As many of you know, I love to read – a lot! I especially love to read books that allow me to gain insights into some of the world’s best companies. I love learning about how they became great, their trials and tribulations and why they continue to kill it and succeed.
Over the past few years, I’ve become fascinated by one of America’s most iconic companies, General Electric (GE). As per Wikipedia, General Electric is a multinational conglomerate corporation headquartered in Fairfield, Connecticut. As of 2015, the company operates through the following segments: Power and Water, Oil and Gas, Energy Management, Aviation, Healthcare, Transportation, and Capital. In 2011, GE ranked among the Fortune 500 as the 26th-largest firm in the U.S. by gross revenue, as well as the 14th most profitable. However, the company is listed the fourth largest in the world among the Forbes Global 2000. Click here to learn more about GE.
My fascination lies with former Chairman and CEO, Jack Welch. Jack was chairman and CEO between 1981 and 2001. Under Welch’s leadership, GE increased their market value from $12 billion to $280 billion, a 4000 percent increase. As we all know, success is not only measured in dollars, so I took a deeper dive into Jack’s world.
After reading many of Jack’s books and listening to his countless keynotes, one thing above all stuck out to me – his passion for people! “People are everything,” Jack says in his book Winning: The Ultimate Business How-To Book. Your company is nothing, absolutely nothing without the great people who show up everyday. Personally, I feel that winning in business is similar to winning in sports; the team with the best players wins!
Sounds easy right? Hiring good people is easy but hiring great people is tough.
Why you ask? Hiring the wrong people can result in a catastrophe. The negative effects are endless and include lost sales and revenue, poor productivity and the worst – a poisoned company culture!