Which are the best companies to work for?

Fortune's much-anticipated list of the 100 Best Companies to Work For is out.

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Good morning.

Today is the day Fortune releases its annual list of the 100 Best Companies to Work For. It’s our most popular list, in part because job seekers use it vigorously. But increasingly, I believe the list also has become a critical measure of the underlying health of companies.

That’s because ranking high on this list isn’t just a function of generous pay, benefits and perks—although those certainly help, as Ultimate Software (#2) demonstrates. It’s also a measure of how engaged a company’s workers are, how appreciated they feel, how aligned they are with a company’s purpose, and how satisfied they are with its pursuit of that purpose. At a time when human capital is the most important asset companies have, measuring that capital—which is what the 100 Best Companies methodology requires—may be the best proxy for determining long-term health.

So who ended up on top? Once again, it wasn’t a tech company—although Cisco (#4), Workday (#5) and Salesforce (#6), as well as Ultimate, all ended up in the top 10. Instead, top of the list for a second year in a row goes to Hilton—known not for nap pods, foosball tables and free gourmet food, but rather for its commitment to the premise that if it treats its workers well, they will treat customers well. Worth noting another hospitality company—Kimpton—also made the top 10, and Hyatt (#28), Marriott (#38) and Four Seasons (#100) made the cut as well.

You can find the entire list here.

And an important footnote. Because the methodology behind this list, which is managed by our partners at Great Place to Work, is so intensive, we can only administer it to companies that choose to apply. But we strongly recommend every company do so. Even if you don’t make the list, the process provides an important window into your company’s culture. You can apply for next year here.

News below.

Alan Murray
@alansmurray
alan.murray@fortune.com