About General Electric (GE)
General Electric (GE) is a well-known company, operating in more than 100 countries with over 300,000 employees worldwide. GE business ranges from aircraft engines and power generation, to financial services and television programming. GE's global CEO Jeffrey Immelt takes one month out of the organization each year and travels from business to business to assist in the strategic HR planning process. According to Sam Sheppard, one of GE's corporate giant," The aim is to have everybody driving in the same direction with a clear vision of what that business is looking to deliver in that year. Now obviously there might be initiatives and one-off instances that come along. We continually monitor whether it really is delivering the results that we are requiring" (www.GE.com)
The company recorded revenues of $150,211 million in the financial year ended December 2010 (FY2010), a decrease of 3.3% compared to FY2009.
The operating profit of the company was $30,191 million in FY2010, an increase of 6.7% over FY2009. The net profit was $11,344 million in FY2010, an increase of 5.8% over FY2009. The company's key products and services include the following: GE Capital: Commercial loans, Operating leases, Fleet management, Financial programs, Home loans, Credit cards, Personal loans, Auto loans and leases, Commercial lending and leasing products, Consumer financing, Commercial and industrial financing, to name a few. (Crainer, 2009).
The history of management development at General Electric is expanded on this case. It focuses mostly on the impact of GE two leaders, Jack Welch who invested heavily in management development and insisted that managers be evaluated on how they lived up to GE's values and his successor Jeff Immelt who did not even go through the normal process of corporate referral center. The abrupt turn with Jack Welch and how...