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Reward Management in GE Organization - Case Study Example

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The paper "Reward Management in GE Organization" discusses that organizations who realize the importance of it HR assets will stand out strongly against its competitors because the right focus can be placed in employee motivation and reward management…
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Reward Management in GE Organization
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Download file to see previous pages It is concluded that GE is superior in its reward management practices because it can motivate its employees to perform to its best abilities towards the achievement of GE’s corporate objectives.
GE is the parent company of 11 technology, services, and finance businesses with more than 300,000 employees spread across 160 countries. It deals with computers, jet engines, power plants, capital services, plastics, illumination equipment, and medical tools. Regardless of the business, GE is dedicated to turning imaginative ideas into profitable products and services for the benefit of all stakeholders (GE, 2006). Despite being a huge organization, GE has instilled a strong corporate culture and maintained consistent HR practices across all its business units. This is applicable to its infamous reward management policies too.
GE’s vision is to be the most competitive company in the world. But uniquely, GE does not have a clearly articulated mission statement. It has chosen not to define its mission since it recognizes the fast-changing nature of the dynamic business world. However, it does have a set of corporate values. They are: -
GE’s corporate values are designed to propel its employees to achieve its strategic vision. Employees are motivated to strive towards and maintain these values in the long term. They are also measured on how well they achieve the desired performance expected of them. There is an indisputable correlation between performance and rewards, and the latter is closely intertwined with GE’s vision as illustrated below.
As early as 1930, GE was focused on cooperative labor relations and had created profit-based employee bonuses as well as pension plans. Simply being offered a position at GE is a cause for celebration since GE was well known to groom leaders internally to take up management positions. The reward is based strictly on meritocracy. ...Download file to see next pagesRead More
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