There we were — discussing the factors that make “great” employers so special.
I couldn’t resist asking how organizations on Fortune Magazine’s list of “100 Best Companies to Work For” compare with those featured in Jim Collins‘ best-selling books, Built to Last and From Good to Great.
That’s a tough question to answer in a single 30-minute radio show. But this week’s #TChat guest came well prepared. China Gorman, CEO of Great Place to Work Institute, has been crunching numbers to create the 2014 best employers list — and her perspective reflects a lifetime of leadership and HR expertise.
She made a compelling business case
• The 100 Best consistently perform 2x better financially than the stock market average
• The 100 Best experience up to 65% less voluntary turnover than competitors
• Companies returning to this year’s list saw unprecedented growth in 2013.
But even as China shared these facts, back-to-back tweets appeared on the Twitter stream. The first from #TChat regular, Donna Rogers:
— Donna Rogers, SPHR (@DonnaRogersHR) January 22, 2014
The second came from a fresh voice — another Jim Collins (unrelated to the author):
— Jim Collins (@jimcollins) January 22, 2014
These comments inspired me to dig deeper.
In a follow-up book, How the Mighty Fall, Jim Collins (the author) revisited 11 of the 60 companies he had previously profiled as winners. These once “great companies” had stumbled for multiple reasons — from hubris, to overreach, to denial.
The sobering conclusion? Unless fallen companies return to the fundamentals that made them great, death is inevitable.
Two Implications for “Great” Employers Everywhere
1) Greatness can fade fast. Poor decision-making, heavy-handed micro-management, bad expansion bets, products that fail, fluctuating global economics, government regulation (or lack thereof) — many factors conspire to “kill” even the best companies. But the quickest road to ruin comes when organizations lose talent to competitors because employees lose “love” for what they do, who they do it with, and why they’re doing it.
2) Perpetual salvation requires rigorous work. The work that makes companies shine — a focused, flexible business model, a compelling value proposition, a workforce that feels fairly recognized and rewarded – is the same work that keeps them moving forward through peaks and valleys. Business is a non-stop gauntlet of no guarantees — and it never gets any easier.
So, what have we learned? Great is good, if you can get it. But good can also be great, if that’s where longevity lives.
#TChat Week-In-Review: Lessons From Great Workplaces
#TChat Preview: TalentCulture Community Manager, Tim McDonald, framed the week’s topic in a post featuring a “sneak peek” hangout with guest, China Gorman. See the #TChat Preview now: “Best Employers: What Makes Them Work?”
Forbes.com Post: TalentCulture CEO, Meghan M. Biro explored the connection between employee engagement and business performance in her weekly Forbes.com column. Read “Happy Employees = Hefty Profits.”
RECENT RELATED POSTS:
“How Great Companies Attract Top Talent” — by China Gorman
“Your Corporate Culture: What’s Inside?” — by Dr. Nancy Rubin
#TChat Twitter: Immediately following the radio show, Meghan, China and I joined the TalentCulture community on the #TChat Twitter stream for a dynamic open conversation, centered on 5 related questions. See highlights in the Storify slideshow below:
#TChat Insights: “Best” Employers: What Makes Them Work?
Closing Notes & What’s Ahead
GRATITUDE: Thanks again to China Gorman for sharing your perspectives of effective workplace environments. We value your time, your expertise and your commitment to the TalentCulture community!
NOTE TO BLOGGERS: Did this week’s events prompt you to write about workplace culture issues? We welcome your thoughts. Post a link on Twitter (include #TChat or @TalentCulture), or insert a comment below, and we’ll pass it along.
WHAT’S AHEAD: Our month of forward-thinking #TChat Events continues on Wednesday, January 29, when we explore the impact of pervasive technology on modern recruiting. We’ll be joined by top executives from Dice, the career hub for tech, so save the date, and prepare to share your questions and opinions!
We’ll see you on the stream!
Image Credit: WIkipedia