8 Michigan Companies Among Fortune’s Most Admired In 2020

February 20, 2020

Eight companies from Michigan have been listed on the business magazine Fortune’s annual World’s Most Admired Companies list for 2020. The annual study surveys top executives, directors, and financial analysts from eligible companies to find the companies that have the strongest reputations in their industries.

Fortune determines industry groupings based on the Global 500 and Fortune 1000 listings. To qualify for the listings, companies must have at least $10 billion in revenue and must rank among the largest by revenue in their industry. Companies compete internationally.

Apple took the No. 1 spot on the list for the second year in a row. Amazon and Microsoft rounded out the top three spots. But Michigan hosts eight of the most admired companies in the world for 2020 including:

  1. Domino’s Pizza (ranked No. 128 and No. 2 in its industry)
  2. General Motors (ranked No. 147 and No. 4 in its industry)
  3. Kellog (ranked No. 180 and No. 6 in its industry)
  4. Lear (ranked No. 191 and No. 6 in its industry)
  5. Penske Automotive Group (ranked No. 235 and No. 4 in its industry)
  6. Steelcase (ranked No. 279 and No. 2 in its industry)
  7. Stryker (ranked No. 280 and No. 5 in its industry)
  8. Whirlpool (ranked No. 323 and No. 3 in its industry)

The companies in Fortune’s list were narrowed down to include the 680 highest-revenue companies in each industry such as real estate, entertainment, and computer software. The overall rankings were compiled by Forbes. In partnership with Forbes, the management consulting company Korn Ferry also compiled rankings.

While Fortune’s list marks the most admirable companies in the world, the magazine doesn’t tap into what makes these companies admirable aside from their revenue. Best practices firm The Advisory Board Company suggests that certain characteristics are vital for a company to truly be admirable and a good place to work. These characteristics include:

  • Mission and values. Employees who believe in the mission and values of their organization reflect those values in their work and customer service, which can be great for a brand’s reputation. Up to 91% of today’s consumers don’t remember the last time they made a purchase without reading a few online reviews first.
  • Employee support. Customers aren’t the only ones who need to be supported. Employees and staff members should also feel that they’re given the necessary tools to do their jobs well.
  • Communication and input. Employees and administration need to be able to share their observations and ideas. When communication and input are welcome, it helps companies respond better to feedback and improve.

When a company and the employees of that company all share a strong belief and passion in the products and services they provide, they can strive to be more proactive and to take more risks to become one of the most admired companies in the world.

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