HOUSTON, Dec. 11, 2020 /PRNewswire/ -- Venterra Realty earned an Innovation Velocity Ratio (IVR) of 15:2, ranking the company in the top 6% of the thousands of companies surveyed, across industries, in a Great Place to Work® Institute annual anonymous employee survey, sponsored by FORTUNE.
Innovation Velocity Ratio is determined with the question, "Over the last year, how many meaningful opportunities have you had to develop new and better ways of doing things at work?" By comparing the number of employees who respond to the question with "A lot" to those who respond, "Just a few" or "None," an "Innovation Velocity Ratio" (IVR) is calculated.
"As one of our four operating pillars, innovation remains critical to our success as a company," said Venterra Chairman, Andrew Stewart. "The results of our most recent employee survey are an indication that team members across the Venterra portfolio embrace creativity in the organization."
Venterra's IVR of 15:2 shows that for every fifteen employees willing and able to innovate, there are only two who are not. Companies with an IVR of 11:2 or higher are defined as "Accelerated" and share an ability to rapidly adapt to disruptions, realize greater speed in implementation, quickly create new and better ways of doing things, and generate high-quality ideas. The average IVR for a company on FORTUNE's "100 Best Companies to Work For" list is 7:2.
Regarding Venterra's remarkable Innovation Velocity Ratio, Venterra CEO, John Foresi stated, "We're honored to have been recognized multiple times by the Great Place to Work® Institute and FORTUNE magazine for our workplace in the past, but, knowing the power of maintaining an engaged and innovative workforce, our strong IVR metric is especially exciting to see. We're looking forward to continuing to lead the industry in terms of meeting the needs of our employees and customers in new and unique ways."
The Institute identified several competitive advantages to companies in the top IVR quartile. When comparing performance of "Accelerated" IVR companies to "Functional" IVR companies, "Accelerated" companies experience 63% higher Revenue Growth, 13% greater agility, 10% increased productivity, and 8% more employees wanting to work with the company for a longer period of time. According to Great Place to Work®, "Accelerated" companies also:
- Achieve 5.5 times the median year-over-year revenue growth
- Have 21% higher levels of discretionary effort
- Experience 14% less risk of turnover
- Are 33% more adaptable
Based on achieving survey results among the top 10% of participating companies, this "global authority on workplace culture" and FORTUNE have also ranked Venterra Realty highest among real estate companies on their "100 Best Medium Workplaces" list, a recognition the company has achieved for the past five years. In addition, the Institute has named Venterra Realty a "Best Workplace for Diversity" and ranked the organization as the #2 "Best Workplace in Texas."
About Venterra Realty:
Founded in 2001, Venterra Realty owns and manages 60 apartment communities in 11 major US cities that provide housing to over 32,000 people and 11,000 pets. The organization has completed more than $6.2 billion in real estate transactions and currently manages a portfolio of multi-family real estate assets valued at over $2.8 billion, which generates gross annual income in excess of $260 million. Venterra is committed to improving the lives of its residents by delivering industry-leading customer experience. Find out more about Venterra Realty and its award-winning company culture at Venterra.com.
Contact: Stephanie Gonzalez, Vice President of Property and Customer Innovation
SOURCE Venterra Realty