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Cleveland, Ohio - January 11, 2006 - For the second consecutive year, The Sherwin-Williams Company (NYSE:SHW) was named to FORTUNE Magazine's list of "100 Best Companies to Work for." In 2006, the Cleveland-based paint company climbed to number 61, up from the 99th spot in 2005, the first year the company made the list.
"It's a real honor to be included among this elite group of outstanding companies," said Chris Connor, Sherwin-Williams Chairman, President and CEO. "Given the diligence and rigor that goes into the selection process, it is very gratifying to be named to the list for a second straight year."
In compiling the 100 Best Companies to Work for, FORTUNE scores applicants in four areas: credibility (communication to employees), respect (opportunities and benefits), fairness (compensation, diversity), and pride/camaraderie (philanthropy, celebrations). The selection committee relies on two sources in conducting their evaluation: a thorough audit of the policies and culture of each company and the opinions of the company's own employees. The latter accounts for two-thirds of the company's total score.
To measure employee attitudes, a 57-question survey created by the Great Place to Work Institute in San Francisco is sent to a minimum of 400 employees selected at random from each company. The survey asks about things such as attitudes toward management, job satisfaction, and camaraderie. Points are assigned to companies based on the attitudes expressed through these surveys and employee response rates.
The remaining third of the score comes from the selection committee's evaluation of each company's demographic makeup, pay and benefits programs, and the like. After evaluations are completed, if news about a company comes to light that may significantly damage employees' faith in management, the company may be excluded from the list.
"Significant employee participation in the selection process gives this designation tremendous credibility," said Connor. "Who is in a better position to assess things like respect, fairness and attitudes towards management than a company's employees?"
About 1,500 companies applied or were recruited to participate. Of them, 466 completed the exhaustive survey process, and 100 were selected for the final list.
Founded in 1866, The Sherwin-Williams Company is a world leader in the manufacture, distribution and sale of coatings and related products to professional, industrial, commercial and retail customers.
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This press release contains certain "forward-looking statements," as defined under U.S. federal securities laws, with respect to sales, earnings and other matters. These forward-looking statements are based upon management's current expectations, estimates, assumptions and beliefs concerning future events and conditions. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, that could cause actual results to differ materially from such statements and from the Company's historical results and experience. These risks, uncertainties and other factors include such things as: general business conditions, strengths of retail and manufacturing economies and the growth in the coatings industry; changes in the Company's relationships with customers and suppliers; changes in raw material availability and pricing; unusual weather conditions; and other risks, uncertainties and factors described from time to time in the Company's reports filed with the Securities and Exchange Commission. Since it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results, the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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