Recognition
Secrets of 'world's most admired' companiesPeople, people, people. Companies often say their employees are their most important assets. But those that see career development as an investment, reward performance and promote from within are the ones that really mean it. And that separates the best from the rest. LINDA WHITE |
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 [ 2007-01-31 ] |
© 2007 JupiterImages Corporation
That's the conclusion Hay Group vice-president David Sissons reached based on the ninth annual Fortune/Hay Group World's Most Admired Companies Survey. In his presentation at the Human Resources Professionals Association of Ontario conference this week, Sissons discusses the seven basic themes that differentiate the best from their peers:
SEVEN THEMES
All companies can learn a few lessons from those that make the prestigious list, Sissons believes. In his profile of a most admired company, he lists the following as common characteristics: They build clarity regarding strategy, foster global thinking and a long-term perspective, focus on their people, manage their climate and focus on achieving results.
"These companies get people aligned and have strong agreement at the top. They develop perspective -- they think more globally and more long-term than their peers," Sissons says.
"Their focus on their people is one of the key differentiators and it starts at the top. They value their executives and they value teamwork."
Successful companies know succession is always an issue and identify precisely the kinds of people they are looking for.
"Successful leaders do tend to look and behave differently than the average," Sissons says.
What do successful leaders have in common? They are more empathetic and self-confident than their peers and demonstrate self-control. "They have the ability to understand process. They don't respond with a knee-jerk reaction," Sissons says.
Successful leaders are also more likely to believe they can directly influence events and thrive on challenges despite challenges. They see changes as opportunities for continued growth rather than a source of anxiety and fear and believe their work is meaningful and is contributing to a broader purpose.
Leaders devote a significant amount of time to hiring and developing talent. They coach employees and provide them with performance feedback on an ongoing basis. "Leaders are responsible for creating the right climate for success and stronger tools for measuring that," Sissons says.
RESILIENCE
Resilience and vision are key to company culture. "Part of success is dealing with failure. If a company is resilient, it will be better able to rise above (failure) in the end," Sissons says. "A vision helps set a context. Employees feel better knowing why they're doing what they're doing and are more likely to contribute."
Wondering where to start? "Start with leadership, inspiration and clarity about what you need to accomplish," Sissons says. "No executive can control 100 employees or more, but one of the hallmarks of successful leaders is to what degree they can inspire their employees."
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