Jonathan Fields, author of the book Career Renegade, wrote on his blog of the same name on Friday,
Truth is, there is no such thing as a great company, there are only:
- Great ideas,
- Great moments,
- Great decisions,
- Great strategies,
- Great people, and
- Great execution
I won't argue that all those elements aren't important – the last three probably being most relevant and vital. But to say great companies – the sum of those parts – aren't their own entities does a disservice to news services such as The Wall Street Journal and Fortune, which report on great companies selected with the help of employee engagement research firms like Winning Workplaces and the Great Place to Work Institute (respectively).
Once you mix all the elements Fields mentions, and more (including workplace team building activities and other people practices, which fall under various elements in the author's list), the whole that you get is indeed its own living, breathing entity that, like any of those individual parts, can be judged on its merits and shortcomings.
The secret sauce or "X" factor, I think, that helps turn the disparate elements into a cohesive whole is company culture. This is something that is unique to each organization and serves to attract like-minded people to it and develop them once they're on board, helping boost retention, productivity, and profits.
Check out this short list of small firms we've honored the last two years as Top Small Workplaces. Can you honestly tell me that any of these aren't great companies?
Decagon Devices (2008 winner)
- 26-year track record in the analytical instruments industry
- Over $9 million in revenue from 73 employees
- Average employee tenure of over 4 years
- Practices in place that support their motto of "Think like scientists, work like farmers, dream like children" – for instance their wellness program, driving down decision making, and encouraging risk taking
The Rainforest Alliance (2008 winner)
- 22-year-old environmental nonprofit that attracts business from the likes of Kraft and Nike
- Over $25 million in revenue from 260 employees
- Average employee tenure of 3.5 years
- Predating the rise in consumer preference for sustainable practices used in the products they buy, the organization has used its certification programs to transform land-use and business practices in industries as diverse as forestry and tourism
- International mentorship programs are well received and drive recruitment and keep turnover low
Gentle Giant Moving Company (2007 winner)
- 29-year-old moving and storage business started with a $17 newspaper ad and a borrowed truck
- $28 million in revenue from 240 employees
- Average employee tenure of 5 years
- Filled a niche in Boston and across New England for unparalleled service in the industry
- Uses its business success to fulfill its true mission, developing leaders
Point B (2007 winner)
- 14-year-old professional services provider serving 7 U.S. cities with no formal offices
- $80 million in revenue from 375 employees
- Average employee tenure of 3 years
- Probably the best example of using new-school (technology) in combination with old-school (staff get-togethers) employee engagement best practices to boost camaraderie and cultivate new business ideas; attrition rate is also below half of industry average
- Cultural selling point is allowing associates to "define their own Point B" through both personal and professional goal planning – this has enabled the company to fill all leadership roles from within
What do you think – are great companies a fallacy?
Photo credit: The German Car Blog