In an increasingly competitive global business environment, your greatest business asset is the ability to attract the talent that will help your organization grow. But we know that finding qualified candidates to join your team is only the beginning; businesses must foster a positive work environment and corporate culture to retain them.
How important is corporate culture to the successful recruitment and retention of talented professionals? A recent study by MIT Sloan Management Review “Measuring Culture in Leading Companies: Introducing the MIT SMR / Glassdoor Culture 500” revealed that corporate toxicity has a cost. We highly recommend this report for insights into the measurable insights into the impact of corporate culture on business growth.
But for many organizations, fine tuning the definition of corporate culture, and creating that rewarding environment for their employees remains a challenge.
Global technology companies are the foremost experts at cultivating successful corporate culture. It makes sense when you consider that the tech sector is the most competitive business industry, with a finite number of qualified workers. Every organization within the sector is vying for the best and most skilled workers, so they invest accordingly in fostering a culture that not only attracts global talent; it successfully keeps employees happy, fulfilled and committed to the organization, as a growth strategy.
One of the most common questions our recruiting consultants and executive team receives from our global clients, is “where to start” and “what elements of corporate culture are essential” to build a productive work environment and reduce talent attrition. We’d like to share some examples of technology firms for inspiration.
Did you know that Adobe has won Fortune Magazine’s ‘100 Best Companies to Work For’ for the 19th time? From the founding of the business by John Warnock and Charles Geschke in 1983, the corporate culture has been centered on creativity, service and making employees accountable (and recognized) for their contribution to the growth of the organization.
Because Adobe attracts creative talent, and a young workforce, corporate philanthropy is a very important aspect of their organizational culture. They also provide free programs that address employee needs like financial counseling, reimbursement for continuing education and professional development, and lifelong learning perks like paid sabbaticals (for every five years of service).
Worldwide revenues for Adobe have grown to over $4 billion dollars (US) per year, with more than 12,000 employees worldwide. With perks such as onsite cafes, yoga classes for employees, and robust family and healthcare benefits, Adobe rewards loyalty by addressing the core needs of their employee. In a recent survey, 93% of Adobe employees said that they ‘love’ their workplace.
The organizational culture at Google is the mainstay of its monolithic global success and growth. With offices in every major technology hub around the world, Google has the challenge of not recruiting talent (who doesn’t want to work for Google?) but in retention. Particularly since every major technology organization would love to hire a former Google employee as an asset.
It’s not hard to imagine many technology professionals accepting a new role at Google and fulfilling tenure to gain valuable experience; then leaving the company. For years Google struggled with the problem until they doubled down on their corporate culture and hiring practices. A recent study revealed that it is actually harder to be hired by Google than it is to get into Harvard. The search engine and technology giant report an average of two-million applications and employment enquiries per year worldwide.
If you are imagining that the successful corporate culture at Google revolves around perks or monetary benefits like salaries and bonus incentives, you would be wrong. It is more about encouraging innovation, performance and creative thinking, and then acknowledging their staff for contributions openly.
Here are the five tenements of corporate culture at Google:
- Excellence that comes with intelligent thinking and problem solving.
- Hands-on management and employee participation
- Family rapport that makes the large company feel more like a small business environment.
By encouraging the consistent professional development of their team, providing recognition for innovation and fostering the feeling of a close community where every employee is valued, Google is one of the global masters of corporate culture.
At reesmarx, we are a recognized leader and global resource for corporate recruiting. We also provide expert consulting from our HR professionals, to help your business address hiring and retention obstacles. Contact us today for more information and ask about our corporate career coaching and development services.