PEORIA, Ill., Sept. 21 /PRNewswire-FirstCall/ -- Caterpillar Inc. (NYSE:CAT) has been named one of North America's Top Companies for Leaders. Sponsored by global human resources services company Hewitt Associates, in partnership with The RBL Group and FORTUNE magazine, the Top Companies for Leaders in North America were selected and ranked by an esteemed panel of judges based on criteria including leadership practices, company reputation, leadership culture and values and business performance.
Since the company opened Caterpillar University, or Cat U, in 2001, it has focused on investing in all members of Team Caterpillar with an emphasis on continual learning. While leader development has always been critical at Caterpillar, the formation of Cat U allowed the company to enhance the process of cultivating leaders who energize and engage their employees. Caterpillar provides formal learning and feedback opportunities for leaders with programs like Succeeding in Supervision, Making Great Leaders and Leadership Quest. In addition, world-class succession planning processes assure Caterpillar will have the right people in place for the job at the right time.
"At Caterpillar, the importance of developing leaders comes straight from the top," said Chris Glynn, President of Caterpillar University. "Our CEO, Jim Owens, strongly believes in a 'leaders as teachers' concept. Our leaders are passionate about guiding this company to becoming a truly admired global leader that makes progress possible around the world. When they take the time to share their knowledge and experiences with the more than 96,000 members of our global team, it provides clarity, illustrates dedication and ultimately links employees' hearts and minds to the critical issues of our business."
When comparing the Top Companies for Leaders in North America with more than 200 other companies in North America, Hewitt reported that it found one overarching characteristic that set companies in this list apart from the rest -- Top Companies in North America make leadership a critical part of the company's organizational fabric. Specifically, the study found that leadership practices at Top Companies in North America are an inherent part of the culture, and developing future leaders is simply a way of operating that must be intertwined with running the business.
"Hewitt would like to congratulate Caterpillar as being named one of the Top Companies for Leaders in North America," said Bob Gandossy, principal and global practice leader of Hewitt's Consulting business. "While many companies in this region have made significant strides in building leadership capabilities, our research reveals that Top Companies such as Caterpillar have cultures that cultivate and nurture their talent and have a reputation for doing it well. In an increasingly complex and global marketplace, these characteristics differentiate successful businesses from unsuccessful ones."
About the Top Companies for Leaders Survey
The Top Companies for Leaders Study is based on approximately 550 global organizations with an average employee size of 27,000. Almost 70 percent of the participating companies had revenues of $500 million or more.
Companies making this year's 2007 list of North American Top Companies for Leaders include:
1. General Electric Company 2. Capital One Financial Corporation 3. Procter & Gamble 4. General Mills, Inc. 5. McKinsey & Company 6. IBM 7. Medtronic, Inc. 8. Washington Group International 9. Eli Lilly and Company 10. McDonald's Corporation 11. Whirlpool Corporation 12. Avery Dennison Corporation 13. Lockheed Martin Corporation 14. Cummins, Inc. 15. Caterpillar Inc. 16. Colgate-Palmolive Company 17. Sonoco Products Company 18. 3M Company 19. American Express Company 20. Liz Claiborne, Inc.
Hewitt, The RBL Group and FORTUNE utilized a three-step screening process to identify the finalist companies. This included assessing survey responses, conducting in-depth interviews and analyzing financial performance in relation to industry. This information was then provided to a panel of expert judges in four regions to select and rank a 2007 Top Companies for Leaders list in Asia-Pacific, Europe, Latin America and North America.
For more than 80 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2006 sales and revenues of $41.517 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at http://www.cat.com.
Source: Caterpillar Inc.