Common sense says that if a workplace is a miserable place to be, that company is not going to get far. On the other hand, if you manage to provide a workplace that ticks all the boxes for your workers, the opposite is true – you'll almost certainly be poised for great success.
Australia's best workplaces all found that to be true, the results of a Best Place to Work Australia (BPTWA) report show. The top ten included big names like Salesforce, Mecca and Summit Homes and each of these excellent workplaces have several things in common.
Apart from an average yearly revenue growth of almost 40 per cent, the following are common features of every outstanding workplace:
Always pay a fair wage
There are a basic set of needs that every workplace must satisfy for their employers. One of the main ones is paying a living wage – a number which many claim is far higher than the minimum wage in Australia.
In fact, the Australian Services Union have stated that a living wage here is around $45 a week above the current minimum. That's $717.70 a week or just under $19 an hour. Additional to that, it's equally important that you pay your employees their market worth – or even better, a generous salary.
That way, they'll feel their efforts are rewarded generously, instead of feeling taken advantage of or ripped off.
Sharing in the company's success
It's all about making sure that the goals of your employees match up with your organisation's so that you're working in synergy.
Alignment is a word that's thrown around a lot in the country's best workplaces, but what exactly does it mean? It's all about making sure that the goals of your employees match up with your organisation's, so that you're working in synergy – not across purposes.
There are countless methods with which you can try to achieve alignment, however performance bonuses and profit sharing have to be some of the most effective. They make earning money and earning the company money the same thing, motivating workers to achieve results.
There's more than one way to implement such an initiative too. Software giant Adobe ranked sixth in the BPTWA report and their methods of aligning company and employee interests are particularly interesting.
Managers are given the power to give out spot bonuses at any time to recognise employees who have gone above and beyond or achieved something special.
Employees are always learning
If your employees aren't up-skilling and getting better as people and as workers everyday then you're missing an opportunity. Workers who feel as if they are improving and progressing are far more likely to feel as if their employment is adding value to their lives, and rate their workplace better than those who aren't.
The best Australian workplaces are aware of that fact evidentially, as 90 per cent of them offer subsidies to encourage employees to participate in continuing education with a maximum amount of $5,700. What's more, these workplaces also offer an average of 124 hours per year of on-the-job training.
Be about more than profit
A Harvard Business Review article discussing the attributes of excellent workplaces finished on one point – that the best employers stand for something beyond increasing profits. This means creating products or services that genuinely make a difference in the world and working to improve the life of your employees.
Making a difference is a difficult task, but taking care of your employees needn't be. Here at HICA, we specialise in tailoring corporate health insurance plans to the unique needs of any business – an offering that can provide massive value for your employees, improving your workplace. Get in touch today to find out more.