3 MN Cos. Named Among The Best For Employee Development
Three Minnesota businesses are among the best companies in the world when it comes to developing employees’ skills, according to Training magazine.
The Excelsior-based magazine—which writes about topics related to training and workforce development—named local companies Best Buy, Allianz, and Smiths Medical to its 2014 “Training Top 125” list.
The magazine analyzed numerous criteria—including financial investment in employee development, development programs in place, and how closely development efforts are linked to business objectives and goals—when ranking companies for its list. To be considered for the list, companies were required to complete a detailed application, which was then scored quantitatively (by a third-party research and statistical data company) and qualitatively (by Training editors and some companies that appeared on previous years’ lists).
Best Buy Company, Inc., ranked 59th on Training’s top 125 list, whereas last year it ranked 32nd. For its most recent fiscal year, Richfield-based electronics retailer reported $37.6 billion in U.S. revenue and $50.7 billion in revenue globally, according to Training. The magazine said that the company allocates $95 million for an employee-training budget—6 percent of its payroll. Additionally, the company offers tuition reimbursement and has a training infrastructure in place. Best Buy employs 110,000 in the United States and 165,000 worldwide. It recently, however, laid off 950 workers in Canada.
This year marked Allianz Life Insurance Company of North America’s first appearance on Training’s list—it ranked 115th. The Golden Valley-based life insurance provider reported $94 billion in annual U.S. revenue. According to the magazine, the company allocates $4.7 million for a training budget—2 percent of its payroll. Allianz also offers tuition reimbursement and has a training infrastructure (in-house trainers and training technology, among other resources) in place. It has 4,470 U.S. employees and 144,094 employees worldwide.
Smiths Medical came in at 119th on Training’s list (it ranked 117th last year). The St. Paul-based medical device provider neither disclosed its annual revenue, nor how much it allocates for an employee-training budget. Smiths Medical employs 2,338 in the U.S. and 7,160 worldwide. It offers tuition reimbursement and has a training infrastructure in place.
Houston-based Jiffy Lube International, Inc., ranked first on the top 125 list. While the automotive service company didn’t provide it’s annual revenue, it reported employing 20,500 in the United States. Jiffy Lube ranked second on last year’s list.
Austin-based Keller Williams Realty, Inc., ranked second on the most recent list; it declined to provide its annual revenue but reported employing 90,848 nationally and 93,128 globally. The real estate franchise ranked 41st on the list last year. Rounding out the top three companies on the newest list was Harrisburg, Pennsylvania-based Capital BlueCross; it reported $3.3 billion in annual revenue for its U.S. operations and employs 1,917 in the United States. The health insurance provider ranked 10th on Training’s list last year.
Overall, 27 new companies appeared on Training’s top 125 list this year. According to the magazine, the mean revenue for the companies on the list was $4.5 billion in the United States and $6.5 billion worldwide. The mean training budget was $24.3 million—representing 5.84 percent of company payroll. Also, the mean number of total employees trained per organization was 31,079, with 16,577 trained in a classroom setting and 29,744 trained online.
Click here to view all of the companies that appeared on the “Training Top 125” list this year.
Separately, Hormel Foods, General Mills, 3M, and Ecolab recently appeared on Chief Executive magazine’s list of the “Best Companies For Leaders” for providing opportunities for leadership growth.