Global management consultancy Hay Group has identified four main factors that distinguish the world’s most admired companies from the rest and said organisations should incorporate these to achieve “long-term success”.
According to Hay Group,the four critical factors are executing and enabling strategy,building structures and processes to sustain long-term performance,achieving success through people and placing a high value on leadership and talent.
Companies that were able to implement these practices over time consistently attracted and retained the best talent,and outperformed industry peers and the market as a whole.
“Over the past 15 years,we have seen the composition of the World’s Most Admired Companies list change,but the attributes that enable those companies to excel have remained the same,” said Mel Stark,vice president & regional reward practice leader at Hay Group.
Stark further said that “in today’s uncertain business environment,it is more important than ever for organisations to place value on these core practices,engaging and developing the talent that will be critical to long-term success.”
Mark Royal,senior principal at Hay Group said attracting and retaining top talent is critical,particularly with the scarcity of specialised talent and the high cost of turnover.
“Throughout the past fifteen years,the World’s Most Admired Companies have continued to invest in their employees,engaging and enabling their people to drive the organisation forward. We see this holding true not only today,but over the next fifteen years as well,” Royal added.