Great Place to Work has just released its list of the Best Workplaces in Manufacturing & Production, and today’s employee experience in these industries is miles apart from how many of us picture it. We may think of how it used to be. It’s apparently pretty great in 2016.
The top-rated company is Hilcorp, which garnered a 96% approval rating from 1,108 employees. (Curiously, the #2 company, Tactical Electronics, had a 100% ranking.) Hilcorp had plenty of competition, with the top 11 companies all having ratings of 90% or higher. The survey questioned 34,900 randomly selected employees at companies in the manufacturing and production sector.
As CEO of Great Place to Work Michael Bush told HRE Daily, “The best workplaces in the industry know they can’t just churn out their products with warm bodies. They need to focus on attracting and retaining top talent by putting people first, in a high-trust culture.“ Forget about the old image of factory workers laboring tirelessly and never getting ahead. Hilcorp, for example, awarded each of their employees $100,000 (based on their hire date) after the company met a five-year goal.
Hilcorp is the largest privately held oil, natural gas, electric and power company in the U.S., headquartered in Houston, Texas, with offices in Maurice, Louisiana, North Slope and Anchorage, Alaska, and Refugio, Texas. They have 1,400 employees. Here are four things the company does to keep its workers so engaged:
Buy-In Incentive Plan — Full-time Hilcorp employees can participate financially in company projects, allowing them to build wealth over time.
Bonus Program — An employee’s yearly bonus is tied to company goals, and bonus payout percentages are the same for everyone. During the past five years, employees bonuses have averaged 36% of base pay.
The Hilcorp Giving Program — The company offers to establish a $2,500 charitable trust that allows employees to support any U.S.-based 501(c)(3) organization, and helps employees give by providing ongoing matching gifts of up to $2,000 a year.
Mega Plans, or “BHAG’s” — A BHAG is a ”Big Hairy Audacious Goal,” and every five years Hilcorp sets one. It’s a stretch goal with outsized rewards. The most recent, for example, sought to double the company’s rate, reserve, and value by 2015. (This was the $100,000 employee reward mentioned above.)Continue reading...