When it comes to performance, corporate culture matters. Culture can be a hard concept to pin down, making it even more difficult to quantify and study — difficult, but not impossible, as proved by the researchers at MIT Sloan Management Review.
Paycom was identified as the 2020 Culture Champion in the value category of Performance in their recently released Culture 500 Study, a groundbreaking study that scientifically compares and evaluates corporate cultures. When the researchers turned their focus to the area of performance, their criteria stated the leader in this category would “reward results through compensation, informal recognition, and promotions, and deal effectively with underperforming employees. [The organization will be] meritocratic, results-driven and recognize achievement.” Out of the 28 enterprise software companies analyzed in the study, Paycom led the pack.
Not only is this an exciting distinction and validation of the culture established at Paycom, but the context of this award says a lot about its significance.
Culture 500 Study is the most ambitious study of this kind ever to be undertaken, evaluating over 500 of the largest companies in the United States. An AI application developed at MIT was used to mine data from approximately 1.4 million employee reviews on Glassdoor.
“Of the hundreds of companies we studied, only the most remarkable 3.5% were selected — an elite group of employers who have cultivated a rich, multidimensional culture that delivers both on employee satisfaction and business results,” said Glassdoor’s chief economist, Andrew Chamberlain.
The organizations that stood out in this study were recognized because their employees spoke more positively about them than their industry peers.
Because it would be overwhelming to measure dozens of corporate values across organizations, MIT Sloan narrowed down the list to the nine values most frequently cited by companies, aptly called the Big Nine. The other eight values recognized by Culture 500 Study are:
- Diversity and Inclusion
The company promotes a diverse and inclusive workplace where no one is disadvantaged because of their gender, race, ethnicity, sexual orientation, religion or nationality.
- Innovation
The company pioneers novel products, services, technologies or ways of working.
- Collaboration
Employees work well together within their team and across different parts of the organization.
- Customer Orientation
Employees put customers at the center of everything they do, listening to them and prioritizing their needs.
- Execution
Employees are empowered to act, have the resources they need, adhere to process discipline and are held accountable for results.
- Integrity
Employees consistently act in an honest and ethical manner.
- Agility
Employees can respond quickly and effectively to changes in the marketplace and seize new opportunities.
- Respect
Employees demonstrate consideration and courtesy for others and treat each other with dignity.
Even though it might take a team of scientists to measure corporate culture, we know having the kind of culture that values performance is a process we can work to reinforce every day. It’s exciting to see our efforts recognized and gratifying to know we’re on the right track.
Would you like to see where you can go in an organization built around industry-best performance? Apply to Paycom today!
