Award-winning company, 3M, again proved its durability and stance in the innovation industry. The awards where it is mentioned are “World’s Most Admired Companies” (Fortune Magazine) and “50 Best Employers in America” (Business Insider).
With over a hundred years of their distribution transformation and innovation to the world, 3M is once again renowned to be one of the “World’s Most Admired Companies” as listed in the Fortune Magazine.
Out of all the 50 companies listed, 3M is ranked as the 21st (No.1 in the Medical Equipment Category). Criteria used to gather such award is attributed to nine aspects of reputation such as innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment, quality of products/services, and global competitiveness.
Another reason for the award is the company’s trademark for choosing projects of their choice 15% of the time and the annual expectation of 30% in their $30 billion annual revenue from products introduced in the market in the last five years.
3M is also ranked No. 17 on Business Insider’s list of “50 Best Employers in America”. Employees have reported that high rates of relaxation (44%), flexibility (79%), satisfaction (77%), and meaningfulness (59%) as conducive traits in their workplace. Reports also show that 3M compensate (median pay at $82,400 after five years) higher than other industry peers as according to Business Insider. Benefits covered by the company includes standard medical, dental, and vision health benefits; life insurance and retirement; benefits to same-sex couples in domestic partnerships; child and elder care consulting services; smoking cessation program; stress management coaching; and an on-site pharmacy and medical clinic.
3M also encourages face-to-face and online communication horizontally to accommodate across the border businesses and exchange of ideas between them first hand. This organizational trait upturns the symbol of entrepreneurship and perseverance that outside organizations start to recognize at present.
According to Barney Stinson, “New is always better”. Fortunately, this motto has not remained as fiction because 3M have continued to innovate the world with its creative ideas and solutions. 3M’s products range from adhesives to reflective lighting and even to things embedded to your daily gadgets and products. 3M is everywhere with its 55,000 variety of products worldwide.
Now that global issues have been relative to the environment, 3M continuously stands firm with its green leanings by exhausting the use of materials less harmful for the environment such as light. Energy conservation is also one of its targets and thus one of its focuses for upcoming creative projects. Another interesting fact about 3M is that they help other businesses succeed on their own by collating new ideas and concepts, initiating suggestive processes and revamping manufacturing cycles. All of these help the sustainability of 3M in the industry, continuously thriving and outstanding.