Three industrial firms make Fortune 100 list
By Staff -- Industrial Distribution, 2/1/1998
Newton, Mass.--Executives at Fel-Pro, Baldor Electric and W.W. Grainger, Inc. are glowing over their selection to Fortune magazine's list of the 100 best companies to work for in America.A special report in last month's "Fortune'' put Fel-Pro in the fourth spot, Blador 50th, and Grainger at No. 92 on the prestigious list. The report was compiled by Robert Levering and Milton Moskowitz, co-authors of the best-selling © book, "The Best 100 Companies to Work for in America,'' first published in 1984. The two evaluated companies' workplace practices and policies and surveyed employees.
"To have Grainger recognized as one of the top 100 is an honor," says Richard Keyser, chairman and chief executive officer. "We have great people and we do everything we can to keep them. We work to provide an environment where employees are free to do what they feel is right without navigating layers of bureaucracy."
The authors evaluated compensation, benefits, training and development, internal communications and employee recognition and involvement. Employees cited Grainger's loyalty to customers, its workers and generous benefits such as a 20 percent profit sharing plan and tuition reimbursement.
Fel-Pro, which was acquired on Jan. 11 by Federal-Mogul (see story p. 28) consistently gains honors for its worker-friendly environment, which includes savings bonds at child's birth, affordable on-site daycare, summer jobs for employees' kids, and $3,500 annual college scholarships.
Baldor was mentioned for never having had a layoff, making stock options available to all employees after five years, and for management's open-door policy.
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