The benefits of creating a Great Workplace cannot be more evident than when the economy turns south. The U.S. and World economies are subject to cyclical movements in both positive and negative directions. It is a given; there will be periods of growth and expansion, and conversely, there will be periods of restriction and conservation. We know with certainty that each cycle, and the period in-between, is coming. Companies ride high during times of expansion, growth and spending, and hunker down during the slow, restricted and conservative economic periods.
Unfortunately, the companies who live in a short-term world and do not develop a long-term Great Workplace strategy will eventually succumb to the enemy of average and precipitous economic conditions. At best, they are only prepared for economic high times. The moment trouble comes, however, these ill-prepared organizations eventually close their doors.
On the other hand, companies who have conscientiously developed Great Workplaces where people thrive are prepared for both sides of economic weather conditions. They ride the waves when they are high, taking advantage of all the good momentum. And when economic conditions turn bad – and they will – companies with great work environments seem to ride out the storm in a calm and collected fashion; even increasing revenues from alternative sources, adding new clients, capturing untapped markets, pulling in sales from varied sources and innovating their way out of an economic disturbance.
Why do companies with Great Workplaces survive economic storms?
The people inside Great Workplaces make the difference because their company truly cares for them by creating a sustainable, flourishing culture. As a result, a majority of their energized employees are engaged and running on all cylinders. The benefits of creating a Great Workplace are numerous. As chairman of the board, CEO, business owner or start-up entrepreneur, the proven benefits of building a Great Workplace will likely make your company a powerful force even in the most difficult of times. Why? The benefits of creating a Great Workplace have been researched and statistically proven by the Great Place to Work Institute:
- Higher productivity
- Higher engagement
- Lower disengagement
- Higher profitability
- Improved customer satisfaction
- Lower staff turnover rates
- Greater number of applicants for open positions
- Attraction of the best and brightest talent
- Less resistance to change
- Lower health care costs
- Lower workers’ compensation costs
- Lower absenteeism rates
- Lower presenteeism rates
- Higher levels of cooperation
- Higher quality products and services
- Increased innovation and risk taking
- Higher returns to stockholders
- Higher value to communities
When you build a winning team with a great work environment, employees will take care of business during both good and bad times. It is a winning formula for building a long-term, growing and profitable organization.
The Good News
It is never too late to begin the process of building a Great Workplace. Any company can get there from where they are today as long as the top business leader is the one leading the charge. It is better to invest your time and resources to develop a Great Workplace and survive an economic storm than to carelessly leave your company culture to chance and file Chapter 11 when the next storm blows in.