“Top Workplaces” in a Tough Economy – Part 1

I was commenting to Scott that all my blog posts start with research, but as a confessed "junkie," I find that research is a great source for shaping new ideas, as well as a way to catch a glimpse of what's emerging on the horizon. So imagine my delight when I opened the Sunday paper and found an entire section devoted to the "Top Workplaces" in Detroit! And there was so much in the coverage that I'll share it over several short posts.

My first observation is to say that Yes, there are still great places to work in Detroit, despite the difficult economic environment. In fact, 32,000 employees participated in the Detroit Free Press sponsored survey, which was used to select the best companies from each of three size categories (Large/500 or more employees; Medium/150 – 499; Small/up to 149).

The survey itself consisted of 20+ questions that looked at how employees feel about various workplace factors, such as their trust with leadership and opportunities for personal development. In addition, they were also asked to rate each question in terms of their importance.

Between the two lists, there were plenty of interesting insights, beginning with how the questions related to compensation and benefits stacked up. There was one question which asked whether the pay was fair, and another which asked whether the benefits were competitive for the industry. Typically, these types of questions get "negative" responses—most of us think we're worth more than our salary suggests. So I wasn't surprised to see these two questions in the bottom third.

I was surprised, though, where these two rated in terms of importance. In similar surveys, a key insight is that compensation is never the most critical, and that was true in this case. But in this economy, I thought they might at least be in the top quartile. However, I was wrong. They were dead last. So even when times are tough, the best places to work keep their employees by offering much more than a decent salary and benefits. And in coming posts, I'll pass along some info on what this talented group of employees value the most.

Jennifer