Culture transformation drives company turnaroundSAN JOSE, Calif., March 5, 2015 — (PRNewswire) — Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced that FORTUNE Magazine has recognized Cadence on the "100 Best Companies to Work For®" list in 2015. In its first year applying for this prestigious recognition, Cadence was acknowledged for its reinvigorated culture, where employees are passionate about creating innovative technology and driving customer success.
It is employees' commitment to the Cadence® culture that fueled the company's dramatic turnaround that began in 2009 under President and Chief Executive Officer Lip-Bu Tan. Under Tan's leadership, the company has achieved consistent growth and strong returns for its shareholders. "Being named to FORTUNE'S list of 100 Best Companies to Work For is a tremendous honor," said Tan. "It speaks to the achievements of our employees, and to the strength of our culture. The enthusiasm of employees for innovation and solving customer problems is central to who we are and has been a critical component in our success."
"Cadence employees are proud to work for a company that gives them the freedom to innovate and the opportunity to work closely with some of the most advanced technologies in the world," said Tina Jones, senior vice president of Global Human Resources at Cadence. "We attract high-caliber talent, and employees appreciate that the company encourages their career development. This contributes to the company's low attrition rate and why 40 percent of U.S. employees have stayed with the company for more than a decade – often getting to experience different roles and new, challenging problems to solve."
The sense of team at Cadence is enhanced by a highly visible recognition program, where employees can recognize their peers in all 25 countries where the company operates, resulting in rewards to over 90 percent of employees over the last two years. Cadence empowers employees to make a difference at work, and encourages them to make an impact in their communities. The company provides each employee with five paid days off every year to volunteer in a way that is most meaningful to each employee, and gives employees the resources to find volunteer opportunities. Cadence encourages open communication, and volunteer time is one of the many programs that the leadership team has put into place based on employee input.
Showcasing the depth of its shared culture worldwide, the FORTUNE "100 Best" ranking adds to the Great Place to Work® awards the company has already received in Korea, China and Ireland. FORTUNE partners annually with Great Place to Work to conduct the most extensive employee survey in corporate America to identify the 100 Best Companies to Work For. Two-thirds of a company's survey score is based on the results of the Trust Index© Employee Survey, which is sent to a random sample of employees from each company. This survey asks questions related to employees' attitudes about management's credibility, overall job satisfaction, and camaraderie. The other third is based on responses to the Culture Audit©, which includes detailed questionnaires about pay and benefit programs and a series of open-ended questions about hiring practices, methods of internal communication, training, recognition programs and diversity efforts.
"It is no coincidence that the 100 best workplaces are also extremely profitable and successful companies," said China Gorman, CEO of Great Place to Work. "Research by our firm definitively showcases that the best places to work outperform their competitors. There is an absolute ROI when companies invest in creating a high-trust workplace culture. Great workplaces have significantly less turnover and produce employees who have a vested interest in the company."
About Great Place to Work
Great Place to Work is the global authority on high-trust, high-performance workplace cultures. Through proprietary assessment tools, advisory services and employer branding programs, including Best Companies lists and workplace reviews, Great Place to Work provides the benchmarks, framework, and expertise needed to create, sustain, and recognize outstanding workplace cultures. Great Place to Work's Trust Index, a 58-question employee survey that measures trust, is used around the world to help companies increase the levels of trust across their organizations and improve business results. Annually, Great Place to Work produces the research for the annual Fortune 100 Best Companies to Work For list and the Great Place to Work Best Small and Medium Workplaces list. Follow Great Place to Work online at www.greatplacetowork.com and on Twitter at @GPTW_US.
Cadence enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software, hardware, IP, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, Calif., with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com.
© 2015 Cadence Design Systems, Inc. All rights reserved worldwide. Cadence and the Cadence logo are registered trademarks of Cadence Design Systems, Inc. in the United States and other countries. All other trademarks are the property of their respective owners.
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