Taking Innovation into Consideration: Why These 5 Companies are “Most Admirable”
November 10, 2008
I recently re-read Fortune’s list of this year’s Most Admired Companies, and I noticed how much the idea of “innovation” was mentioned. Because I also happened to have diversity on the brain, it occurred to me how closely diversity and innovation are combined. After all, what is innovation if not the result of divergent thinking and untapped ideas? But on top of that, it’s also about cultivating a culture that encourages new ideas, learning, skill development, career advancement, etc.
With all of this in mind, I looked at Fortune’s separate list of the Most Admirable Companies for managing talent to see what they’re doing right with regards to these elements, and how the combination invariably leads to continued success.
Medco Health Solutions – With a true commitment to diversity, Medco pledges to “hire the best people; foster a work environment that allows them to achieve their full potential; support them through training and job flexibility; and treat everyone with dignity and respect,” according to its Web site. Medco even employs a Diversity Lead, its vice president of human resources, to oversee its diversity program, which includes a mentoring program and women’s leadership initiative. Add to all that a work-at-home program and employee training and development offerings, and it’s easy to see how this company topped Fortune’s list.
Walt Disney – Any company that recognizes that its employees are the ones who “make the magic happen” is alright in my book. And Disney seeks to create an employee experience that mimics its brands: “innovative, entertaining and inviting.” Disney’s commitment to its employees is evidenced by its vast array of perks, which range from practical – such as health benefits, tuition reimbursement, childcare centers, credit unions, and a stock purchase program – to more playful – including complimentary theme park passports, contests, product discounts, and service awards.
Herman Miller – Consistently and widely honored for its commitment to environmental and social responsibility, innovation and performance, Herman Miller seems to excel at everything it undertakes, and talent management is no exception. Both Fortune and the Great Place to Work Institute have honored Herman Miller with “Best Place to Work” and “Great Place to Work” distinctions, respectively. In addition to offering a suh-weet benefits package and competitive compensation, the company recognizes the importance of integrity and trust within each and every employee, so much so that it lists these qualities first among the “core skills and behaviors” it looks for in candidates.
General Electric – Recognizing that “imagination at work” isn’t possible without the contribution of ideas from all walks of life, GE makes no small effort to recruit and retain a diversified workforce. The company has various career development networks in place to cultivate the advancement of women and the African American, Asian Pacific American, Hispanic, and gay, lesbian, bisexual and transgender communities. And with an innovative program that supports employees deployed overseas with the military, GE sets itself apart as a company truly committed to leadership development among its employees. In addition to these and the volunteer and philanthropic opportunities it affords its workforce, GE also makes known the pride the company takes in individual employees’ accomplishments outside of work as well.
Procter & Gamble – The first indication that P&G wants its employees to succeed? Look at the time and energy the company puts into its Web site’s careers section, which contains everything one needs to know about working there, from a career advice center, to a step-by-step guide to its unique hiring process, to virtual company tours and employee testimonials. P&G strives to ensure that would-be employees understand the company structure, culture and cause so they can align their own interests, skills and experience with those elements when they apply for positions.
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