Bangkok--14 Sep--Hay Group
Adaptability is a key driver in sustaining company performance
Hay Group, a global management consultancy firm today, presented their fourteenth annual FORTUNE magazine’s World’s Most Admired Companies (WMACs) result and shared the business practices for global top-notch companies and selected top-tier companies in Thailand to present their success experiences. This year, it has been an honor to have Khun Dheerasak Suwannayos, President of Islamic Bank of Thailand and Khun Thada Savetsila, Director - Human Resources of True Corporation Public Company Limited to be our honorable guest speakers.
In addition to conducting the survey and analyzing the results to identify the WMACs, Hay Group also performed supplemental research on how these organizations are sustaining their performance. The Hay Group study found that the WMACs thrived by being adaptable and agile at responding to changing markets and equipping employees with the opportunity and necessary skills to execute corporate strategies.
Companies ranked in this list are recognised by industry peers for having the following nine attributes:
1. Innovation
2. People management
3. Use of corporate assets
4. Social responsibility
5. Quality of management
6. Financial soundness
7. Long-term investment
8. Quality of products/services
9. Global competitiveness
“The World’s Most Admired Companies have identified opportunities and addressed problems before their peer companies by leveraging the resources at all levels, not just in the C - Level. Moreover, they also have embedded culture of innovation and created enabling organization climate in order to accelerate employee performance,” said Dr.Mana Lohatepanont, Managing Director, Thailand & Regional Director, Southeast Asia at Hay Group - Hay Group
4 main areas that make WMAC outstanding from their peers.
Emerging Markets and Fast —Growing Units
According to the study, both WMAC and peer companies indicate that expanding into new markets is a “top priority” or “very important” over the next two years.WMACs are markedly more focused on high-growth markets and organizational units. They are more likely to rate increasing their presence in emerging markets as key priority (79 Percent v 59 Percent), along with supporting/managing fast-growing units/subsidiaries (82 Percent v 68 Percent).
Engaging Employees to Increase Productivity
The Study also found that efficiency and effectiveness are priorities for the WMACs and peer companies alike. However, among the WMACs, employees at all levels are more likely to be encouraged to take reasonable risks in an attempt to increase organisational effectiveness (94 percent v 77 percent). Moreover, the WMAC make a stronger effort to solicit ideas from employees for increasing efficiency (91 percent v 76 percent).
Ingraining Innovation in Company Culture
In addition, while innovation in product and service development is an important business strategy for all companies, the WMACs take more action to promote innovation throughout their organization. Executives at the WMACs are more likely to say their organization does a good job of leveraging new technologies and creative approaches to improve efficiency (81 percent v 72 percent) and capturing innovative ideas and diffusing them through the organisation (87 percent v 74 percent). At the same time, managers and employees at the WMACs are more likely to be encouraged to innovate in areas of current strength (83 percent v 70 percent).
Addressing Work-Life & Generational Needs
The Study also found that, amid greater performance and workload demands, responding to work-life balance concerns is more likely to be seen as a top or very important priority for the WMACs (49 percent v 30 percent). The WMACs also see on boarding new employees as a significant priority (55 percent v 43 percent). With younger generations changing the workplace dynamic, the WMACs are more likely to view responding to different generational needs as a top or very important priority (45 percent v 30 percent).
Other findings from the Study include:
- 88% of World’s Most Admired Companies prioritise in inovation compared to 79% of peers
- Emerging markets are key for 79% of World’s Most Admired Companies compared to 59% of peers
- Reward links effectively to performance at 89% of World’s Most Admired Companies compared to 77% of peer firms
About the FORTUNE magazine/Hay Group World’s Most Admired Companies research
Hay Group has collaborated with FORTUNE magazine annually since 1997 to identify, select and rank the , and uncover the business practices that make these companies both highly regarded and successful. For more information on how the rankings are determined, please view the full methodology on Hay Group’s website.
For the supplemental research, Hay Group surveyed senior executives at a sample of companies that participated in the 2011 Most Admired Companies survey, and compared the responses from companies that ranked in the top three in their industries in overall corporate reputation, with those of other participating organizations to better understand how the World’s Most Admired Companies approach sustaining performance compared to their peers.
About Hay Group
Hay Group is a global consulting firm that works with leaders to transform strategy into reality. We develop talent, organise people to be more effective, and motivate them to perform at their best. With 85 offices in 49 countries, we work with over 7,000 clients across the world. Our clients are from the private, public, and not-for-profit sectors, across every major industry and represent diverse business challenges. Our focus is on making change happen and helping people and organisations realise their potential. For more information, please contact your local Hay Group office at www.haygroup.com/th.
About FORTUNE
FORTUNE magazine is a global leader in business journalism with a domestic circulation of over 850,000 and a global readership of nearly five million, which include major franchises such as the FORTUNE 500 and the FORTUNE 100 Best Companies to Work For. FORTUNE Live Media extends the brand's mission into live events, hosting a wide range of annual conferences, including FORTUNE’s Most Powerful Women and the FORTUNE Global Forum. FORTUNE publishes English-language editions in Europe and Asia, and local-language editions in China, Turkey, South Korea, Indonesia, India and Greece. CNNMoney.com, is the online home of FORTUNE.com, which draws 5.7 million readers a month.
Media contact:
Sirintip Kudtiyakarn
Marketing Executive, Thailand
E|
[email protected]
T| +662 677 7515