Winning Workplaces

Thanks to our Special Projects Coordinator, Jason Ticus, for passing along this bit of wisdom to our staff that he uncovered today as he helped wrap up the due diligence phase of our 2009 Top Small Workplaces recognition project with The Wall Street Journal:

One of the key things any company can do, no matter what business, is to recognize that the greatest asset you have are your people; they’re the ones that put the pieces of the puzzle together to make it happen. This company recognizes that. They've got an attitude that they just play by a higher standard and recognize the value of every human that works here. The turnover in this company (for the industry we're in) is probably the smallest that I know of. And it's not all about pay, which is important, but it's about looking forward to coming to work, enjoying the people you work with, and knowing that you're appreciated. I've been in this industry for 30 years, and I've gotta say I've never seen anything like this.

This feedback from an employee of one of this year's Finalists shows that, while employers clearly have the upper hand in the pay game in a down economy, they also have a responsibility – to employees, but ultimately to their bottom line through stronger retention and greater productivity and innovation – to devote some of their resources toward workplace team building and employee engagement best practices that show workers how much the organization values their contributions.

As employee rewards and recognition expert Cindy Ventrice told us,

Once employees have what they consider to be a fair wage – in other words, they're at 75 percent of the industry standard for their geographic area – money is not really a factor in how motivated they people are, how willing they are to stay and how valued they feel in the workplace. Then it comes down to non-monetary concerns like:

• Are they treated appropriately?
• Are they given information in order to do the best job they can?
• Do they feel trusted?
• Do they feel like their opinions are valued?
• Are they getting chances to develop and grow? (Is anyone acknowledging that they are making a significant contribution?)

All of those things matter far more than money does.

What is your firm doing to let people know, perhaps in the absence of the pay or perks they've been used to, that they matter?