In this article, we will be analyzing the most admired companies in the world, their characteristics, and some recent initiatives taken by them to maintain their market position. If you wish to skip our detailed analysis, you can move directly to the 5 Most Admired Companies in 2023.
What Makes A Company Admired?
Companies around the world are known for serving their customers, employees, shareholders, local community, and other stakeholders. Let's have a look at certain factors which contribute to the sense of admiration for a company.
Company Culture
The sense of admiration for any company primarily comes from the company culture. This culture is based upon a set of core values on which the company operates. On June 28, Great Place to Work, a publisher of the world’s best companies’ rankings, reported that a good company culture is where the leadership is credible since employees are 11 times more likely to work at a company for long if it offers trustworthy leadership. Although compensation matters for employees, other aspects like good leadership and a sense of pride in work highly impact employee retention and loyalty.
A Customer-Centric Approach
A company strategy focusing on achieving customer satisfaction, convenience, and retention goes a long way. The success of some most admired companies around the world comes down to the effort they put in to meet and even anticipate evolving customer needs. An example of a company that aligns its business goals and decisions with its customers is Delta Airlines, Inc. (NYSE:DAL). This US-based airline has launched several features to improve the overall customer experience even at a height of 30,000 feet above the ground. On July 12, the companyreported that it has partnered with T-Mobile successfully to equip 600 domestic planes with free Wi-Fi to make the customers feel at home. The company also has plans to extend this internet connectivity feature to all of its international flights by 2024. Furthermore, the airline company has introduced a new platform called Delta Sync exclusives for its frequent flyers, the SkyMiles members, through which they can access entertaining streams, look up their trip itinerary, and plan their activities while they are on board.
Admirable Companies Leading the Way
Some of the most reputable companies in the world include Apple Inc. (NASDAQ:AAPL), Walmart Inc. (NYSE:WMT) , and Amazon.com, Inc. (NASDAQ:AMZN). These companies are known to perform well by serving their stakeholders to position themselves well in their respective industries. Let’s take a look at all of them.
Apple Inc. (NASDAQ:AAPL) is a leading technology company that specializes in consumer electronics. Its broad range of products including iPhones, iPads, and Macs, have penetrated across the world. The company rigorously engages in community initiatives, especially for disadvantaged groups. In 2023, the company published its racial equity and justice initiative report. Itreported that the company partnered with Southbank Centre to launch its first cohort of 80 black art professionals to equip them with technology and skills through sessions with experts from the film, music, or photography industry.
Walmart Inc. (NYSE:WMT) is a popular US chain of retail hypermarkets and discount stores. The company has secured several international recognitions as a result of its efforts to be sustainable. In the company's environmental, social, and governance highlights for 2023, the company reported that it is listed on the Bloomberg 2023 gender equality index and EPA's green power partnership rankings as the number 1 retailer to use green power resources. The company has been working on its priority of achieving zero waste in its operations. The employee statistics for the company are also promising as 88% of the US associates who got a promotion in 2023 started from entry level. Walmart Inc. (NYSE:WMT) offers an hourly compensation of $21.75 to its US associates which includes many women and people of color as well.
Another company that is acclaimed at a global level is Amazon.com, Inc. (NASDAQ:AMZN). The company continues to earn its name in the market by immensely supporting its employees. On August 19, the companyreported some of its employee empowerment programs where it mentioned that its Career Choice program covers tuition fees for its employees enrolled in associate degrees, professional certifications, or bachelor’s degrees in addition to providing mentoring and career counseling. This depicts a deep level of concern and understanding for employees.
Now that we have taken a look at the most renowned companies such asApple Inc. (NASDAQ:AAPL), Walmart Inc. (NYSE:WMT) and Amazon.com, Inc. (NASDAQ:AMZN) and some efforts that make them admirable, let's examine the most admired companies in 2023.
In order to create a list of the 25 most admired companies in the world, we reviewed the Fortune most admired companies for 2023. Fortune ranks the extent of admiration for a company through 9 different metrics namely ability to attract and retain talented people, quality of management, corporate social responsibility, innovativeness, product quality, wise use of corporate assets, financial soundness, long-term investment value, and effectiveness in doing business globally. We shortlisted the top 40 companies.
Moving on, we decided to carry out our research focusing on the brand performance and employees.
For brand performance, we considered SyncForce’s ranking the brands list for 2023. We used the scores under the brand performance category as our first metric. This brand performance score is a global score based on how much a brand is mentioned in positive brand rankings. More positive brand rankings indicate a higher rank on this list. A better brand performance leads to higher customer satisfaction and retention.
For the employee dimension, we looked at Glassdoor’s survey of best companies to work in 2023. We considered the total employee score as our second metric. This score included all fundamental employee factors such as compensation and benefits, diversity and inclusion, work-life balance, culture and values, career opportunities, and senior management.
Finally, we created our own rankings by including only those Fortune most admired companies for 2023 that rank higher on both the employee score and the brand performance score. A consolidated score was calculated by taking an average of the two scores to rank the companies.
BlackRock, Inc. (NYSE:BLK) is a popular US-based investment management company that operates in 36 countries around the world. It is known for promoting diversity and inclusion as well as sustainable investments to help people achieve financial well-being. BlackRock, Inc. (NYSE:BLK) is one of the most admired companies in 2023, with an employee score of 4 and a brand performance score of 3.
Based in Texas, Southwest Airlines Co. (NYSE:LUV) is one of the world's most low-cost airlines. It is one of the top most admired companies in 2023 as a result of its employee-first corporate culture, low-cost travel offerings, and exceptional customer service. Southwest Airlines Co. (NYSE:LUV) aims to replace 10 percent of its jet fuel with sustainable aviation fuel to reduce carbon emissions by the end of 2030.
Delta Air Lines, Inc. (NYSE:DAL) also makes it to the list of the most admired companies in 2023. It is one of the world’s most valuable airlines known for its commitment to the inclusion of employees without any discrimination, innovation to enhance customer experience, and reducing carbon emissions. Delta Air Lines, Inc. (NYSE:DAL) has also announced plans to become the first carbon-neutral airline by 2050.
Apple Inc. (NASDAQ:AAPL), Walmart Inc. (NYSE:WMT), and Amazon.com, Inc. (NASDAQ:AMZN) are among the most reputable companies in the world committed to customer excellence, employee satisfaction, and fulfilling their corporate responsibilities.
Another most admired company this year includes Target Corporation (NYSE:TGT). It is a US-based retail corporation selling a wide range of products. It promises ‘expect more, pay less’ to its customers and gives grants to local communities to support them like Target Corporation's (NYSE:TGT) Books for Schools Award which gives a $500 book award to the local school of their choice.
Goldman Sachs Group, Inc. (NYSE:GS) is another one of the most admirable companies in 2023. It is an American financial services provider. It is admired for its diverse employment initiatives, up-to-date financial solutions, and competitive salaries. Goldman Sachs Group, Inc. (NYSE:GS) had an employee score of 3.9 and a brand performance score of 6 in 2023.
Marriott International Inc. (NYSE:MAR) is a prestigious multinational hospitality company. Its strong financial performance, customer service, and inclusive workplace environment make it admired. Net zero greenhouse gas emissions by 2050 have also been promised by Marriott International Inc. (NYSE:MAR).
The Procter & Gamble Company (NYSE:PG) is known for its quality consumer goods. Innovation, gender equality, and customer service are the core aspects that make the company one of the most renowned companies in 2023. Procter & Gamble Company (NYSE:PG) has also committed to improving water efficiency by 35% in P&G sites by 2030.
The top 25 admired companies in 2023 also include Johnson & Johnson (NYSE:JNJ). It operates in the pharmaceutical and medical technology industry and is preferred for its diversified health and wellness offerings and strong financial standing. Johnson & Johnson (NYSE:JNJ) strives to achieve 50% women representation in management positions globally by 2050.
FedEx Corporation (NYSE:FDX) is one of the most reputable companies in 2023. It is popular due to its fast and efficient shipping services as well as its corporate governance practices. FedEx Corporation (NYSE:FDX) is on its way to becoming completely carbon neutral by 2040.
The world’s most reputable companies in 2023 include Salesforce.com, Inc. (NYSE:CRM) as well. It specializes in customer relationship management. Salesforce.com, Inc. (NYSE:CRM) is quite famous in the business world for its user-friendly interface, customization for clients, and efficient CRM solutions.
American Express Company (NYSE:AXP) operates in the financial services industry and is known for its payment cards. Its core values of customer support, safety, and trust make it an admired global brand. American Express Company (NYSE:AXP) plans to make most of its cards of at least 70% recycled or reclaimed plastic by the end of 2024.
Another admired company in 2023 is Starbucks Corporation (NASDAQ:SBUX). It is a popular American coffee chain known for its high quality products, inclusive company culture, and consistency in maintaining its position in the market. Starbucks Corporation (NASDAQ:SBUX) scored 3.7 on the employee score and 10 on the brand performance score thereby qualifying for the most admired companies in 2023.
The Coca-Cola Company (NYSE:KO) is one of the most sought after brands in 2023. It has earned this position as a result of its high profitability, quality products, focus on small community programs, and local charity. The Coca-Cola Company (NYSE:KO) continues to focus on sustainable sourcing, packaging, and recycling practices.
The most admired companies in 2023 also rank the Walt Disney Company (NYSE:DIS). The company’s rank in this list is a product of its global competitiveness, social responsibility, and inclusive employment practices. The Walt Disney Company (NYSE:DIS) continues to reduce its plastics footprint across all businesses.
A well-known pharmaceutical company, Pfizer Inc. (NYSE:PFE) also ranks among the 25 most admired companies in the world. Up-to-date drug discovery and development and customer-driven innovation make the company reputable. Equitable access to products and vaccines in the world makes Pfizer Inc. (NYSE:PFE) quite reputable.
Signature athletic shoes and accessories provider, NIKE, Inc. (NYSE:NKE), is one of the most admired companies in 2023. Its brand value, consistent quality, and innovation make it popular around the globe. NIKE, Inc. (NYSE:NKE) rates 4.2 on the employee score and 15 on the brand performance score.
The Home Depot, Inc. (NYSE:HD) is a retail corporation for home appliances, tools, furniture, home decor and electrical supplies. It is one of the most acclaimed companies in 2023 due to its focus on evolving market needs and interpersonal relationships with customers. The Home Depot, Inc. (NYSE:HD) aims to provide 10 million hours to frontline associates for skill development by 2028.
JPMorgan Chase & Co. (NYSE:JPM) is one of the largest banks in the United States. It is one of the best employers providing quality services to its clients, making it one of the top admired companies in 2023. JPMorgan Chase & Co. (NYSE:JPM) also focuses on the inclusion of people of color, women, and the LGBTQ+ community.
Investors who wish to increase exposure to the most acclaimed firms in 2023 can look up Apple Inc. (NASDAQ:AAPL), Walmart Inc. (NYSE:WMT), and Amazon.com, Inc. (NASDAQ:AMZN).
Dedicated customer support, continuous employee development, and strong financial performance make Berkshire Hathaway Inc. (NYSE:BRK-B) one of the top admired firms in 2023. Berkshire Hathaway Inc. (NYSE:BRK-B) strives to achieve a 10% reduction in energy, greenhouse gas emissions, and water and a 30% waste diversion rate by 2025.
The parent company of Google, Alphabet Inc. (NASDAQ:GOOG), continues to be one of the most reputable companies in the world. This can be attributed to the high customer satisfaction, brand value, and profitability offered by Alphabet Inc. (NASDAQ:GOOG) as evident from its brand performance score of 30 and employee score of 4.4.
