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This Oldie Is Still A Goodie
By Ron | July 10, 2010
The year is 1896. General Electric is one of the 12 companies listed on the DOW. Besides still being listed on the DOW, GE was considered the largest company in the world by Forbes magazine in 2009. General Electric has over 304,000 employees. In the depth of the current recession, GE earned $30 billion. Even during these dark times, the company is still spending a large percentage of it’s revenue on research and development. The company also knows how to use PR to the max by positioning itself as a green company. They call this initiative “ecomagination.” President Obama uses Immelt as one of his financial advisors.
What is the constant factor that has kept GE in a lead position for over 100 years? Good Management. Jeffrey Immelt credits much of his company’s success to their leadership program – LIG (Leadership, Innovation and Growth). Immelt tasks his managers to “Drive change and develop other leaders.”
GE has had great management even prior to Immelt. We all know about Jack Walsh, of course. Before Walsh, General Electric was known for how they developed their managers by rotating their upcoming stars to head-up different divisions. GE proved that good managers could successfully run any type of business whether light bulb manufacturing or airplane engine production facilities. They also wrote the book on project management.
President Reagan, who hosted GE Theater on 50’s television, mouthed their slogan at the time, “Progress is our most important product.” Obviously, it still is.
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