Lincoln Electric Final Exam
Success of Lincoln Electric
Lincoln Electric has created a unique culture in the organization that motivates its employees to deliver remarkable results and takes great pride in being the best manufacturing company in the world. There are several factors that contribute to the success of Lincoln electric:
Strategy: Lincoln’s strategy has remained consistent for several decades to create the best quality product at the lowest cost and pass on the savings to its customers. This philosophy and consistent strategy have been a major driving factor in Lincoln’s success.
Rewards: The second success driver has been Lincoln’s compensation policy that gives every individual worker an opportunity to earn and develop their …show more content…
This structure empowers Lincoln’s employees, allows for greater transparency, increases workforce accountability and speeds up communication between management and workers. The structure also encourages the workforce to achieve greater financial success for themselves while also being a part of the overall company’s success.
Information & Decision Processes: Communication is another critical success factor for Lincoln electric. Communication among Lincoln’s workers and management is very open, transparent and honest. For example, representatives from the workforce participate on the advisory board and can actively question Lincoln’s policies, raise concerns and make the suggestion for improvement to top management. This plays a key role in Lincoln’s overall decision-making process.
People: The employees at Lincoln Electric are another success factor. Lincoln employs and attracts driven individuals that are willing to work hard, enjoy autonomy and are willing to compete every day to achieve greater financial success. Most of the employees join at entry-level positions, grow within the organization and maintain long tenure. Lincoln develops leaders (not managers) in the organization that works hard and lead by examples (Gabarro, 2006). Another differentiation is that Lincoln’s entire sales force is from an engineering background, undergo an extensive 7-month training …show more content…
The management at Lincoln electric believes in equality among all executives and workers. There is no special treatment towards executives like reserved parking spot or executive dining room. Furthermore, executives and workers have the same incentive policy. Executives also know their workers personally and show genuine interest in their well-being. Another symbol is that there are no special titles for recent MBA graduates, which reinforces equality among all workers. These symbols are a major contributing factor Lincoln’s
Success of Lincoln Electric
Lincoln Electric has created a unique culture in the organization that motivates its employees to deliver remarkable results and takes great pride in being the best manufacturing company in the world. There are several factors that contribute to the success of Lincoln electric:
Strategy: Lincoln’s strategy has remained consistent for several decades to create the best quality product at the lowest cost and pass on the savings to its customers. This philosophy and consistent strategy have been a major driving factor in Lincoln’s success.
Rewards: The second success driver has been Lincoln’s compensation policy that gives every individual worker an opportunity to earn and develop their …show more content…
This structure empowers Lincoln’s employees, allows for greater transparency, increases workforce accountability and speeds up communication between management and workers. The structure also encourages the workforce to achieve greater financial success for themselves while also being a part of the overall company’s success.
Information & Decision Processes: Communication is another critical success factor for Lincoln electric. Communication among Lincoln’s workers and management is very open, transparent and honest. For example, representatives from the workforce participate on the advisory board and can actively question Lincoln’s policies, raise concerns and make the suggestion for improvement to top management. This plays a key role in Lincoln’s overall decision-making process.
People: The employees at Lincoln Electric are another success factor. Lincoln employs and attracts driven individuals that are willing to work hard, enjoy autonomy and are willing to compete every day to achieve greater financial success. Most of the employees join at entry-level positions, grow within the organization and maintain long tenure. Lincoln develops leaders (not managers) in the organization that works hard and lead by examples (Gabarro, 2006). Another differentiation is that Lincoln’s entire sales force is from an engineering background, undergo an extensive 7-month training …show more content…
The management at Lincoln electric believes in equality among all executives and workers. There is no special treatment towards executives like reserved parking spot or executive dining room. Furthermore, executives and workers have the same incentive policy. Executives also know their workers personally and show genuine interest in their well-being. Another symbol is that there are no special titles for recent MBA graduates, which reinforces equality among all workers. These symbols are a major contributing factor Lincoln’s