Educomp ranks Number 1 in Education & Training in the study: India’s Best Companies to Work For 2009
Educomp ranks Number 1 in Education & Training in the study: India’s Best Companies to Work For 2009. This study was conducted by The Economic Times in collaboration with the Great Place to Work® Institute. The Great Place to Work® Institute ranks Best Workplaces globally.
Educomp received the award on June 09, 2009 at Intercontinental The Lalit, Mumbai. The citation reads:
INDIA’S BEST COMPANIES TO WORK FOR 2009
Educomp Solutions Limited
Ranked first in Education & Training
For inspiring trust among your people, for instilling pride in them, for creating an environment within the workplace that promotes camaraderie and for many other reasons that makes your organisation one of India’s best companies to work for.
The Great Place to Work® Institute is a pioneer and global leader in studying and recognizing best workplaces around the world. For over 20 years and in 40 countries, The Great Place to Work® Institute has been conducting studies to identify and understand the Best Companies amongst the great places to work. The 2009 Study is the sixth Study in India, and the second year when The Great Place to Work® Institute was conducting the Study as an independent entity. More than 350 companies registered to participate in the Study making it the largest such Study in India. Only 50 made it to “The Best Companies to Work For” list, making it one of the toughest contests of this kind globally.
Educomp employees trust the people they work for, have pride in what they do and enjoy the people they work with. This was evident in their comments and their feedback in response to the survey. The Great Places to Work Institute, India, was very much impressed with several of Educomp practices that they discovered in the 'Culture Audit' conducted by their team.
Best places to work for
Great Place to Work® Institute, the US-based institute that ranks Best Workplaces globally, has been around in India for six years. However, this is the first time that this Study is being done in the middle of a global economic downturn of such magnitude.
Last year, when we did this Study, we were talking about hyper growth and multiplying job offers, as salaries zoomed and attrition surged, staff retention and engagement was the biggest worry for CEOs. "Why would organizations participate in a Best Companies to Work For Study," many wondered. At the end, all such speculation was theoretical, as more than 400 organization registered online to participate in our Study this year. Out of them, 373 met our requirements and were, therefore, eligible to be considered for being ranked as one of India's Best Companies to Work For in 2009.This was up from 250 last year, an increase of 49%. One in seven, who participated, made it to the coveted Top 50 making this perhaps the most exclusive list of best employers globally.
Why did 123 more organizations participate in this year's Study?
Thanks to The Economic Times, the study is better known today. Globally, and now in India, we are the number one study in terms of size. The higher participation in the study could be due to a variety of factors. More organisations realise that keeping track of employee feedback is equally important during a down turn, particularly when employee morale might be down. For many, this is a great opportunity to understand their employee perceptions using a global tool and framework used in over 40 countries.
However, our attempt is to make it not only the largest study, but the most credible study. To the best of our knowledge, we are the only organisation in India to have publicly announced a policy of not doing consulting work with any of the Top 50 organisations that make it to our list of best workplaces, as long as they continue to be on the list. This year, our registration figures will be certified by a third party audit firm, another first.
The 2008 study is not only larger—it is also qualitatively different. Manufacturing and production with 84 companies is the largest single industry. Only IT and ITES together at 108 will be higher. Financial services as the third largest block has beaten professional services firms in terms of participation.
A surprise this time was the large participation of organisations in the hospitality sector which is reeling under the adverse impact of the economic downturn. Interestingly, 16 organisations from print and television media registered for the study, another indication of the credibility of the study. Among the top 50 Best Companies to Work For, while IT and ITES sectors continue to dominate with 18 firms, manufacturing has a strong presence with 9, followed by financial services at 7.
We have now completed six studies in India. Over the last five years we have observed some fascinating trends. The changing pattern is based on the scores given by the employees of the Top 25 best workplaces in an anonymous employee survey, which also carries two-third weightage in the study.
When we started in 2003, work life balance was not high on corporate India's agenda. The best workplaces have redefined that agenda by improving employee positive perceptions about work life balance by a phenomenal 18% in the last five years. This year, 88% of employees of the Top 25 best workplaces have agreed with the statement, "I am able to take time off from work when I think it's necessary."
The second area where the best workplaces have taken a lead is in employee communication, but not just in informing people. Compared to 2004, 12% more employees in the Top 25 best workplaces endorse the statement, "I can ask management any reasonable question and get a straight answer." Whether it is anonymous questions, prioritised by other employees, or instant recognition for asking uncomfortable but relevant questions to top management, our best workplaces are redefining employee communication.
However, our world has changed significantly in since last year. A more apt comparison is with 2008 beginning, when our economy was booming.
What has changed over the last one year?
We all know what is happening in the global economy, and by extension, in the Indian economy over the last 6 to 9 months. The 2009 Study done by The Economic Times and The Great Place to Work® Institute is the largest study of employers during this time. Over 49,000 employees of these employers participated in an anonymous survey. Participating organisations shared their entire employee database and each of these employees was chosen by us as a part of a random survey sample. Here is what we found about the best workplaces in 2009.
The single biggest increase in positive employee perception in the best employers is for the dimension Fairness. Today, 7 % more employees are saying that their employer is a fair employer where managers avoid playing favourites, and people avoid politicking and backstabbing as ways to get things done.
Contrary to what might be expected, 9% more employees are agreeing with the statement, "I receive a fair share of profits made by the organisation." It takes a downturn in the economy for people to appreciate their pay, or are the best employers doing something different? Seven per cent more employees in the best workplaces agree with the statement, "People are paid fairly for the work they do." Notice how the compensation and profit sharing related statements also reflect employee' perception of fairness.
As is to be expected, the best workplaces this year have even higher employee perceptions about management's credibility. In particular, one statement in our survey, "I believe management would lay off people only as a last resort," has seen a 6% increase in positive employee perception in the best workplaces.
Interestingly, among all industries, financial services has shown the maximum increase in positive employee perceptions compared to 2008.This seems to indicate the relative security that this industry is able to provide employees in India, compared to what is happening globally.
Larger organisations have been more successful in maintaining and increasing employee perceptions compared to smaller organisations. Organisations with 5000 or more employees have shown on an average 5.5 % increase in employee perception.
Attracting talent continues to be a differentiator for the best workplaces. The statement, "Management does a good job of attracting talent for key positions," saw the maximum difference in scores between the Top 50 best workplaces and the bottom 50 based on employee scores.
There is no correlation between the size of the organisation in terms of employee numbers and its absolute employee scores. The belief that larger organisations have lower employee scores is not borne out by statistical data. What is interesting in our 2009 study is that average scores across different industries have not come down from 2008 despite the significant difference in the external environment. If anything, employee perceptions among the best employers have gone up. However, while the best employers are doing better than ever in managing employee perceptions, there is clear proof that the Best Workplace list isn't static. Only six organizations have the distinction of being a part of the Best Workplaces List continuously for the last five studies - namely Classic Stripes, NTPC, Godrej Consumer Products, Intel, Mindtree, and Federal Express.
(The author is CEO of The Great Place to Work® Institute, India)