Just last week, Fortune released its list of the "100 Best Places to Work For." As is usually the case, Quicken Loans made the top spot for organizations in the mortgage industry and Veteran's United Home Loans also made the list. When we discussed this list on the March 8 episode of my Lykken on Lending podcast, it got me thinking about the benefits for the organizations on the list.
Why is it such a big deal to be on a list of "best places to work for?" There's no direct financial incentive. Unlike the "Fortune 500," this list has nothing to do with earnings. You don't make the list because you're making money--you make the list because you're making employees happy. So, is such a list merely some kind of PR stunt for the companies that try to get on it?
I'm sure that the companies who make the list of "best places to work" do get a lot of good press, but I would imagine that that isn't the key benefit. As you would probably guess, the companies that turn out the be the best places to work also attract the best talent. When people want to work for your company, you can be more picky about who you hire. If you are content with mediocrity, then you won't care if people like working for you. But, if you want the best the industry has to offer, making a list like this will be at the top of the priority list. So, how about you? Will you make the list next year? Of course, it's unlikely. But you'll be surprised by the talent you attract to your organization when you try.