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Great Workplaces Thriving in Economic Recession

Great Workplaces Thriving in Economic Recession

Although it has been tough for most companies in this economicRecession recession, a new study reports Great Workplaces have performed better, with revenue and stock prices to the avoidance of the dreaded layoff and its terrible consequences. Our good friend Asher Adelman, Founder of GreatPlaceJobs.com, said their recent study “shows that even though top-ranked employers have suffered through the current recession, their revenue levels and stock prices are still in better shape than their competitors.” He also stated “the general sample of companies laid off employees almost twice as often as the excellent employers.  A shocking 86% of the Fortune 100 largest companies have laid off workers since the recession started in early 2008,” stated Adelman.

Let’s revisit the proven reasons Great Workplaces survive in a rough economy, which I shared with you last September.

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 proven by the Great Place to Work Institute:

  • Higher productivity
  • Higher profitability
  • Better 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

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.

So how can you better insure your company against the doom and gloom of the latest economic recession? Become a Great Workplace. You will not only attract the top talent your industry has to offer, but you will also keep that talent by developing a positive work environment designed for the success of your employees.

Go here to read the rest of the GreatPlaceJobs employment study on why Great Workplaces are outperforming their competitors in the recession.

To get more information, or to develop strategies for turning your company into a Great Workplace, contact Kevin Kennemer with The People Group at 888.797.9992 Ext 1, or by e-mailing kevin@thepeoplegroupllc.com.

Kevin Kennemer is founder of The People Group based in Tulsa, Oklahoma. Kevin is driven by his passion for company owners and their need to earn a profit, employees’ desire for a positive and fulfilling work experience, and the community that benefits when both groups do well.

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