The Incentive Management Plan, Performance Appraisal System Essay
Lincoln electric was founded in 1895 by John Lincoln, in Euclid, Ohio, USA, with the start up found of $ 200 to build electric motors which he had designed. The company has been proven as one of the best manufacturing companies in the world and it is considered as one of the fortune 1000 companies with sales of $ 2.9 billion in 2013. In this analysis we will take a closer look at the incentive management plan, performance appraisal system, the way people communicate and what makes Lincoln Electric one of the greatest managing companies in the world.
Continuing Influence of the founders;
The founders of Lincoln Electric (James and John Lincoln) had strong and clear Initiatives policies toward the management of their company, and till this day we can see the continuing influence of the founders by analyzing the attitude toward customers, stakeholders and the employees. James Lincoln the general manager of the company, prioritized customer’s needs to that of the company’s profits. He placed an extremely high importance on satisfying the customers by providing better and more useful products. As he has said "Care should be taken ... not to rivet attention on profit. Between 'How much do I get? ' and 'How do I make this better, cheaper, more useful? ' the difference is fundamental and decisive."…