United Technologies Corporation
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There are many ways that entrepreneurs consider as they think of improving their businesses. Some of the common considerations are outsourcing and application of more advanced technology. However, although these are valid considerations, there are obvious factors that executives are ignoring. One of the solutions to the growth of a business is investing in current employees. So, why should you consider bolstering your business through your employees?
The good thing about employees is that they are fellow human beings who you interact with frequently. You can get to know employees personally and understand their strengths and weaknesses. You will find that there are some employees with huge potential in serving your business as long as they are given the right responsibilities. The unfortunate thing, however, is that you can never learn about it unless you take interests in them and their lives.
Consider this factor, hiring a new employee comes with more cost than promoting someone internally. An existing employee probably understands the company better than a newcomer. So, in terms of adapting to operations of the company, an existing employee will serve the needs of the company better than an outsider. Promoting existing employees also motivates your employees to work hard. Employees need to see hope that they have the potential to rise in the pecking order of administration. No one wants to remain at the lowest tier forever. Employees are more likely to stay in a company where they know that nothing is holding them down.
About Louis Chenevert
When great entrepreneurs of this century are mentioned, one of them has to be Louis Chenevert, the former chairman and CEO of United Technologies Corporation. He served the company between 2008 and 2014 in the senior position. He, however, started working with them in 1993 when he joined Pratt & Whitney, one of the businesses under the conglomerate.
Louis Chenevert excelled because of the attention he gave to his employees. He invested in the training of existing employees. He knew the benefits of investing in his employees would surpass those of hiring new ones. Due to his shrewd management, UTC recorded significant achievements under his leadership.