Top Companies Foster Innovation at All Levels of the Organisation
Hay Group, the global management consulting firm, today released its seventh annual Best Companies for Leadership Study and Top 20 list. The study ranks the best companies for leadership around the globe and examines how those companies nurture talent and foster innovation in their ranks. This year, General Electric topped the list, followed by Procter & Gamble, IBM, Microsoft and Coca-Cola.
According to Hay Group's study, the Best Companies for Leadership create workplace environments and processes that enable innovation to thrive. In fact, all of the Top 20 companies reported that their leaders regularly celebrate innovation, compared to just 49 percent of other companies. In addition, 90 percent of the Top 20 companies reported that if individuals have an excellent idea, they can bypass the chain of command without the threat of negative consequences, compared to only 63 percent of other companies.
"The Best Companies for Leadership recognise innovation is key to their future growth and ability to survive in a fiercely competitive global market," said Rick Lash, director in Hay Group's Leadership and Talent practice and co-leader of the Best Companies for Leadership Study. "Many companies prize innovation, but the Best Companies for Leadership approach it in a disciplined way by building agile organisations, promoting collaboration, celebrating successes, learning from setbacks and fostering a culture that encourages a passion for innovation throughout the organisation."
Hay Group's study also found that the Best Companies for Leadership cast a wide net for ideas and develop their people to think more broadly. All of the Top 20 companies said they provide structured opportunities for younger employees to promote innovative ideas, compared to 68 percent of other companies. Similarly, 95 percent of the Top 20 companies reported that senior leaders personally spend time actively developing others and 90 percent said their leaders effectively help front-line employees understand their company's long-term strategy. That is compared to only 48 percent and 53 percent, respectively, of all other companies who reported the same.
"The Best Companies for Leadership distinguish themselves by their ability to develop well-rounded, multi-faceted talent within their organisations," said Susan Snyder, senior principal in Hay Group's Leadership and Talent practice and co-leader of the Best Companies for Leadership Study. "As innovation increasingly becomes a key differentiator for companies worldwide, best-in-class organisations are doing more to train and develop their people, celebrate diversity, reward collaboration and establish an environment that fosters innovation, creating a competitive advantage in the marketplace."
In fact, the Best Companies for Leadership consistently outperform their peers. Over a 10 year period, the Top 20 companies produced a 5.39 percent shareholder return, compared to a 2.92 percent shareholder return generated by the S&P 500.
For more information on Hay Group's Best Companies for Leadership, please visit the microsite at http://bitly.com/Imm26t , join the conversation on Twitter at http://twitter.com/hay_group , or discuss key leadership issues and questions on LinkedIn at http://bitly.com/HTEq8B.
About Hay Group's Best Companies for Leadership Study
Hay Group has researched the Best Companies for Leadership since 2005. This year's survey includes responses from nearly 7,000 individuals at more than 2,300 organizations worldwide. The survey was based on the organization's response to an online questionnaire and peer nominations. Respondents that completed the survey were from 103 countries, with 11 percent from North America, 35 percent from Europe, two percent from the Middle East, 21 percent from Asia/Pacific/Africa and 31 percent from Latin America. To see the Top 20 list from 2005 through 2011, please visit the Best Companies for Leadership microsite at http://bitly.com/Imm26t.
Please note: these findings should be credited to 'global management consultancy Hay Group', and not 'Hay' or 'Hays', which are separate and unrelated organisations.
About Hay Group
Hay Group is a global consulting firm that works with leaders to turn strategies into reality. We develop talent, organise people to be more effective, and motivate them to perform at their best. With 84 offices in 48 countries, we work with over 7,000 clients across the world. Our clients are from the public and private sector, across every major industry, and represent diverse business challenges. Our focus is on making change happen and helping organisations realise their potential. For more information, please visit www.haygroup.com/sa
For further information:
Miss Joanne Rogers
M: +971 50 554 1663
E: joanne.rogers@haygroup.com
© Press Release 2012
