Whirlpool Corporation (NYSE: WHR – News) has been named to the 2005 list of Top 20 U.S. Companies for Leaders, making this the second consecutive year the company has been acknowledged for its focus on developing leaders within the company. Whirlpool ranked twelfth out of 373 U.S. organizations with average revenues of approximately $8.3 billion and average employee size of at least 30,000.
Sponsored by global human resources services firm Hewitt Associates and The Human Resource Planning Society (HRPS), the Top 20 Companies for Leaders were selected by an independent panel of judges. In conducting the study, which will be published in a fall edition of Chief Executive magazine, Hewitt found one element that set the top 20 apart from the rest — rigorous development of their future leaders.
All 373 companies went through a stringent screening process, including a review of survey responses, in-depth interviews and a financial performance analysis in relation to their industry. The study found Whirlpool focuses on developing leaders and Jeff M. Fettig, Whirlpool Corporation’s chairman, president and CEO, is actively involved in the process. Additionally, Whirlpool holds its leaders accountable for developing their direct reports and also ties its senior executive incentive pay to that leadership development.
“We’re honored to be named to the list of Top 20 companies for leaders,” said Fettig. “It’s our goal to continually make Whirlpool a great place for talented people to build their careers. Only by attracting, retaining and developing top talent will we succeed as a company.”
Whirlpool’s comprehensive leadership strategy focuses on engaging employees in two main areas — talent management and leadership development. The company has succession plans at all levels of management and its long-term strategy ensures that its leadership strategy remains a critical focus regardless of the business cycle.
Talent management focuses on ensuring that there is a succession plan for all levels of executive leadership and middle management, and that the pipeline is filled with diverse and capable employees that can execute the company’s strategy. The company also works to build the skills necessary to develop deeper leadership within the organization and holds senior leaders accountable for developing the employees who report to them.
With leadership development, Whirlpool aggressively works to develop its executives and managers both for their current and future roles. The company has created specialized training and development activities designed for officers, directors and managers, as well as mentoring and coaching at the officer and director levels.
“Leadership is key,” said Fettig. “To successfully develop leaders within Whirlpool, we hold managers accountable for that development. Building a workforce that can create and execute the right strategies all starts with the existing leadership and its commitment.”
Additionally, Whirlpool focuses on developing the right talent to best reflect the ever-changing marketplace. The company’s diversity mentoring pairs women and minorities with mentors that will help them grow and develop, according to their needs.