The Productivity Pacesetters

To find the companies with outstanding records in improving productivity, we started with the domestic companies in the Standard & Poor's 500-stock index, except for banks and other lending institutions. Companies were grouped by industry and their sales-per-employee compared with their industry. We also adjusted sales over the past 10 years for inflation, then computed real growth in sales-per-employee over the past 10 years and 5 years. Where acquisitions or divestitures distorted the figures, we excluded those years from the 5-year computations or excluded the companies altogether. This list includes companies whose 1992 sales-per-employee were at least 125% of the industry average and that show productivity growth for both the 10-year and 5-year periods. The companies are ranked by their 5-year growth in productivity.

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