For more than two decades, The Boston Globe has ranked the top 100 Massachusetts public companies in their Globe 100 list. An inclusion on this roll meant substantial reputation kudos for companies that leveraged this accolade well: from increased online attention to employee morale boosts, gaining ground as a desirable employer to affirming strategic decisions, this survey is an important reputation tool for Massachusetts companies.
But even the Globe 100 couldn’t withstand the recent economic downturn. Where there were once hundreds of companies vying for a top ranking, this year only 82 companies qualified. According to the Globe’s Steven Syre:
“Nearly all of the companies missing from this year’s list were unable to meet the Globe 100’s longstanding requirement of profitability in each of the previous two years. Among the 212 companies that were candidates… 58 percent lost money in 2009 or the previous year. Sixty-four lost money in both years prior.”
Today’s sneak peek reveals many of those companies ranked this year focus on value. TJX Cos. ranked first, and companies including VistaPrint Ltd., BJ’s Wholesale Club and Staples all appear in the top 20.
It’s worth noting that, despite these stats, the Globe refused to change their methodology. Is this commitment to the data collection tool a result of unbridled optimism about future business success? Part of the paper’s stand against lowering standards? Holding tight to tradition so the paper can support survey relevance and year-over-year comparisons? Or is it plain old naiveté?
What are your thoughts?
The full list will be published tomorrow, and speculation regarding next year’s rankings already point to a potential <100 list again… Time will tell. Meanwhile, let’s cross our fingers (and adapt our strategies) to support an improving economy and create a more robust list of Massachusetts business success stories!