Ernst & Young Selected to Fortune's "100Best Companies to Work for in America".

Firm Is Recognized For Its People Focus

Ernst & Young LLP, the leading professional services firm, has been named to Fortune magazine's list of "100 Best Companies to Work For In America." The ranking, to be featured in the January 11 issue, is based on an extensive review of E&Y's innovative human

E&Y earned this prestigious distinction for its ongoing commitment to its most important capital resource, its people. Under the direction of Chairman and CEO Philip A. Laskawy, E&Y conducted a company-wide survey in 1997 to examine personnel issues and job satisfaction. As a result, E&Y is now instituting 60 initiatives to further advance the firm's commitment to its people.

"We are delighted that Ernst & Young has been formally recognized as a great place to work," said Laskawy. "Our people spend their careers here because they are empowered to achieve their career potential and because they receive extensive assistance in coping with work-related pressures. At E&Y they find a place to grow and flourish."

Attracting, developing and retaining high-performance people has long been a guiding business practice at E&Y. This "people focus" has helped fuel E&Y's record growth, with 1998's revenues of $5.5 billion marking the firm's fourth consecutive year of double-digit revenue growth.

Under the leadership of Laskawy, E&Y has instituted numerous programs that allow people to achieve their career potential. In fact, this past September, the firm was also recognized by Working Mother magazine as one of the "100 Best Companies for Working Mothers."

Empowering Its People

E&Y continually evaluates ways to increase the personal effectiveness and advancement opportunities of each individual. One major example has been the firm's application of technology to empower its employees. The Ernst & Young Center for Business Knowledge(R) manages an information network connecting every member of the firm to E&Y's massive electronic resources of more than 1,200 internal knowledge bases and external sources supplying business knowledge and global news and information.

E&Y's knowledge resources and training not only allow people to build their talents, skills, and experience, but also provide them the support they need to balance their personal and professional lives. For example, one of the firm's Lotus Notes databases explains how to establish flexible work arrangements (FWA), such as reduced schedules and telecommuting, and contains profiles of 600 of the 1,300 plus people using FWAs.

Another database provides a road map to the E&Y's Family Resource Service. This service offers free consultations and referrals on child and eldercare, pre-natal assistance, and education resources like the School Match evaluation service and College Bound guidance program. Help for families also includes an employee assistance program, an adoption assistance program that defrays costs, a corporate-rate mortgage program, and employment assistance for spouses of relocated professionals.

E&Y has also implemented a number of other work/life balance programs. Within the firm's Consulting Services practice, there are four-star concierge services available, including grocery shopping, housekeeping, pet care, car service, and vacation planning. Other programs recently put into effect include full-week casual dress, limitation of travel, and, freedom from checking voice mail and e-mail during weekends and vacations.

Diversity is yet another important workplace issue for E&Y. The firm's annual Women Partners Conference brings together women partners from across the firm to network and address issues central to the firm. Many of these partners serve as sponsors and mentors of junior women professionals. A formal national mentoring program is being introduced to help develop and advance women at different levels within the organization. In addition, the firm's National Office for Minority Recruiting is spearheading a range of programs to enhance minority recruiting and career development. Through this office, numerous scholarships and mentoring programs have already raised minority representation.

The Fortune "100 Best Companies to Work for in America" list represents the nation's most advanced and innovative firms that help employees balance work and family life. The list includes companies selected and ranked in categories using the following criteria: recruiting, hiring, orientation; development and earning; work environment; rewards and recognition; health and well being; time/work/life; and financial security. Candidates were rated on a 175-point scale, based on responses from the employee survey, written comments and supporting materials.

Ernst & Young LLP provides assurance and advisory business services, tax services and consulting for domestic and global clients. The firm has 30,000 people in 87 U.S. cities. Visit the Ernst & Young web site at http://www.ey.com.