It is difficult to see how General Electric can achieve long-term success when there is evidently so little bond between it and its employees.
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GE Power turbine business used to be a great company to work for where all the leaders were real turbine experts and knew the business. Then in mid 1990's under Nardelli, they brought in Six Sigma type managers with little to no product knowledge where the entire new management believed that expertise wasn't important. Only cost cutting, and belief that experts are not needed anymore, only monkeys following procedures and also became also low quality outsourcing company.
This mismanagement is why GE is failing and can't make money anymore and has a toxic work place that no one likes. GE used to be a great place to work
It looks like GE is past it's worst and will make it out of the funk it was in for the past few years. That makes me sad.
What bond? GE has never cared about its employees. In fact HR is there not to assist but to be the watchful of senior management. There is nothing human(e) about how GE manages what should be its most precious resource. Amazed we have not seen the tell all book by someone senior enough with the guts to go against those with whom (other execs) he/she bonded. Then again, may be not so surprised as to do so would jeopardize their future as quite a number of other companies play the same game. Damn the employees.
GE has only cared about stock price and investor relations for the past two (2) decades. The problem is that GE became so fixated on fabricating and inflating numbers that investors and GE became blinded by the numbers. GE forgot it's purpose. GE's goal should have been to make desirable products which were competitive enough to obtain sells along with making a product. The financial leadership learned it was easier make number metric "optics" positive with a few balance sheet pen strokes.
I believe GE has become obsessed with the stock price, attracting and keeping shareholders, and receiving exorbitant compensation for top management. Culp's compensation is based on the share price, not new orders, efficiency, productivity, etc. His metrics are not held to a high standard as ours. Orders from the top are "cut costs, do more with less people, etc." The bill from past debts have come due and the fire sale is on. Efficiency in the NewCo, or whatever you want to call what's left, is lacking. Everyone here knows how to run the dog and pony show. And milk the system. Yes, layoffs are not a sign of a healthy, growth-orientated company, but one in trouble trying to dig its way out.
3xna: The same managers that were getting paid $Millions approved the decision to hire the guy and layoff the guy a month later? That’s not very good management. They are paid $Millions for their decision making skills.
- 1ovj... I left in my earlyish forties for that reason. There was lots of writing on the wall and a revolving door of overconfident and inept managers. After spending years trying to fix my part of the world, I left in frustration, and told friends to get out.
They told me they were sticking around for the pension.
Well, that's gone and many are now getting shafted.
If you're sticking around for something that isn't today (in any job) ... maybe it's time for a reset.
I keep thinking about the young engineer that accepted a job with GE Gas Turbines in Greenville SC. He gave notice to his former employer. His wife also quit her job. They moved to Greenville very excited about their future and career possibilities. They bought a house and signed for a mortgage in Greenville. One month later his new GE job was eliminated. Now they have a new house payment and are jobless. They figured out the reality of GE very quickly. I heard GE managers laughing at how funny they thought it was that GE inflicts this insanity daily.
GE cares about one thing and one thing only. Money. Whether in the form of GE share price or executive bonuses/compensation. GE only cares about money. Once you get that in your thick cranium, it all makes sense. Employees are nothing more than an expensive inconvenience.
Of course there is a long-term impact of layoffs. But GE does not give a damn. Share price and this quarter's numbers. That's it.
In my opinion, layoffs are the surest sign of incompetent management. There can be no other explanation. Even if these self-absorbed id–ts recognized their incompetence, they couldn't care less. These celebrity GE executives are a bunch of ill-mannered psychopaths intent on draining the GE coffers to the maximum extent possible.
Just look at the decades of evidence.
If you work for GE you definitely get “bonding” on a daily basis but not in a good way. Unless you are into S&M.
I feel sorry for the mid forty and below crowd. By the time they reach retirement age, GE will have already defaulted on their promises from years ago. Chances are that in the end, it will not have been worth it to stick it out all the way to the end. I hope I'm wrong, but doubt that I am.
Every man for himself, and the Devil take the hindmost.
My name is Bond, James Bond
I wouldn't call it a bond, it's really trust.
Bond Hahahahahahahaaaaaa