Quicken Loans Named to Fortune's "100 Best Companies to Work for" List for Third Consecutive Year
Quicken Loans is ranked #13 overall and #1 for percentage of job growth, making it the fastest growing company on the list and the highest ranking financial institution.
LIVONIA, Mich., Jan. 9, 2006 - For the third consecutive year, Quicken Loans Inc., the nation's largest online home mortgage lender, has been named to FORTUNE magazine's list of the "100 Best Companies to Work For" in America. The company, ranked #13 overall and #1 for job growth, is the fastest growing company and the highest ranking financial institution on the list which appears in the January 23 issue of FORTUNE magazine.
Quicken Loans, which recently was ranked #1 on Computerworld's list of the "100 Best Places to Work in Technology," has received wide recognition for having created a company culture that values and rewards employees, encourages initiative and fosters open communication throughout all areas of the company.
"Our employees enjoy working at our company because we've created a culture in which people are encouraged to take initiative and rewarded for their accomplishments," said Quicken Loans Chairman and Founder Dan Gilbert.
"We set out to create and operate a company that removes the typical 'corporate shackles'; that prevent people from executing on their good ideas and achieving closer to their potential," continued Gilbert. "It's great to see that our lit up and dedicated workforce feels the same way."
To develop the list, about 1,500 companies either applied to FORTUNE or were recruited to participate. A minimum of 400 employees at each company were randomly selected to complete a 57-question survey that asked about things such as attitudes toward management, job satisfaction and camaraderie within the organization. Two-thirds of a company's ranking is based on the employees' responses to that survey. The remaining one-third of the score is based on a review of the company's demographic make-up, pay and benefits programs and culture.
Because they know great companies start and end with culture, Gilbert and CEO Bill Emerson spend an entire day discussing the company's culture and philosophies with all-new employees as part of a world-class, intensive two-day orientation.
"Great companies create a culture where everyone believes we're all in this together and together we can accomplish anything," said Emerson. "A key element of our culture is the fact that team members feel empowered to take action and make decisions on a daily basis. We encourage our people to maintain a high level of awareness and see things we could be doing better and then take the initiative to fix those things."
The company places great emphasis on professional and personal development programs that include more than 200 hours of training per year for each employee, a personal empowerment coach, leadership training programs and tuition assistance for higher education.
Quicken Loans has created a culture that recognizes and rewards team members for their accomplishments. In addition to a generous performance-based pay and annual bonus plan, Team Leaders are able to grant spot bonuses for exceptional performance. Team members also can win trips, such as a recent four-day cruise to the Bahamas for 400 people, and a trip to Miami. Other unique, family-friendly perks include home loan discounts, free computer loans, child adoption assistance and a scholarship program for employees' children. CEO Emerson sends hand-signed birthday cards to all team members, as well as cards and gift certificates to their children on their birthdays.
The company also has created a fun-filled atmosphere in which employees enjoy coming to work each day. For example, the company's in-house rock band "The Loaners" plays at all company meetings (and took 2nd place at FORTUNE's Battle of the Corporate Bands competition earlier this year); and free popcorn, slushies and cappuccino are available all day in the Soft Rock Café employee lounge.
In September 2005, the company celebrated its 20th anniversary by bringing 5,300 employees and family members to Cleveland for an all-expenses-paid weekend celebration that included a free concert by the popular music group the Black Eyed Peas and an appearance by musician Kid Rock. Festivities were held at the Quicken Loans Arena, home of the NBA's Cleveland Cavaliers, of which Quicken Loans founder Dan Gilbert is majority owner.
Through the "Q Express" to Quicken Loans Arena, team members receive free tickets and transportation to Cleveland each week to attend concerts and basketball games. Grammy-award-winning artist Usher, a member of the Cavaliers ownership group even paid a visit to the company's main office in Livonia, Mich.
Rock Financial, Quicken Loans branch system in southeast Michigan, is the Presenting Sponsor for the NBA's Detroit Pistons and team members received more than 3,000 free tickets to attend Pistons games last year. CEO Emerson awards tickets to other concerts and sporting events over the company's PA system.
But despite those fun-filled perks, Gilbert and Emerson believe it's the culture and the opportunity to contribute and make a difference that are most important to Quicken Loans' team members.
"At the end of the day what matters is that we are a company of people. We treat people with respect. We listen and respond with care," said Emerson. "We realize that everyone has an innate, human need to be recognized and appreciated. The end result is that we have 3,500 people who are passionate about the work they do and about taking care of our clients."
Emerson and Gilbert attribute the company's strong record of success to this unique culture. Achievements this year include:
* Closed $16 billion in mortgage loans in 2005, a 33% increase over 2004
For more information about careers with Quicken Loans visit http://www.quickenloanscareers.com or call 800-411-JOBS.