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Global Research & Consultancy Firm to Identify Top Companies to Work for in the UAE
Great Place to Work® Institute Brings World’s Largest Annual Workplace Survey to the UAE.
August 17, 2010 1:28 by Rasha Reslan
Dubai, 16 August 2010: The Great Place to Work® Institute, a global research and consultancy firm that recognizes the best workplaces in over 45 countries worldwide, has expanded to the Middle East. Following increased demand for its workplace evaluation services, the Institute today launched its ‘Top Companies to Work For’ program in the UAE. The program is an annual ranking of the nation’s best employers and is one of several business and advisory services that the Institute will make available to GCC markets over the coming months.
The Institute says its workplace assessment is a valuable tool for companies seeking a competitive edge in the post-recessionary business climate. Following last year’s slowdown in the UAE labor market, when one in 16 professionals lost their jobs , measuring the extent to which employee loyalty and engagement has been maintained will be vital in preparing for the upturn.
“Our ‘Top Companies to Work For’ program helps companies perform better by understanding their employees and enhancing their workplace experience so that they stay longer and are higher achieving, with a greater level of personal and professional satisfaction,’ explained Dr. Michael Burchell, Partner & Director of Great Place to Work® Institute UAE.
Combining 25 years of proprietary research, the benchmarking study assesses the level of trust between three key relationships within the workplace – employees and their managers, employees and their jobs, and between employees and other employees. By evaluating levels of credibility, respect, fairness, pride and camaraderie within those relationships, the Great Place to Work® Institute can help organizations improve their productivity and profitability.
The Institute publishes similar lists in 39 other international markets including the FORTUNE “100 Best” in the US and top companies lists with the Financial Times in the UK and Nikkei Business in Japan. This makes it the world’s largest workplace evaluation tool, surveying 4,500 companies or 1.5 million employees every year. Companies that regularly feature on the Great Place to Work lists in other markets include Google, Coca Cola, Novartis, IBM, Cisco, Telefonica, Kimberly Clark and Microsoft.
Widely acknowledged as the preeminent corporate award for workplace practices, the “Top Companies to Work For” research program is recognized by leaders in a variety of industries, including government and education institutions, as a chief means to improve their workplace environment, public image and financial performance. In fact, portfolios of FORTUNE’s “100 Best” stocks have outperformed the S&P 500 by a wide margin since the first list was announced in 1998. They also experience at least 50 per cent less voluntary staff turnover compared to the industry average and enjoy higher levels of customer satisfaction.
The Great Place to Work® Institute has received strong interest in the program ahead of its official launch in the UAE, particularly among multinationals already familiar with the process. Any UAE company with 50 or more employees is eligible to participate in the fee-based program which involves an employee survey and independent assessment of HR policies. The shortlist of Top Companies to Work for in the UAE will be published in January 2011 and, while participation does not guarantee a place on the final lists, companies are increasingly looking to Great Place to Work’s research service as a robust indicator of workplace stability.
“As we emerge from the recession, those businesses that have been focusing on their employees are likely to prove more competitive. Employers that have maintained rather than eroded their staff’s trust, loyalty and engagement, will typically perform better financially, attract the best talent and enjoy higher levels of customer satisfaction. Our research methodology shows you the strength of your employer brand, which has proven to be so important in protecting a company during times of economic instability,” added Dr. Burchell.