The World's Top 50 All-Star Companies of 2017
Since 1997 FORTUNE magazine and the Hay Group division of Korn Ferry has conducted a study to identify and rank the World's Most Admired Companies. The study surveys top executives and directors from eligible companies, along with financial analysts, to identify the companies that enjoy the strongest reputations within their industries and across industries. This year Fortune surveyed 680 companies in 28 countries within 50 plus industries (to see the methodology and credits click here).
Not surprisingly, Apple remains at the top of the list as it has since 2008. Amazon has now come up in the ranks claiming the number two spot, while Alphabet (Google) fell to number six. But why is making this list so important? What does this really mean for a company?
As Fortune states "Nobody can quantify the value of a good reputation, but nobody wants to lose one." Just as the case of Wells Fargo in opening unauthorized accounts, Volkswagen and the "diesel dupe", and Chipolte with the food safety scare in which case all three companies to dropped off the list. Having the respect of your peers and your competitors is absolutely crucial in business and almost everywhere else," said Fortune's Assistant Managing Editor Nicholas Varchaver in a video that accompanied the list. "Fortune's World's Most Admired Companies List is a list that embodies precisely that idea." The idea that other industry executives and insiders being surveyed shows that this is not just another popularity contest, but that it is a evaluation of each of these companies and how they are regarded by business leaders. Ranking on the Fortune's World's Most Admired Companies list suggests that the company and brand not only are well-regarded, but have a solid foundation, are well balanced and strategically planning for the future.
Among the benefits of good “Leadership”, is being recognized by others. Many businesses consider their good name or reputation to be their greatest asset. A good reputation is a must for any business that wants to survive and grow. The companies on this list are by no means perfect, but a culture of excellence is at the foundation. We all need to share the concept of excellence in all that we do.
Fortune also breaks things down even further into 51 industry rankings within 11 major categories. According to FORTUNE, "To determine the best-regarded companies within the industries, Korn Ferry Hay Group asked executives, directors, and analysts to rate enterprises in their own industry on nine criteria, from investment value and quality of management and products to social responsibility and ability to attract talent. A company’s score must rank in the top half of its industry survey to be listed." See how the various industries breakdown. Is your company in the rankings?
Making the list and staying on the list for multiple years is a long term strategy of excellence. Many of these companies have these concepts embedded into their hiring and development practices. All efforts need a champion to keep this goal in front of all. There are endless opportunities to enhance company culture within their market space. With no one answer or one process, all have a lifelong challenge. Are you ready for this?
To explore the full results of the FORTUNE 2017 World's Most Admired Companies please click here. Dr. David Miles is Chairman of the Miles LeHane Companies, Inc. He is a member of the American Society for Training & Development (ASTD), a member and founding chapter President of the Society for Human Resource Management (SHRM), the Association of Career Professionals (ACP) and a Charter Fellow of the Institute of Career Certification International (ICC International), as the largest global non-profit certification Institute. Author of The Four Pillars of Employable Talent and Building Block Essentials. Follow David on Twitter @David_C_Miles.