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Management Essays – General Electric Company

General Electric Company

Introduction

GE or The General Electric Company is an international American services and engineering corporation, which was incorporated in the New York State. In the context of market capitalisation, GE is ranked as universe ‘s 3rd biggest company. In 1896, General Electric was among the original 12 companies, which was listed on Dow Jones Industrial Average and holds the place even after 112 old ages. For Genpact, GE is the major client, which provides services like client service, information engineering, finance and analytics to GE. By 2004, GE became the 3rd largest pudding stone in media across the universe.

Environment

GE’s installations are committed towards the international environment, wellness and safety. This is besides called EHS plan. This plan runs for co-workers and the assorted communities across the whole universe. GE ‘s end focuses on continuously cut downing and bettering opportunities of hurt. It succeeded in cut downing hurts by about 20 per centum in comparing to the consequences obtained last twelvemonth. Company has achieved decrease in the unwellness and hurt at workplace by 74 per centum. Since 1996, it has reported minimized lost clip instances by 68 per centum.

Records in the past twelvemonth show that the Global Total Recordable Rate of GE has reduced hurts from 9 per centum to 1.46 per hundred employees. This information reveals that the employees at GE are working under safe environment. GE strives difficult to guarantee that high Environment, Health and Safety criterions ( EHS ) are continued in lifting markets. It does this by implementing the direction plan and preparation plans, which can back up the patterns of EHS.

Resources

Human Resource plays a critical function in the organisation and work as a strategic spouse with direction. These are capable of conveying the alterations across the company. These resources help in heightening the operational efficiency. GE focuses on the values and imparts it to the employees. Contribution of HR to the bottom-line can be made concrete by alining it with the direction system ( Gupta, 2007 ) .

In the beginning of every twelvemonth, the direction squads and HR squads sits together to reexamine the major ends and aims for the operation of HR. In this meeting, the treatment is related to HR scheme and the concern aims ( Depalma, 2007 ) .

Fiscal resources: fiscal resources serve as the key to the success of GE as half of GE ‘s gross is generated from fiscal services. Therefore, it is right to state that it is a fiscal company holding fabrication arm. It is besides among the largest loaners. At the year-end 1997, Investment securities of GE were $ 265 million, which was higher than the twelvemonth 1996.

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GE current receivables: at the terminal of 1997, GE current receivables were $ 9.1 billion, which shows an addition of $ 0.2 billion from the terminal of the year1996. The fiscal resources show the uninterrupted betterment in stock list direction. As a consequence, in 1997 GE stock list shows a rise of $ 0.6 billion as compared to the stock list in 1996. All these together boosted the fiscal place of the company.

Among the fiscal resources, Scientific Asset Services serves as an offering under which the company ( GE ) fixs and maintains instrumentality that is required by biotech and pharmaceutical companies. This Scientific Asset Services, assist the clients in holding a exclusive point of contact for their service demands, which helps to do the operation simpler. And besides there is no demand of maintaining a path of contact information for immense providers as all calls related to the service goes to GE.

Organization history

GE is a public company, which was incorporated in 1892, headquartered in Fairfield, Connecticut. Jeffrey Immelt is the present president of the board and CEO of General Electric. The development of General Electric was from the place research lab of Thomas Edison, which transformed it into the taking company in the universe ( Organizational History, 2008 ) . With the aid of the 11 major runing units and the displacement from the engineering to the service, company developed into a pudding stone. GE Advanced Materials runing unit is adept in high-performance engineered thermoplastics, merchandises based on Si and combined vitreous silica and ceramics, which are used in many industries. GE Consumer & A ; Industrial is a taking maker of contraption. This unit produces lighting merchandises globally for industrial clients, consumer and commercial. It besides provides incorporate equipment for industries ( Hammond, Men, J W. and Volts, 1941 ) .

GE Energy is one of the taking providers of engineering to the energy based industry. GE Equipment Services propose loans, rentals and added services to big and medium concerns across the universe. This assists them in forming their concern equipment. GE Healthcare provides medical diagnostic, imaging engineering and services. GE Infrastructure unit is involved in supplying productiveness solutions in countries like H2O purification, works mechanization, installation safety and regular environmental controls.

GE Transportation produces jet engines ( little and big ) for military and commercial aircraft across the universe. GE Commercial Finance provides concerns in the section of mid-market, with broad mixture of merchandises and fiscal services. Merchandise of GE Commercial Finance comprises of the operating rentals, loans and plans based on funding. The most of import fiscal services supplier is GE Consumer Finance, which is functioning retail merchants, consumers and car trader across many states.

Last but non the least it’s another of import unit is GE Insurance that trades in the countries like plus direction, life insurance, mortgage insurance and reinsurance. In 2003, GE was ranked fifth in the fortune magazine 500 due to its unbelievable size. GE operates universe broad across 100 states and outside United States produces about 45 per centum of its gross. After the series of inventions, it has entered patents of about 67,500 and the scientist associated with the house has been awarded 2 Nobel Prizes and many other awards ( Organizational History, 2008 ) .

Scheme

GE implemented e-business schemes in different concern units and company focused on converting its employees to integrate e-business. In the value concatenation, company accepted the Internet in all its concern maps.

In order to re-engineer its concern procedures GE is utilizing Internet. This is assisting the organisation in insulating the disused and unneeded activities, cutting the costs, minimising the rhythm clip and heightening the service quality. The displacement in the GE scheme towards the cyberspace is because of the grounds like riddance of paper work and its capableness to run the operations expeditiously ( Kotler, 2002 ) .

On both the bargain side and the sell side of the concern, GE expected cardinal betterments through its e-business schemes. The purpose of the e-business scheme on the bargain side is to successfully transport the procedure of dialogue on the web and can electronically execute minutess with the providers of GE. Another ground behind the execution of scheme is to derive absolute mechanization of the merchandising procedure, comprising of order pickings and client service. By the twelvemonth 1999, the sell side became operational.

GE successfully leveraged the e-business scheme for obtaining benefit in the field of internal productiveness and the client productiveness ( Executing E-Business Schemes the- GE Way, 1996 ) . There is steep acceleration in the organic growing rate of GE as compared to the GDP public presentation. Significant addition in the emerging market can be observed. GE has executed growing scheme in better mode and hence, profitableness is bettering with high velocity.

Mentions

  • Depalma, A. ( 2007 ) . Human resource.The New York Times.
  • Executing E-Business Schemes the- GE Way. ( 1996 ) . Center of Management Research, Hyderabad Press, ICMR.
  • Gupta, C. B. ( 2007 ) . Human Resource Management ( 5th Edition ) . New Delhi: Sultan Chand & A ; Sons Educational Publishers.
  • Hammond, Men, J W. and Volts. ( 1941 ) .The Story of General Electric, 436 pages.
  • Kotler, P. ( 2002 ) . Marketing Management ( 11th Edition ) . New Delhi: Prentice Hall of India Private Ltd.
  • Organizational History. ( 2008 ) . Retrieved June 3, 2008 from hypertext transfer protocol: //www.ge.com/