For an impressive 22 years, Friesens has qualified as one of Deloitte's Best Managed Companies in Canada, and this year is no different. The Altona-based book manufacturer has once again earned the title.
"This prestigious designation is a testament to our strategy, culture, innovation, leadership, and financial performance," stated the company in a news release submitted to PembinaValleyOnline.
In addition, Friesens has also requalified and maintained its Platinum status that is awarded to companies that have maintained Best Managed status for seven consecutive years or more and have demonstrated sustained excellence and leadership in their industry.
Canada’s Best Managed Companies is one of the country’s leading business awards programs and includes 1,600 innovative and world-class businesses in over 44 countries. Now in its 32nd year, the program evaluates hundreds of companies through a rigorous and independent process.
Setting the standard
The Best Managed designation is based on four key pillars: Strategy, Culture & Commitment, Capabilities & Innovation, and Governance & Financials.
Friesens outlined out it excels in each of these areas:
Strategy
Our approach to strategy is both long and short-term. It starts with a 10-year vision, which then influences a more specific set of 3-year big goals, which are then executed through shorter-term step goals and actions. The strategy starts with the Board of Directors but everyone in the organization is involved in the planning and execution.
Culture & Commitment
Employee ownership is a core part of our identity, driving us to outperform other companies. We believe in shared success, fostering responsibility, accountability, and pride in our work. Our inclusive environment supports minority groups, focusing on safety, continuous improvement, and mutual respect. We support a diverse workforce and provide equal employment opportunities.
"At Friesens, our culture of employee ownership and shared success drives us to excel. We are dedicated to creating a supportive and inclusive environment where every team member feels valued and empowered." - Odia Reimer, Vice-President of People & Culture
Capabilities & Innovation
Friesens continues to invest in growth, innovation, and automation, leading our industry with state-of-the-art technology and robotics. Our approach to continuous improvement positions us as a leader and showcases how embracing change and leveraging the newest technology and automation can drive progress in the ever-evolving business landscape.
Governance & Financials
Friesens is profitable and financially healthy due to a balanced approach to reinvestment in technology and consistent financial discipline.
As an employee-owned company, we have a more inclusive and transparent governance structure. Our board of directors consists of mostly active employees, including a non-management director. Employee Owners share in financial statements, business plans, and community engagement initiatives. We pride ourselves on being debt-free, investing aggressively, and the broad sharing of financial success.
"The spirit within our Canadian business sector is energizing, and the companies in the Best Managed program are well-positioned to adapt to today's evolving economic environment. These companies show national pride by supporting our people and communities and using resources right here at home. Diversification beyond our borders is also important to them, as they explore opportunities to grow investment and elevate Canada's presence in the international marketplace," said Derrick Dempster, national co-leader of Canada's Best Managed Companies program and partner at Deloitte Private.
For 118 years, Friesens has been a long-standing anchor in the community of Altona.
"Our commitment to excellence, economic growth, and building a better future for our community continues to drive our success and positive impact," concluded the company statement.
With files from Friesens Corporation