Created by Harvard Business School Professor Michael Porter, the ICIC gathers insight on what makes these firms successful and what competitive advantages they have over other businesses.
Chicago, IL, May 13, 2011 – LaSalle Network, Chicago-based staffing and recruiting firm, has been named to the 2011 Inner City 100, a list of the fastest-growing urban companies in America as determined by the Initiative for a Competitive Inner City (ICIC) and Fortune magazine. The Inner City 100 program recognizes successful companies and their CEOs as role models for entrepreneurship, innovative business practices and job creation in America’s urban communities.
“It’s an honor, especially in this economy, to be recognized as a company who’s driving economic prosperity and creating jobs for local residents,” says Tom Gimbel, Founder and CEO of Chicago-based LaSalle Network. “It’s important for small businesses and the private sector to be recognized for their contributions.”
The firms represented on the list have shown substantial year-on-year growth rates. LaSalle Network was ranked based off a 5-year growth rate of 14% from 2005 to 2009. This past year alone, LaSalle Network grew 11% culminating in 700% growth since 2001.
“These are incredibly successful businesses with products that are crucial to today and tomorrow’s economy, and with business models that are run efficiently and well,” says Mary Kay Leonard, the president and CEO of the ICIC. “They are exactly the kinds of firms that we’re banking on to pull our economy and our recovery forward.”
In a survey of more than 450 Inner City 100 companies from 2003-2011, only 23% laid off employees and 52% actually increased their marketing and outreach for more business. To keep up with the challenging times, 59% of respondents made up for budget shortfalls by reducing operating costs, including payroll.
“Our strategy during this period was to never layoff employees. Instead we increased our marketing and sales budget by more than 200% as well as invested $150,000 a year in training and development of our staff,” says Gimbel. “We look forward to continuing to generate jobs, income, and wealth for local residents and make a difference in the Chicago community.”
The rankings for each company were unveiled at the Inner City 100 Awards Dinner on Thursday, May 12th in Boston, Mass. Winners attended a two-day event featuring seminars for Inner City 100 owners and managers at Harvard Business School and an Awards Gala that drew more than 800 guests.
About LaSalle Network
LaSalle Network is Chicago’s leading provider of professional staffing and recruiting services, specializing in accounting and finance, technology, administrative, call center, human resources, and executive search. LaSalle provides small, mid-sized, and Fortune 500 companies with the best temporary, temporary-to-permanent and permanent talent in Chicago. Since inception in 1998, LaSalle has grown over 700%, worked with 2,000 clients, placed over 20,000 candidates in jobs, and has been listed on Inc. Magazine’s 500/5000 Fastest Growing Companies in America for the past four years.
About The Initiative for a Competitive Inner City
The Initiative for a Competitive Inner City is a nonprofit research and strategy organization and the leading authority on U.S. inner city economies and the businesses that thrive there. Founded in 1994 by Harvard Business School Professor Michael Porter, ICIC strengthens inner city economies by providing businesses, governments and investors with the most comprehensive and actionable information in the field about urban market opportunities.