How is it that a company can thrive and not lay off a single employee due to economic circumstances, during seven generations of on and off economic instability, recessions, and the ever-changing rules and regulations of governance? (Koller, 2015). Those are some of the questions people ask when they look at Lincoln’s history books. Lincoln Electric Company specializes in the manufacturing of Electric motors and welding machines, situated in the industrial area of Cleveland Ohio. By using a unique management style, Lincoln incorporated an efficient incentive plan that includes a Performance appraisal system, with open communication that created Lincoln’s unique business model, where they seemed to have found the answer.
According to the business …show more content…
By doing so employees that are shareholders a vote of confidence in management, by ensuring that the organization does not waste money on special treatment for executives and that all members of the company receive the same treatment.
Lincoln has been an example to all businesses around the world as an example of how successful a company should be run under proper management. This once small business that manufactured electric motors and welding machines turned into one of the global leaders in the Industry. With continuing influences from an advancing world market and the requirement for specialized welding machines and other equipment enables Lincoln to expand its business throughout the globe, while maintaining the operational principles that it started out with.
It is my understanding that the Lincoln Electric Company regardless of any external influences whether economic or political introduces basic management styles that help turn Lincoln into one of the most influential examples of what a successful business is and should be. By communicating, looking after its employees, designing and incorporating different incentive methods, promising job security to form a strong culture
According to the business …show more content…
By doing so employees that are shareholders a vote of confidence in management, by ensuring that the organization does not waste money on special treatment for executives and that all members of the company receive the same treatment.
Lincoln has been an example to all businesses around the world as an example of how successful a company should be run under proper management. This once small business that manufactured electric motors and welding machines turned into one of the global leaders in the Industry. With continuing influences from an advancing world market and the requirement for specialized welding machines and other equipment enables Lincoln to expand its business throughout the globe, while maintaining the operational principles that it started out with.
It is my understanding that the Lincoln Electric Company regardless of any external influences whether economic or political introduces basic management styles that help turn Lincoln into one of the most influential examples of what a successful business is and should be. By communicating, looking after its employees, designing and incorporating different incentive methods, promising job security to form a strong culture