Monday, January 20, 2014

24/7 Wall St. » Blog Archive Why The ’100 Best Companies’ To Work List Is Useless «

24/7 Wall St. » Why The ’100 Best Companies’ To Work List Is Useless «

"24/7 Wall St. spent six weeks looking at Great Place and its practices
both inside and outside the US. and found them to be lacking.

Unlike polls such as those done by Gallup, “Best Companies” is not
scientific, not by a long shot.  Companies interested in being on the
list must apply to the Institute, which despite its academic-sounding
name is a for-profit institution.  To be eligible, companies must meet a
list of criteria including having 1,000 or more U.S. employees and
having been in operation for seven years.  The 100 “Best” are only the best of the 311 that applied, one large national polling firm which does not compete with Great Place, told 24/7 Wall St.  In addition, Fortune tells the winners 24 hours before the list is published while the Institute informs the losers at the same time."

"Great Place does not disclose anywhere which publications actually make
money on these listings through advertising or a share in consulting
fees. All parties 24/7 interviewed said Fortune does not. The marketing
benefits for Fortune are many. Great Place in the US offers a Best
Companies Executive Strategies Network. The forum is only open to firms
that have been on one of the Fortune lists for the past
three years. Membership fees are $7,500 per year for one person. Member
companies include American Express (NYSE: AXP), Goldman Sachs (NYSE:
GS), and KMPG."

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