3 MN Cos. Make Fortune’s “Most Admired” Cos. List
Fortune on Thursday released its annual list of the world’s 50 “most admired companies,” and three Minnesota companies made the cut.
3M Company, Target Corporation, and St. Jude Medical ranked 21st, 22nd, and 43rd, respectively. 3M dropped slightly from 18th place last year; Target and St. Jude moved up the list from their respective 25th and 48th spots last year. General Mills, which ranked 50th last year, didn’t make the cut this year.
Fortune ranked companies based on recommendations made by 3,800 executives, directors, and analysts. Those individuals voted for companies based on nine factors, which, according to Fortune, are “key attributes” of reputation: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment, quality of products and services, and global competitiveness.
Apple, Inc., topped the list for the sixth year in a row. Google, Inc., took second.
Fortune described Maplewood-based 3M, as an “idea-generating machine” that aims to have 30 percent of its roughly $30 billion in annual revenue come from products introduced in the past five years. While the inventor of Post-it notes hasn’t always met that goal, the share is now above 30 percent and expected to grow in the near future, analysts told Fortune. The magazine also praised the company’s decades-old policy that allows its technical employees to dedicate up to 15 percent of their time at work to pet projects.
Minneapolis-based discount retailer Target, meanwhile, received high marks for selling cheap products that don’t feel cheap. Fortune called out the company’s recent collaboration with designer Prabal Gurung, which promised “modern luxury,” “indelible style,” and a “sense of glamor”—“words not often associated with big-box discount chains,” the magazine said.
Little Canada-based St. Jude, meanwhile, was praised for its innovation and quality of management.
To see the full list, click here.