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Home > Blog > Great Places, Day 2
Out of Our Minds
Friday, April 07, 2006 3:25 PM
Great Places, Day 2
Martin Flaherty on About Work

It's amazing to be in a hotel ballroom with over 600 mid- and upper-level managers all discussing how to make a great place to work. In fact, it's really cool. But what is amazing is just how simple the reason to pursue the creation of a GPTW is.

In repeated examples, big companies like Aflac, Ernst & Young and Valero Energy as well as little/mid-sized firms like Baird, Acuity and cxtec demonstrate that high employee satisfaction equals high profits. It's that simple. Ernst & Young have gone as far as predicting future business results in their regional offices based on worker satisfaction surveys. And they've quantified it further (what would you expect from accountants) demonstrating that increasing employee retention by 1% equals 230 jobs kept. A savings in recruitment costs that can easily go as high as $40,000 per employee. 

A common question here is "why don't more companies see the light?" Perhaps it's hubris or fear of change. Or perhaps the drum beat regarding the financial return isn't loud enough yet. 
I've got one more day of this. Line me up with a few more questions, and I'll see what I can find out. 


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