Winning Workplaces is busy gathering applications for Top Small Company Workplaces 2010. We’re preparing to carefully read them to determine a pool of finalists to provide to our panel of judges so they can determine the winners, which will appear in Inc. Magazine in June 2010.
This project gives us a perspective on the strength of small businesses throughout North America – an important barometer to gauge how well the economy is recovering from recession since historically over the past 15 years, according to the SBA, small employers have created over 60 percent of net new jobs.
As part of our analysis we have uncovered the following metrics. It’s important to mention that the data could change, as we’re about two weeks away from the application deadline of January 25. But here’s what we see right now:
- Years in Business
- Revenue Growth
- Number of Employees
- Employee Growth
- Employee Turnover
- Medical Insurance
- Open Book Management
Years in Business
The 2010 applicants have been in business for an average of 17 years. The youngest company is three years old (the minimum age to be eligible for recognition) and the oldest is 65 years old.
Average years in business comparison for applicants over the last four years:
Revenue – FY 2009
This year’s applicants have an average of $21 million in revenue in FY 2009. Minimum revenue is $1 million and the maximum is $75 million (the revenue cap to be eligible is $500 million).
Average revenue comparison over the last four years:
Average revenue growth comparison over the last four years:
This is one metric that will likely level off to be nearer the growth rates of applicants in prior years by the end of this year’s application cycle.
Average number of employees over the last four years:
Average employee growth comparison over the last four years:
As with revenue growth, employee growth will likely level off to be nearer the growth rates of applicants in prior years at the end of the application cycle.
Average employee turnover comparison over the last four years:
Nine out of 10 (94 percent) of the 2010 applicants provide medical insurance. On average, those that provide it cover 79 percent of employees’ premiums and 17 percent for dependents.
Medical insurance and employee and dependent premium coverage comparison over the last four years:
Over half (59 percent) of the 2010 applicants practice open book management. Among those that do so, 53 percent also provide financial literacy training to their employees.
Open book management/financial literacy training comparison over the last four years:
It is evident that the recession has impacted the 2010 Top Small Company Workplaces applicants most readily when it comes to revenue and benefits in terms of medical insurance coverage, especially for employees’ dependents.
- Completed applications are due January 25, 2010.
- Finalists will be contacted no later than February 28, 2010 to provide further information for the judging process. This will include, but is not limited to, contact information for employees and a few customers.
- The final panel of judges will choose the winners in early March.
- Inc. magazine will feature the winners in its June 2010 publication.