Human resources manager Edith Sykes said the company had identified the areas that needed work and then given its people the power to make changes. In particular, efforts focused around growing great leaders, building a sense of belonging to a "Ballance community" and celebrating success, she said.
"Great performance begins with great people who come to work to do a great job and do it better tomorrow than they did yesterday."
Employee turnover is down and Ballance shareholders received their best returns yet following a record result for the last financial year.
The award is based on survey results of companies throughout New Zealand.
Financial accountant Marie Cooper said Ballance employees were well-supported to develop to their full potential.
"I like the support I've had as part of the Leadership Development Programme, and the fact that it's an ongoing programme."
Acid plant co-ordinator Wayne Graham said he had noticed a big change in the willingness of teams to help one another out. "Teams right throughout the business are understanding where they fit and their part to play in getting the business to where we want to be," he said.
Rebecca Best, a business support analyst who started with the firm as a receptionist, said she had appreciated the opportunities to progress into new roles.
Willie Thompson, acidulation co-ordinator, a 16-year Ballance veteran, said he liked the company's clear direction and focus on sustainability.
"We look after our own backyard and go out of our way to look after the environment because we want to enjoy all the Bay has to offer as well. Plus it's our livelihoods at stake if we don't."
Ms Sykes said engagement wasn't a quick fix or something you could switch on and off. "We still have a long journey ahead of us. We're in it for the long haul and we are incredibly proud of the progress we've made."
Best Workplaces Survey
IBM Kenexa's Best Workplaces Survey is New Zealand's largest and longest running study of workplace climate and employee engagement, and identifies the best places to work in New Zealand as rated by their employees.
This year more than 32,000 employees from 228 New Zealand organisations representing private and public sectors participated in the survey.