consists of different categories of what makes people truly love their company including a deeper dive into respect, and other key factors. The categories are the following:
1. People: This category includes statements designed to measure feelings employees have toward their coworkers and bosses, how they evaluate teamwork and collaboration at their workplace, and communication flows and feedback.
2. Ethics: This category includes statements designed to measure if the employee feels that the company lives the values she espouses along with general perceived honesty, integrity, ethics, and if other employees are reliable and held accountable for their actions.
3. Respect and Appreciation: This category includes statements designed to measure if the employee feels respected and appreciated at his workplace along with statements that measure perceived trust and if they feel listened to.
4. Positive Future: This category includes statements designed to measure if the employee thinks of the workplace as a positive environment that fosters innovation and openness along with a general positive attitude toward the future.
5. Achievement: This category includes statements designed to measure if the employee thinks of her workplace as a place that values effort and hard work, a workplace where processes are in place, where the employees can focus on the customer and work toward shared goals.
The resultant data shows that getting respect drives a most loved workplace, and this translates to better performance, team cohesiveness, and reduced turnover. While some companies focus on compensation, benefits and perks to “buy” employee loyalty, or touting their company is a great place to find friends, this study finds that a culture of respect for employees is the great equalizer. Respect is the new currency, one any business can supply in unlimited amounts if it so chooses.
Founder and CEO of Best Practice Institute, partner to Newsweek on America’s Most Loved Workplaces, and the author of more than 10 books on best practices in leadership and management, including Change Champion’s Field Guide, In Great Company, and Best Practices in Talent Management. Thought leaders and executives voted him as one of Global Gurus Top 10 Organizational Culture thinkers worldwide, and his feedback and benchmarking software has won HR Tech’s top product of the year award. Louis has been featured in Forbes, Investors Business Daily, Newsweek, MSNBC, Fast Company, and interviewed widely. For more information on Carter’s story see, “Meet the Fixer” and GoSolo.