FedEx Corp. (NYSE: FDX) has once again been named to FORTUNE magazine's list of the "100 Best Companies to Work For" in the United States in 2009. The company is ranked 90th overall and was recognized specifically for the way, "CEO Fred Smith announced sweeping cost reductions in December. 401(k) matches were frozen, exec pay was cut 10% and his own pay was docked 20%. But he didn't cut hourly wages or announce layoffs."
Additionally, FORTUNE magazine recognized FedEx for its commitment to diversity and women among the "100 Best Companies to Work For." FedEx is the largest company (by number of employees) and the only transportation company on this year's list.
"In these challenging times, our strong FedEx culture is a strategic advantage. It is based on the Purple Promise, which empowers our team members to make every FedEx experience outstanding," said Frederick W. Smith, chairman, president and chief executive officer of FedEx Corp. "Our people and our culture are the reasons we've received this great honor."
FedEx has been honored as one of the Best Companies to Work For in 11 of the past 12 years and was named to the Best Companies to Work For Hall of Fame in 2005. FedEx also has been consistently ranked in FORTUNE's Global Most Admired Companies and America's Most Admired Companies lists since 2002 and 2001, respectively.
FedEx was one of 1,500 companies invited to participate in this year's selection process. The list of "100 Best Companies to Work For" is compiled for FORTUNE by the Great Place to Work Institute and is based on two criteria: an evaluation of the policies and culture of each company and a survey gauging the opinions of each company's employees.
Most of the company's score (two-thirds) is based on the results of the survey, which is sent to a minimum of 400 randomly-selected team members from each company. The survey asks questions related to their attitudes about the management's credibility, job satisfaction and camaraderie.
The other third of the scoring is based on the company's responses to the Institutes Culture Audit, which includes detailed questions about pay and benefit programs and a series of open-ended questions about hiring practices, methods of internal communications, training, recognition programs and diversity efforts.
FedEx Corp. provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $39 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 290,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities.