Despite economic change, technological advances and increased globalization during the past 15 years, the core business practices that distinguish the World’s Most Admired Companies (WMAC) have remained consistent, according to a report released by Hay Group, the global management consulting firm. In its new report, Hay Group analyzed the findings from its 15 years of research to identify the WMAC and uncovered the four most significant characteristics that have consistently enabled the WMAC to outperform their peers.
According to Hay Group’s research, the four critical factors for the WMAC’s organizational success are: executing and enabling strategy, building structures and processes to sustain long-term performance, achieving success through people and placing a high value on leadership and talent. Companies that were able to implement these practices over time consistently attracted and retained the best talent, and outperformed industry peers and the market as a whole. According to Mel Stark, vice president & regional reward practice leader at Hay Group, “In today’s uncertain business environment, it is more important than ever for organizations to place value on these core practices, engaging and developing the talent that will be critical to long-term success.”
Source: Hay Group