4 Of The “Best Companies For Leaders” Are In MN
Four Minnesota businesses are among the best public companies in the world when it comes to providing opportunities for leadership growth, according to Chief Executive magazine.
The Greenwich, Connecticut-based magazine—which writes for the C-suite audience—named Hormel Foods, General Mills, 3M, and Ecolab to its 2014 list of 40 “Best Companies for Leaders.”
Chief Executive partnered with Chally Group Worldwide—a Dayton, Ohio-based sales and leadership management firm—and the Human Capital Institute—a Vermont-based talent and leadership management organization—to compile its list. They surveyed more than 1,000 companies and interviewed executives to determine what each company does to “identify and nurture people three or more levels down the chain from the CEO.”
The majority of companies surveyed are headquartered in North America, have international operations, and represent numerous industries, including professional, scientific, and technical services; manufacturing; finance; insurance; and real estate.
Each company was scored based on five criteria: having a “formal leadership process” in place, the CEO’s commitment level to a leadership development program (measured by the percent of personal time spent with these efforts), the percentage of senior and middle management positions filled by internal candidates, the number of other companies evaluated for the list that reported recruiting from that company, and a shareholder value performance metric based on 10-year growth or decline in market capitalization. The 40 companies that made the list each had more than $1 billion in revenue.
Austin-based Hormel Foods Corporation, which ranked ninth, was new to Chief Executive’s list this year. The company—which manufactures and markets consumer-branded food and meat products—also recently appeared on Corporate Responsibility magazine’s list of 100 companies that demonstrate “corporate citizenship.”
Golden Valley-based General Mills, Inc., ranked 10th on Chief Executive’s latest list. Last year, the food giant ranked 15th. General Mills was also recently named to Fortune magazine’s list of the “100 best companies to work for.”
Maplewood-based 3M Company ranked 23rd on Chief Executive’s list, whereas last year, the manufacturer ranked 10th. Earlier this fall, 3M ranked among the 100 most valuable global brands, according to an Interbrand report.
St. Paul-based Ecolab, Inc., ranked 25th on the “Best Companies for Leaders” list, having ranked 28th last year. The company—which manufactures and distributes cleaning and maintenance products—was also recently named one of the “world’s most innovative companies” by Forbes magazine.
Click here to see all of the companies that made Chief Executive’s list.
The magazine also compiled a list of the 10 “Best Companies for Leaders,” consisting solely of private companies. Click here to view that list.
Twin Cities Business profiled Ken Powell (CEO of General Mills); Doug Baker (chairman and CEO of Ecolab); Jeffrey Ettinger (chairman, president, and CEO of Hormel Foods); and Inge Thulin (chairman, president, and CEO of 3M) in its 2014 Black Book. Click here to read more about each leader.