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What makes the most admired companies different?
15-Apr-2010
Research from the Hay Group is used to rate Fortune Magazine’s “most admired companies” – those companies which have
emerged competitively stronger in their industries during this recession.
The winning companies included: Apple, Google, Berkshire Hathaway (Warren
Buffett), Johnson & Johnson, Amazon.com, Disney, and Marriott
International.
Most companies say “Our people are our most important asset” – but few actually
walk the talk. The research identified a success factor common to all the
winning companies – that is, they actually believe this statement and
demonstrate it through their actions.
Winning companies displayed a greater long-term focus than the losing
companies. They understand that people are an asset, not an
expense. If you believe people are assets, putting money into assets is
not spending money – rather it is investing money. You invest money to
get a return on your investment. If however, you believe that
people are an expense – then in a recession you naturally try to cut expenses
as much as possible. The proof is not in what you say, but in what you
do.
Winning companies were much less likely to have laid any people off in the past
two years. They were also less likely to have frozen hiring or pay.
Winning companies were much more likely to invest money and make the effort to
position themselves as “employers of choice” – and not just market their
products and services to customers.
The winning companies focused on making sure their employees feel engaged by
their work. They are much more likely to measure employee engagement and
hold line managers accountable for it.
Most interestingly, the winning companies not only invested in keeping good
people and engaging them - they were also much more profitable and increased
shareholder value more than the companies that cut costs in the recession by
reducing staff numbers.
The most admired companies didn't start these practices when the recession hit;
this is how they’ve always done business. They know what their most
valuable asset really is, and they give it the investment it deserves - through
good times and bad
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