Companies in heavy hiring modes often beef up their perks and benefits, yet many small businesses feel they can't afford to.
Then there's Trading Technologies International Inc., with 30 new positions to fill and a tradition of treating employees lavishly.
Chicago-based "TT," as it's commonly called, starts with compensation that the company says is in the top quartile of the market, complete with stock options for every employee, a health-care plan where TT pays 80 percent of the cost of coverage, and a 401(k) plan.
Then it provides 22 paid days off plus holidays, a commuter's subsidy, and monthly bonuses of $500 to each of its 230 employees when the sales team makes its goal two or more months in a row, as it did for more than half of last year.
It also throws in free breakfast every day, including bagels, muffins, cereal and cappuccino, plus a catered restaurant meal for folks working past 6:30 p.m.
But it's not just window dressing to make a good impression, executives say. Since its founding in Evanston a decade ago, the company, which develops and sells software for traders, has made satisfied workers a priority.
"Little things that show you care go a long way" in boosting morale, productivity and retention, said Harris Brumfield, chief executive. "Caring about people is pretty critical."
In case it all sounds too good to be true, TT encourages job candidates to interview with their future peers to hear it from the front lines. But often employees are raving the most, said Denise Bindelglass, vice president of human resources.
Now they have even more to talk about. The fast-growing entrepreneurial company — which saw sales grow more than 70 percent last year and projects more than $40 million in revenue this year — has been named the third-best place to work in Chicago, ahead of giants like Allstate, CDW Corp. and Abbott Laboratories. The ranking, to be published in Chicago magazine's October issue, due out this week, was determined after a two-step selection process by MRA-The Management Association Inc., a Waukesha, Wis.-based non-profit group that surveyed both companies and their employees.
"We started by asking what would an ideal company look like that was aspiring to greatness, and then designed a questionnaire that would cover these 10 key areas," such as compensation, perks and employee voice, said Bonni Yordi, director of research at MRA. Company and employee scores were totaled to determine a ranking of the top 25 companies.
With its plethora of employee programs, TT is hardly the norm, said Yordi, who scored the results. And given the tight economy, no one is suggesting it's a sign of things to come.
Still, the approach bears consideration, experts say, because research shows a clear link between the way a company treats its workers and the company's financial performance.
"Our experience has shown us companies with satisfied employees are more profitable and their production is higher. Employee satisfaction isn't just a frill," Yordi said.
Granted, TT's generous employee attention rests partly on the financial strength of the company.
"To do some of the things we do, you have to be pretty successful," Brumfield said.
But Brumfield also noted employee productivity is a big reason the 10-year-old company has been successful. As a result, he encourages all businesses to consider ways to let employees know they're valued. "No matter what, you should put some money aside for it," he said.
What's most important is showing overall respect for employees, Brumfield said. For example, he doesn't care what employees wear or how they work, as long as they get the job done.
"It doesn't matter if you browse the Internet or take a nap as long as the results are there," he said. "There's more than one way to do it."
Long-term investments
Investing in workers for the long term is a philosophy shared by another former Evanston start-up, ASAP Software Inc., now based in Buffalo Grove, which came in No. 19 on the Best Places to Work list.
ASAP has grown from about $5 million in sales when President Paul Jarvie started there 16 1/2 years ago to become a powerhouse business-to-business software reseller with annual revenue of $1 billion and about 300 employees. It found success largely by making satisfied workers a priority, Jarvie said.
"What's going to cause us to have enthusiastic, motivated employees that spend a lot of time at ASAP is creating a work environment that's satisfying to them," he said.
Like Trading Technologies, ASAP first started offering extras as a way to attract and retain workers in the face of competition from much larger companies. Once the company hired and trained people, "we wanted to make sure they would stay around to help us grow the company," Jarvie said.
Earning trips, sabbaticals
So it started rewarding five-year veterans with an all-expenses-paid trip. After seven years of employment, ASAP grants sabbaticals of four weeks, which can be tacked on to three weeks of flextime.
The company also is big on celebrations of birthdays, anniversaries, sales goals — you name it. Any excuse will do, Jarvie said, because it creates an environment where people look forward to coming to work.
While the company is now a unit of Corporate Express, which in turn is owned by Amsterdam-based Buhrmann Co., Jarvie said its corporate parents give ASAP autonomy because it has proven its approach works.
"There's no question employees respond to it," Jarvie said.
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