A new review of the corporate culture at 500 companies relied on anonymous employee reviews to rate different values at each workplace, including how well employees felt they were recognized for their performance.
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CultureX, which measures company cultures and identifies ways to improve, worked with the Massachusetts Institute of Technology (MIT) and Glassdoor to analyze 1.2 million employee reviews posted on Glassdoor. Companies examined in the “Culture 500” report — which was published Monday — together employ 34 million people.
Glassdoor reviews can give a much more accurate view of a company’s culture than others because they’re anonymous and given candidly, without fear of reprisal, the researchers said.
Corporate leaders can also learn a lot from those reviews.
For example, the researchers said Glassdoor reviews suggested Wells Fargo had a problem with corporate ethics before regulators penalized the bank for its fake account scandal, according to the researchers. The bank said in 2017 that millions of accounts were potentially opened without customers' permission between 2009 and 2016. In December 2018, Wells Fargo agreed to pay $575 million to U.S. states to settle claims related to the scandal.
Researchers found Wells Fargo employees were nearly twice as likely to mention integrity in their reviews and half as likely to discuss its ethics in positive terms compared to employees of other major banks in the years before the scandal.
Authors of the new report also identified nine cultural values to measure the companies by: agility, collaboration, customer, diversity, execution, innovation, integrity, performance and respect.
They determined each company’s “performance” rating by looking at how well each one “rewards results through compensation, informal recognition and promotions, and deals effectively with underperforming employees.”
Companies that were rated well in one value were often rated well in at least some of the others, too. Nvidia was ranked first for performance, but that wasn’t even its highest-rated cultural values, according to the report. Employees gave the highest praise to the company’s innovation, and most frequently praised its agility.
At Dahaner, which was ranked second for performance, employees also highly praised the company’s diversity and execution.
Here are the top 10 companies ranked for recognition of employee performance, according to the "Culture 500" report.
- Mutual of Omaha
- Lam Research
The Associated Press contributed to this report.