You know the old saying: The only thing certain is change. You don’t have to be a strategic management consultant to know a seismic shift is transforming the business world. The Pew Center for Research reports that 56 million millennials (individuals 22 to 36 years of age) now make up the majority of today’s workforce—eclipsing the 53 million GenXers and 41 million baby boomers still earning a paycheck.
The most digitally connected generation in history is flipping workforce management on its head with very different attitudes about cradle-to-grave loyalty, job satisfaction, and a desire to be engaged in meaningful, purpose-driven work. But sweeping generational change isn’t the only worry keeping CEOs, human resources VPs, and hiring managers awake at night. The quest to attract, motivate and retain qualified employees is an ongoing challenge—across generations. More than one study reveals that on any given day, less than 15 percent of most organizations’ workers are engaged in what they’re doing.
If your company happens to fall on the wrong side of statistics, very few of your people are working with enthusiasm, efficiency and passion. Only a small percentage is contributing to the healthy growth, profitability and long-term success of your mission, values, and operational goals.
As strategic management consultants, PeopleWorks International knows the antidote for a host of corporate ills—high employee turnover, lackluster productivity, poor quality, uninspired customer service, flat or declining profitability—is a thoughtfully cultivated workplace culture that nurtures trust on many levels. A culture that not only believes in servant leadership, but one that affirms that employees truly matter through its policies, communications and benefits.
Today, a high-trust culture is no longer viewed as an intangible or soft asset, but rather is a must-have for organizations determined to maximize their success on all levels. Companies that get it right are handsomely rewarded for their efforts—in many ways.
Research by the independent investment firm FTSE Russell notes that cumulative stock market returns among publicly held Fortune 100 Best Companies to Work For® are nearly three times greater than the market average. They also reap healthy gains in their operating and income per employee margins, growth rate and return on assets. And when employees—your biggest brand ambassadors—are empowered to make decisions they believe are in the best interest of the customers, good things happen. An eight-year study of Fortune 100 Best Companies to Work For by Cornell University’s Industrial and Labor Relations School discovered that high-trust companies earn customer satisfaction scores that are 2.8 to 3.2 points higher than their competitors.
Time and time again, our strategic management consultants have seen that organizations with a high-trust culture are able to attract, retain, develop and inspire top talent across generations. Empowered employees are happier, feel a sense of purpose and have a lower volume of voluntary turnover (10% versus the 24% national average). In fact, millennials are 25 times more likely to plan a long-term future with companies that are honored as one the Fortune 100 Best Companies to Work For.
“Simply put, companies that treat their employees better do better,” Alex Edmans of the London Business School revealed during a TedX Talk about his research on the link between employee well-being and high-trust companies.
With all the compelling evidence at hand, most organizations acknowledge the critical importance of a high-trust culture, yet few understand how to go about defining, building or sustaining one. Our strategic management consultants can help. For more than 30 years, PeopleWorks International has been helping companies develop the kind of enviable culture that optimizes their potential across every key performance indicator—employee and customer satisfaction, operational efficiency, quality improvement, profit growth, and more.
The fanatical pursuit of excellence is a hallmark of Best Companies to Work For, and it can be yours too. PeopleWorks International will set you on the path to transformative change. Connect with us today. Call (800)505-3978 or firstname.lastname@example.org to get started.