This week, Fortune magazine published its revamped list of the fifty most admired companies in the world. Apple led the pack. Marriott was listed as number 37, the only DC area company to make the list and the only lodging/hospitality organization. In other words, in its field, Marriott is number one!
Here is the methodology used to compile the list:
In a year of exceedingly tough decisions, with declining revenues, Marriott is still shining. I know that the corporation is making a sincere effort to weather these tough times. Perhaps you've already seen Bill Marriott's blog this week in which he announces, among other things, that he's taking only a fraction of his annual compensation. What a rare and refreshing thing, but I for one have come to expect this from Marriott.
The Fortune article, the ranking methodology and Bill Marriott's blogging got me so distracted I forgot to reply! Great post.
I agree that Bill Marriott's decision regarding his own compensation says alot about him and his organization. At the same time, it's imperative that the organization enforce new policies, align the CEO's position and rethink redemption levels so as to respond to 2009 conditions.
In his November 2008 blog celebrating the 25th Anniversary of Marriott Rewards, Bill Marriott writes,
"For the most part, the feedback from our members has been very positive, but from some, it has not been. I have read your comments on the Marriott Rewards Insiders community and your letters, too. It's a balancing act anytime we make a change, but I believe these changes will benefit the majority of members."
As many have noted, great suggestions appear to have fallen on deaf ears. It's great that Bill Marriott makes the headlines for reducing his compensation. I'd like to see Marriott make the headlines for reducing the points required to redeem nights by 5,000 to 25,000 points depending upon the category as a goodwill gesture to 30 million Marriott Rewards members worldwide. I'd like to see the Fortune, Wall Street Journal, the Washington Post and The New York Times write about that!
Responsive forward-thinking solutions driven by the customer helped to propel Marriott and Marriott Rewards to the forefront. Do it again, Marriott. Why not celebrate 25 years of Marriott Rewards with special redemption levels that will stimulate business and leisure travel, keep your people employed and give loyal Rewards members a break?