Rocket Companies, a Detroit-based holding company that includes Rocket Mortgage, Amrock, Rocket Homes and Rocket Auto, was recently ranked the No. 5 best place to work in America in Fortune Magazine’s annual ranking of the “100 Best Companies to Work For.” This marks the 18th consecutive year the company has ranked in the top 30 on the prestigious list. In addition, just last month, Fortune named Rocket Companies No. 1 on its “Best Large Workplaces in Financial Services and Insurance” list.
Initiatives launched in 2020 to support team members and the community included:
1. Rest and Relaxation: To encourage team members to make wellness a priority, Rocket Companies launched a Rest and Relaxation (R&R) program offering a paid day off that did not count against team members’ vacation bank, added calendar flexibility and several scheduled breaks throughout the day.
2. Diversity, Equity and Inclusion Plan: The company engaged in conversations with team members and community leaders to develop a six-point strategic plan for advancing action on the topics of race, law enforcement engagement, inclusion and more.
3. Community Support: In its hometown of Detroit, Rocket Companies helped prevent eviction and homelessness, supported the distribution of essential resources and even developed the software and infrastructure for the City of Detroit’s COVID-19 testing—and later—vaccine programs.
“Everything we do is framed by our culture and by our ISMs. Over the past year, we have been guided by the ISM ‘We’ll Figure it Out’ as we navigated the challenges introduced by the pandemic while still creating the best possible experience for our team members,” said Jay Farner, Rocket Companies’ CEO and vice chairman, in a statement. “When COVID-19 began spreading across the country in the U.S., we rapidly launched measures to promote the health and safety of our team members, clients and communities. Because we took care of our people and made sure they had everything they needed to support our clients, we experienced record growth in 2020—even as the vast majority of us worked from home.”
The assistance from the organization went beyond its own people and extended into the local communities as well. The Rocket Community Fund, the philanthropic arm of the company, along with the Gilbert Family Foundation, a nonprofit established by Rocket Companies founder Dan Gilbert and his wife Jennifer, donated more than $10 million to local non-profits to address the impact of COVID-19 on local residents.
“We consider ourselves a ‘for-more-than-profit’ company. This means we are guided by the philosophy of investing some of our successes into the communities around us,” said Farner. “We are proud to use our skills and resources to improve the lives of our neighbors.”
According to the survey that determined Fortune’s ranking, 97% of team members said they feel good about the ways the organization contributes to the community. Since 2010, Rocket Companies team members have spent more than 417,000 hours volunteering with community groups in Detroit and more than 816,000 hours volunteering nationwide. In the same timeframe, the organization has directly contributed more than $200 million to its philanthropic efforts.
In addition to its work in the community, Rocket Companies recognizes that creating an industry-leading technology firm starts by establishing an inclusive work environment that supports team members in their various roles throughout the organization. The company has a team solely dedicated to promoting diversity, equity and inclusion which focuses on the strategic implementation of programs, activities, recruiting efforts, partnerships and more. As a result of these efforts, 98% of Rocket Companies team members surveyed by Fortune and Great Place to Work say they feel welcome when they join the company. On top of that, 95% of team members say it is a great place to work and 95% agree they are proud to tell others they work for the company.
Rocket Mortgage has been ranked Highest in Customer Satisfaction for Primary Mortgage Origination in the United States by J.D. Power for 11 consecutive years. The company was also ranked No. 1 by J.D. Power for mortgage servicing for the past seven consecutive years—each year the company was eligible.
Fortune Magazine partners with the Great Place to Work Institute to develop a comprehensive team member survey to identify the 100 Best Companies to Work For. Companies are measured and ranked through the analysis of the results of a Trust Index© survey and Culture Brief. Through the survey, team members anonymously assess their workplace, including the honesty and quality of communication by leaders, degree of support for personal and professional lives and the authenticity of relationships with colleagues. The Culture Brief includes detailed questions about benefits, programs and practices.
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