Most Respected Cos: Earning Corporate Respect
For corporations, garnering respect hinges on unwavering performance, steadfast leadership, and a strategic vision that fosters enduring growth and reliability
Amidst the dynamic evolution of companies, there's a profound shift in work culture, where resilience and adherence to core values define respectability, especially in challenging times. India's top listed companies wield significant influence not only in driving economic growth but also in fostering social welfare. Through robust corporate social responsibility (CSR) initiatives and employee-centric policies, they actively contribute to society's betterment. Concurrently, by prioritising shareholder returns, they ensure sustained financial prosperity. These companies serve as beacons of responsible corporate citizenship, leveraging their resources and expertise to address pressing societal issues while fostering a conducive work environment. Their multifaceted approach embodies a commitment to both stakeholders and the broader community, facilitating sustainable development and shared prosperity in the nation.
The 2024 edition of the BW Businessworld Most Respected Companies survey, conducted in collaboration with TechSci Research, delves into this ethos. It's a perception survey aimed at gauging the prevailing sentiment among Indian employees and self-employed individuals.
TechSci's meticulous methodology identified 24 key sectors, spanning from apparel/textile to telecom, surveying 553 respondents, including senior and mid-level professionals. Through this comprehensive research, the survey offers an illuminating insight into the esteemed companies across diverse industries.
In a landscape rife with challenges and opportunities, the survey underscores the enduring significance of integrity, resilience, and adherence to core values, which continue to underpin the most respected companies in India's vibrant business ecosystem.
The sectors covered included apparel/textile, automobile, banking, cement manufacturers, chemicals and paint, consumer durables, ecommerce, FMCG, handset manufacturers, healthcare, hospitality, infrastructure (power, heavy engineering), IT/ITeS, metals and mineral, NBFCs, oil & gas, pharmaceutical, real estate, retail, technology, telecom (service providers), energy, lifestyle.
Emerging Stronger
Overall, Google India's sterling ratings in the realms of work culture, dependable leadership, and pioneering products and services positioned it favourably for the fiscal year 2022-23. Buoyed by high scores for its work culture, trustworthy leadership and effective CSR initiatives, HDFC Bank, among the largest private sector banks in India, climbed two spots from the last year's rankings to sit at the second position in this year's list. The others in the top-five list included ecommerce giant Amazon India, the largest and the biggest private sector firm Reliance Industries and the tech services giant Tata Consultancy Services.
Undoubtedly, a discernible pattern emerges, highlighting the significance of unwavering leadership, robust financial performance, and a well-crafted growth strategy among all companies, including those esteemed enough to secure a place in the coveted top-20 rankings. It's noteworthy that the comprehensive list, meticulously curated using stringent rating criteria, encompasses approximately 60 distinguished companies, each embodying excellence and resilience in their respective domains.
These esteemed companies have earned their rankings through meticulous evaluation against specific survey criteria. Key considerations include financial performance, work culture, innovation adoption, and corporate governance. Additionally, emphasis was placed on women-friendly policies, adherence to prevailing regulations, and commitment to CSR initiatives during the survey's culmination.
The MRC list also mirrors the top spenders on CSR for FY23. Our list of most respected ones include corporates like HDFC Bank, TCS, RIL, Infosys, NTPC, among others, that spent big money towards CSR initiatives in FY23.
According to TechSci Research, the survey sought to pinpoint the most respected companies in FY23, gauging public perception across diverse sectors in India. Key rating criteria encompassed financial stability, workplace environment, governance standards, and CSR engagement. Notably, emphasis was placed on financial resilience, strategic growth initiatives, and social responsibility, given companies' ability to thrive post-pandemic while aiding society through CSR efforts. The survey outcomes underscore the substantial trust and confidence that the populace places in India's leading corporations.
How We Measured Respect
The entire survey exercise was divided into four stages. It began with framing the questionnaires, followed by respondent identification, data collection and finally analysis of the data. The framing of the questionnaires was an elaborate process that included going into the details specific to the companies and sectors, creation of an algorithm of questions to give a scientific perspective to the questionnaire, translation of the questionnaire in relevant languages to elicit effective response from all the sectors.
The questionnaire was designed to gauge the respondents' perception based on the following eight parameters - effective growth plan, financial return, innovative product/services, trustworthy leadership, embracing latest technologies, CSR, women friendly policies and work culture.
The respondents from 80+ companies were identified based on their age and work experience. The largest pool of 227 respondents were those with more than eight years of work experience and were aged 35 and above. The next lot of 180 respondents had 4-7 years' work experience and were in the 28-35 age group. The smallest lot of 146 were self-employed individuals of age 30 and above. The database was created targeting employment hubs including Noida, Delhi, Gurgaon, Mumbai, Pune, Hyderabad, Bangalore, Kolkata and Chennai.
The data was collected from employees through interviews on phone calls, links sent through email and LinkedIn. Automated validation checks enabled data hygiene, followed by stringent quality checks on the data files. About 10-15 industry employees and 10-15 non-industry employees were selected from each sector to map the perception straight from the stakeholders as well as from the outsiders. In addition, 20-25 respondents from each industry were identified and asked to rate 1-3 for companies of their domain. Finally, each of the parameters were mapped on a 5-point scale but financial return, effective growth plan and CSR were given more weightage. In the last stage, weightages were assigned against the eight parameters and a score was calculated for ranking the most respected companies.
We extend our warmest congratulations to all the rank holders on their outstanding achievements, and wish them continued success and fulfilment in their future endeavours.
Knowledge Partner: TechSci Research
