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What's Culture Worth? Stock Performance of Glassdoor's Best Places to Work 2009 to 2019

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What's Culture Worth? Stock Performance of Glassdoor's Best Places to Work 2009 to 2019 What’s Culture Worth? Stock Performance of Glassdoor’s Best Places to Work 2009 to 2019 Andrew Chamberlain, Ph.D. Chief Economist, Glassdoor Zanele Munyikwa MIT Sloan School of Management Contents WHAT’S CULTURE WORTH? WORTH? CULTURE WHAT’S WHAT'S CULTURE WORTH? CULTURE WHAT'S 03 KEY FINDINGS 04 INTRODUCTION 07 I. Methodology 11 II. Stock Performance of Best Places to Work 22 CONCLUSION 25 APPENDIX Note: This report is provided for informational purposes only, and should not be construed as providing forward-looking investment advice from Glassdoor. The findings in this report are based on historical stock market performance data, and past stock market performance may not necessarily be indicative of future investment returns. Investors should consult a qualified investment professional before making stock market investments. 2 Key Findings • Do companies named to Glassdoor’s Best Places to Work repair and maintenance (-1.4 percent); oil, gas, energy and utilities (BPTW) award outperform the stock market? We provide new (3.9 percent); and insurance (4.4 percent). stock performance estimates of all publicly-traded BPTW award • Among companies, Whole Foods (now a subsidiary of Amazon) winners for the complete history of the annual award program saw the highest annual returns earned by any BPTW winner in the WHAT’S CULTURE WORTH? WORTH? CULTURE WHAT’S that recognizes outstanding workplace culture from 2009 year after an award recognition. It earned an annual return of 191 through 2019. percent in 2009. Other BPTW winners with above-average stock • We find a simple investment strategy of buying an equally returns include Nordstrom (+182 percent in 2009), and Orbitz weighted portfolio of each year’s U.S. large BPTW winners Worldwide (now a subsidiary of Expedia) (+164 percent in 2013). outperforms the S&P 500 index in nine of the 11 years we • Among the 134 publicly-traded BPTW winners we examined, examined. On average, stocks of BPTW winners earned 20.3 the NASDAQ-listed companies collectively saw higher returns percent per year between 2009 and 2019, compared to 12.9 compared to the other major U.S. exchange. The 81 listed on the percent for the S&P 500. New York Stock Exchange (NYSE) earned an average annual stock • Over time, the compounded gap in stock performance between return of 16.9 percent from 2009 to 2019. By contrast, BPTW BPTW winners and the overall stock market is substantial. A winners traded on the NASDAQ exchange averaged 24.9 percent hypothetical investment of $1,000 in each new class of BPTW — nearly twice the average return of the S&P 500 index during winners beginning in 2009 would have grown to $6,529 by that period. 2019, a total investment return of 553 percent. By contrast, • Does rank on the annual BPTW list matter to stock performance? $1,000 invested in the S&P 500 index for the same period We find a positive -- although very weak -- association between would have grown to $3,580, a total return of 258 percent — an company rank on the yearly award and subsequent stock market outperformance by BPTW winners of 295 percentage points performance. On average, rising 10 places in the BPTW ranking is compared to the S&P 500 index. associated with a 1.7 percentage point rise in annual stock returns • Three industry sectors lead in terms of stock performance among in the subsequent year. BPTW companies: Retail (40.5 percent average annual return • Consistent with the growing academic literature that finds a link in the year after award recognition); professional and business between employee culture and business performance, we find services (28.3 percent); and information technology (24.7 that stocks of publicly-traded winners of Glassdoor’s Best Places percent). The lowest stock returns among award winners were to Work award historically outperformed the U.S. stock market in found in more traditional sectors of the economy: Construction, most years. 3 Introduction In June 2008, the launch of Glassdoor’s employer WHAT’S CULTURE WORTH? WORTH? CULTURE WHAT’S review survey marked a turning point for academic research on company culture. As one of the first online platforms allowing employees to review employers anonymously, Glassdoor rapidly amassed WHY DO CANDIDATES REJECT JOB OFFERS? WHY DO CANDIDATES one of the most extensive and detailed databases on company culture in the world. Through the process of surveying millions of online job seekers as they arrived onto Glassdoor’s platform from popular search engines each year, the company has compiled more than 55 million company reviews and insights, offering rich cultural information on more than 1 million workplaces globally. 4 Less than a year after the 2008 launch of Glassdoor, the company recognized as Best Places to Work over the course of 12 years1, announced its inaugural Employees’ Choice Award for the “Best including companies in retail, technology, manufacturing, finance, Places to Work.” The award was unique at the time, using the government, energy, professional services, media and more. Today, company’s growing database of anonymous employee reviews to the award consists of 10 separate lists of top employers spanning create the first-ever ranking of best workplace cultures based solely nine countries globally and includes both small companies (fewer WHAT’S CULTURE WORTH? WORTH? CULTURE WHAT’S on online feedback from employees. It was a radical new approach than 1,000 employees) and large enterprises. to measuring workplace culture, using big data from an online tech platform rather than traditional employer-led HR surveys and One of the most commonly asked questions about the companies applications. listed as Glassdoor’s Best Places to Work is whether, in addition to WHY DO CANDIDATES REJECT JOB OFFERS? WHY DO CANDIDATES having satisfied employees, they are high-performing companies. Since then, Glassdoor’s annual Best Places to Work award has That is, do companies with high employee satisfaction on Glassdoor grown into a celebrated institution. More than 250 U.S. employers outperform their peers financially? representing a diverse cross-section of the economy have been 5 WHAT’S CULTURE WORTH? WORTH? CULTURE WHAT’S That question has sparked a vast literature of studies in recent tracking their stock performance compared to the S&P 500 index — years examining the link between Glassdoor reviews and real-world a popular benchmark for stock performance among researchers — company performance. One of the first to do so was Glassdoor’s during the same period. We show which companies and industries own 2015 study examining the historical stock performance of have led Best Places to Work in stock performance each year, and Best Places to Work winners.2 Since then, multiple academic explore the link between company rank in the annual award and studies have identified several mechanisms through which online subsequent stock performance. employee sentiment on Glassdoor is a strong predictor of real- world economic performance, ranging from future stock returns The rest of this study is organized as follows: In Section 2, we and company profitability to the likelihood of ethical violations in explain our methodology and show some basic facts about the financial reporting among companies with weak employee culture.3 companies in our sample. In Section 3, we present our main results, comparing the performance of Best Places to Work winners to the In this study, we update our original 2015 analysis of the real-world overall stock market between 2009 and 2019. Finally, in Section 4, stock market performance of companies named to Glassdoor’s Best we conclude and offer our thoughts on some possible mechanisms Places to Work list. We examine the full history of publicly-traded that explain the connection between financial performance and companies named to the annual award from 2009 through 2019, satisfied employee reviews on Glassdoor. 6 I. Methodology Our goal in this study is to show how stocks of publicly-traded companies named to Glassdoor’s U.S. Best Places to Work list have WHAT’S CULTURE WORTH? WORTH? CULTURE WHAT’S fared historically during the year the company wins the award. To do so, we compiled a list of every publicly-traded company to win the award in each year from 2009 to 2019.4 To be included, companies must have been (1) publicly traded for the entire calendar year in which they were named as a Best Place to Work, and (2) listed under a dedicated stock ticker on a U.S. exchange.5 Before 2018, the Best Places to Work award named 50 employers per year; beginning in 2018, the award started featuring 100 large employers. Of the 650 total Best Places to Work winners from 2009 to 2019 , 253 unique companies were represented. Among them, we identified 134 companies that were publicly traded during the full year in which they were named to the list. This study focuses on the stock market performance of those 134 firms. 6 Each year’s annual Best Places to Work list is typically announced in December. To simulate how an investor might use that information, we track stock returns from the last trading day of the award announcement year through the final trading day of the award year. For example, the 2019 Best Places to Work list was announced in December 2018; stock returns for publicly-traded companies among that year’s winners are calculated based on stock price changes between December 31, 2018 and December 31, 2019. 7 7 For investment returns, we simulated a hypothetical investor roughly 500 large publicly-traded U.S. employers. Because it is a price buying an equally weighted portfolio of each year’s Best Places to index rather than a “total return” index — that is, it ignores the impact Work companies — that is, they invest an equal dollar amount in of dividends, just as in this study — it provides a reasonable benchmark each stock — each December following the awards announcement for assessing the stock performance of publicly-traded Best Places in and holding it for one year.8 Stock returns are based solely on price comparison to Best Places to Work winners.
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