Louis Chenevert is one of the most successful and well known businessmen from Canada. Today, he currently serves as the exclusive advisor to the financial services firm Goldman Sachs. Chenevert has recently revealed that companies that invest in their employees will be in better position to thrive. When it comes to investing in employees, companies can offer scholarship programs, encourage team building, reward hard workers and also create an optimal work environment. With all of these things, a company can improve its environment as well as motivating its workforce to perform at their very best.
When a company wants to invest in its employees, one of the first steps is to create a work environment that is both positive and engaging. A company will want to make sure that any facility is comfortable, efficient and one where employees can reach their full potential. Along with making a work environment comfortable and conducive to better employee performance, companies that invest in their employees will also want to make their work environment fun. This can include games and lounges to help employees enjoy their down time and relieve stress.
Another good way in which a company can invest in their employees is by offering scholarship programs. Since a number of job positions may require continuing education, it is important for employees to have funding available to get this. However, some may not be able to fund college degree programs and so a scholarship can help them. A company can provide funds for an employee to complete a degree so that they can gain more knowledge and get promoted to a higher position.
Companies that decide to invest in their employees can benefit by rewarding them for their hard work and achievements. There are a number of ways in which a company can reward hard workers. It can offer promotions, raises in salary, year end bonuses and also provide gifts and gift cards. All of these things can help employees feel that they are making valuable contributions and getting recognized for it. It will also motivate them to strive for more achievements in the future as well.
In April of 2008, Louis R. Chênevert was chosen for the positions of President and Chief Executive Officer at United Technologies Corporations. Two years later he was also elected to be the company’s chairman where he held those positions until he eventually retired in 2014. After spending 14 years as a Production General manager at General Motors, He joined Pratt & Whitney, a company that was struggling with the economy and in need of strong leadership. Chênevert became President of United after working with a team of key executives. With the team’s comprehensive understanding of what a customer needed, they became a successful company in manufacturing civilian and military aircraft engines.
Chênevert made a strategic move by eliminating the outsourcing of cheap foreign suppliers and foreign labor. He then moved workers to one location in the U.S. The reason for this was to have their best minds all in one place, working together, and efficiently solving issues. Despite this method not being cost efficient it didn’t decrease the value or quality of the product. Chênevert’s presence proved to make a substantial impact as United’s stock value rose by 80% since he took leadership.
Believing that having the right team makes all the difference, he knew United would need a little help with its production. Chênevert sought out a company called Goodrich Corporation since it was one of the world’s largest rubber companies which specialized in aerospace manufacturing, a collaboration would allow United Technologies Corporations to be able to lower their cost of production. Acquiring the Goodrich Corporation took a year to finalize due to prolonged negotiations while they discussed details of the agreement. Merging Goodrich with United made these two companies a multinational conglomeration.
In spite of his success at United Technologies Corporations Louis R. Chênevert eventually resigned in 2014, to the shock of his peers, and is now currently doing what he loves, designing and overseeing the construction of his several Yachts and enjoying his time sailing.