人們常說人善被人欺，或者說要在美國公司成功，至少需要一定程度的冷酷。然而，新的數據分析顯示，推動公司攀上巔峰的實際上可能是那些好老板。

最新一期《財富》100家最適宜工作的公司年度榜單顯示，被員工譽為出色工作場所的公司在業(yè)績上的表現強于同類企業(yè)，離職率較低，客戶/病人的滿意度也較高。該年度排名基于對美國上班族的最廣泛調查，由《財富》雜志和研究咨詢機構卓越工作場所研究院聯合編制。31.5萬名公司員工以匿名方式提供了他們對領導者素質、專業(yè)支持、個人生活以及同事關系的看法，這些原始信息構成了對同類公司進行對比的信任指數。進入該榜單的公司都以員工滿意度著稱，但要點在于它們每年都能拿出優(yōu)異的業(yè)績。

突出的表現引人關注。實際上，對這個年度榜單進行分析的是全球指數提供商富時羅素。今年該公司發(fā)現，由榜單中上市公司構成的等權重指數從1998年到2016年底的年均回報率為11.66%，比基準指數——羅素3000指數（美國全指，回報率6.72%）和羅素1000指數（大盤股指數，回報率6.68%）高近5個百分點。一個指數如何能在近20年時間里每年都跑贏大盤5%呢？我們相信可以將此歸結于藝術和科學。

首先是藝術。大量研究和證據都表明敬業(yè)的員工能塑造出快樂而且成功的企業(yè)。有愛心并且高度信任的公司文化，再加上目標感和明確感，一直都和強勁的收入與股價表現聯系在一起。卓越工作場所研究院首席執(zhí)行官邁克爾·C·布什及該機構研究團隊在他們即將出版的新書《A Great Place to Work For All》中指出，龍頭公司走在前列的原因是它們讓所有員工都處于最佳狀態(tài)，無論后者是誰或者在公司擔任什么樣的工作。布什等作者寫道：“企業(yè)成功的基礎是開發(fā)出人的全部潛能。我們的經濟特色是連通性、創(chuàng)新以及熱情、個性、合作等人的素質，在這里，每一位員工都很重要。”

今年的《財富》100家最適宜工作的公司名單以卓越工作場所研究院的新方法為排名依據，該方法給予高分公司能夠培育出跨越年齡段和職務級別的一貫偉大的文化。布什和同事們還在書中談到了這些新的“適宜所有人的出色工作場所”的經營優(yōu)勢，比如收入方面的卓越表現。本次上榜公司開發(fā)每個人潛力的方式也許可以解釋過去一年其股價的起伏。

“企業(yè)照顧員工，員工就會照顧生意”并非新觀點，而且對有些人來說可能顯而易見。但正如本次榜單所示，這樣的觀念可能在公司業(yè)績中發(fā)揮關鍵作用。別低估了文化的力量。

其次是科學。富時羅素編制《財富》100家最適宜工作的公司指數時，有一大批公司可以衡量。這個由富時羅素專門為《財富》和卓越工作場所研究院創(chuàng)立的假設性指數每年都會基于上一年的榜單進行更新，以確保總是有強大的公司補充進來。同時，通過采用同等權重和對這些假設性成分股進行季度再平衡，富時羅素讓自己的分析更加的深入。同等權重即賦予所有成分股同樣的指數權重，無論市值大小，從而確保那些最大的公司不會對指數走勢產生過大影響。季度再平衡則是系統性地重新計算該指數的加權，以便按照市場表現進行調整。

以往的同等權重和系統性再平衡帶來了較高的長期回報。實際上，富時羅素曾對《財富》100家最適宜工作的公司指數進行歸因分析，目的是找到其回報高于大盤的原因，結果發(fā)現80%的原因是選股，另外20%的原因則是該指數采用的同等權重和季度再平衡方法。

這樣的簡單模式可以讓投資者受益。大家可以把發(fā)現對所有人都大有裨益的文化的藝術和聰明地構建投資倉位的科學結合在一起。（財富中文網）

凱瑟琳·吉本在全球指數提供商富時羅素擔任高級產品經理。艾德·弗勞恩海姆是卓越工作場所研究院研究和內容主管，該研究院就100家最適宜工作的公司榜單長期和《財富》雜志進行研究合作。艾德還跟別人聯合撰寫了即將出版的新書《A Great Place to Work For All》。

譯者：Charlie

審校：夏林

We often hear that nice guys finish last, or at least that it takes a degree of ruthlessness to make it in corporate America. But a new analysis of the data shows that it might actually be the nice bosses who propel their companies to the greatest heights.

The latest edition of the annual Fortune 100 Best Companies to Work For list shows that it’s the companies that employees say are great workplaces that demonstrate stronger financial performance, reduced turnover, and better customer and patient satisfaction than their peers. The annual ranking, produced in collaboration with research and consulting firm Great Place to Work, is based on the most extensive employee survey in corporate America. Anonymous input from 315,000 employees on leader quality, support for professional and personal lives and colleague relationships comprise a Trust Index to compare organizations against peers. The companies that make the list are known for their employee satisfaction but, importantly, generate strong business performance year after year.

The outperformance is notable. Global index provider FTSE Russell—which annually analyzes the Fortune 100 Best Companies to Work For list—this year found that an equally-weighted index of the publicly-traded companies among the 100 best returned 11.66% annually from 1998 through the end of 2016, nearly 5% more than the equivalent returns for the benchmark US all-cap Russell 3000 Index (6.72%) and US large cap Russell 1000 Index (6.68%). How can an index outperform the market by 5% annually over nearly 20 years? We believe this can be attributed to art and science.

First, the art. A wide body of research and evidence supports the fact that engaged employees make for happy and successful companies. Caring and high-trust company cultures with a sense of purpose and clarity are consistently associated with strong revenue and stock performance. In their forthcoming book, A Great Place to Work For All, CEO Michael C. Bush and the research team of Great Place to Work argue that leading companies are racing ahead because they bring out the best in every employee, regardless of who they are or what they do for the organization. “Business success relies on developing all your human potential,” Bush and his co-authors write. “Every employee matters in an economy that is about connectivity, innovation, and human qualities like passion, character, and collaboration.”

Great Place to Work’s new methodology—baked into the rankings for this year’s Fortune 100 Best Companies to Work For list—rewards companies that create a consistently great culture across demographic groups and job levels. Bush and crew also have documented business advantages such as revenue outperformance for these new “Great Place to Work For All.” The way the 2017 Best Companies to Work For tap everyone’s potential may explain the bump in stock performance this past year.

The idea that “when companies take care of employees, employees take care of the business” isn’t new and may seem obvious to some. But as the Fortune 100 Best Companies to Work For show, it can play a critical role in performance. Don’t underestimate the power of culture.

Next, the science. When FTSE Russell creates its index of the publicly traded Fortune100 Best Companies to Work For, it has a stellar crop of companies to measure. And the 100 Best Index, a hypothetical index created by FTSE Russell specifically for Fortuneand Great Place to Work, is updated each year based on last year’s winners, ensuring it is continually refreshed with strong companies. Yet FTSE Russell takes its analysis a step further by equal weighting and quarterly rebalancing this hypothetical portfolio. Through equal weighting, all constituents are assigned the same index weight, regardless of market capitalization, to ensure that the largest companies don’t have an outsized impact on index performance. Quarterly rebalancing is a way to systematically re-weight the index to adjust for market performance.

Equal weighting with systematic rebalancing has historically delivered strong relative returns over time. In fact, when FTSE Russell performed an attribution analysis with the 100 Best Companies to Work For Index to determine the source of excess return over the broad market, 80% was due to the selection of the 100 Best companies but an additional 20% can be attributed to the equal weighting and quarterly rebalancing methodology of the index.

Investors can benefit from this simple formula. Bring together the art of recognizing cultures that are great for all their people, as well as the science of smart portfolio construction.

Catherine Yoshimoto is Senior Product Manager at global index provider FTSE Russell. Ed Frauenheim is Director of Research and Content at Great Place to Work, FORTUNE’s longtime research partner for the 100 Best Companies to Work For list. Ed also is co-author of the forthcoming book, A Great Place to Work For All.