Established in 1892, the company is one of the biggest conglomerates in the world today. It operates in various sectors in various parts of the world and has products spread across the world. It is the second-largest power generation company and largest energy company in the world by revenue. Today’s topic- GE Mission Statement and Values Analysis.
The company provides smart grid management solutions to world’s leading utilities and mining firms. GE currently employs around 352,000 people worldwide, representing 12% of the overall labor force of the world.
GE as an energy company covers the entire energy supply chain through innovative products and services in the renewable energy space and the traditional energy supply space.
The wealthiest company in the world
General Electric is the largest U.S. company in terms of market capitalization ($264.73 billion as of 3/26/18), and the richest in revenue ($278.14 billion for 2017). Most of its revenues come from the GE Capital segment, as the aviation and healthcare divisions account for a combined 33% of total revenues.
The company has a complex corporate structure, consisting of public and private divisions, with different voting rights for shareholders. In addition, the conglomerate has introduced several share classes, and therefore, the share classes do not correlate with market cap or revenues.
The top five shareholders of GE: Jeffrey Bornstein, BlackRock, Vanguard Group, Russell Stokes, and Lawrence Culp.
GE was incorporated in the State of New York on May 19, 1892. Thomas Edison, along with his associate, inventor, and business associate, William Johnson, formed the Electric Light and Power Company. The two men financed the firm with $250,000 of their own money, and 50,000 shares of common stock, to manufacture the incandescent light bulb.
Thomas Edison held majority ownership at GE until 1898, when he sold his stake to one of his partners, Edison General Electric Company, now known as Edison International. The partnership, composed of Edison General Electric Company, the Edison Scientific Company, and Edison Illuminating Company, now known as Exelon, held a 50% ownership stake.
In 1899, the Edison Electric Light and Power Company changed its name to General Electric.
GE mission statement
On August 1, 2016, GE changed its company’s mission statement in an attempt to merge the substantial brand equity it had built over a century into a practical path to achieve its new vision statement. Its new vision statement is to “create the energy everything needs” in a society transitioning from oil to clean, renewable energy resources.
“We are advancing the world of energy,” the statement reads. GE’s mission statement declares that its mission is to help transform customers’ industries and the way they work. It describes its values: service to people, excellence in our global partners, and long-term thinking.
Following is the mission–
- To be the world’s largest.
- To be the world’s safest.
- To be a world of health.
- To be a world of power.
What is the GE vision statement?
Given its status as a conglomerate, GE would like to become an enduring, relevant, and globally recognized tomorrow’s enterprise. It can do this by generating superior value from ideas, technologies, solutions, and the execution of projects worldwide.
GE’s vision statement highlights the need to make positive contributions to society through the creation and delivery of innovative and enduring value for people and society. GE’s mission statement is to make GE an enduring, relevant, culturally recognized enterprise of tomorrow.
By addressing the three integrated pillars of meeting the needs of customers, employees, and society, GE’s mission will help GE transform the energy, transportation, aerospace, healthcare, and buildings industries.
GE’s vision statement is “to create an enduring benefit for society.” The information base on GE’s growth strategy and global growth plans. Visionary leaders can’t run the organization effectively unless they are great leaders.
Leaders need to articulate and implement the vision of a company to shape the image of the company. A clear and shared vision by a leader is necessary for the success of the organization. GE engages over 5 million small businesses globally, and there are about 200 million people in the middle market.
GE’s small business customers account for approximately 25% of GE’s total global service revenue in the US. GE manages its resources in the best possible way. The company sets goals for its business operations and then has the confidence to achieve its goals.
Every product or service offered by GE meets its customers’ needs. “GE’s outreach to the world” This is a statement that exemplifies how GE manages to stay on top of the competition. This statement underscores how GE extends its reach beyond the U.S. the world over to achieve the highest level of success.
The company has remained on top of the world for several decades by taking actions such as identifying the needs of its clients and offering its products and services in the best possible way.
Vision mentioned below–
- To be among the most admired companies in the world.
- To be the world’s most trusted industrial company.
Based on the following analysis, one can conclude what their vision and purpose are. The focus area is on the aim of making a positive impact on the society. For, people need a reason for being alive.
Every person has the right to live a dignified life. By helping the people in the process of finding and shaping their purpose, they ensure that they are not solely accountable for their existence.
The power of GE in the world
Aside from businesses that require superior levels of management and leadership, the business and its products also contribute to the well-being of the people in any given community. Therefore, a higher objective should drive an organization as significant as GEGE is often the first to initiate initiatives and invest in activities that ensure that its products become a staple in people’s lives.
However, the company is still determined to focus on business that connects to its core competencies. There is nothing wrong with chasing a high-profit rate, but such a strategy will never happen when a higher objective should drive an organization as significant as GE.
GE’s core values
Topeople’s lives guide its activities; the goals and vision, which is its mission and vision, must be codified and shared among employees. A core value is a component of a company’s business values and shares with employees through discussion.
Core values are some of the most important principles which guide the behaviors and decisions of the company. In contrast to a mission and vision, core values share by all employees and are the core motivators for the company’s behaviors.
A core value can be “communal” and “public.” Communal values are consistent with the underlying ethos, while public values, such as diversity and inclusion, are consistent with a company’s larger vision and mission.
The mission statement by GE effectively provides clarity for the world and its followers about the vision and expectations of the company. But, how does GE practice this vision? The best way to understand a company’s mission statement is through its values, which are its values, and its employees and stakeholders that relate to them and the purpose they are trying to achieve.
They focus on all the stakeholders and employees and define what they stand for. It is the “excellence in creating innovative solutions.” Great employees and excellentcompanyHowever, by customer experience.
Why do we need to know about GE?
Well, GE is an established company, so there is a lot of information available online. It makes the task of learning about GE easier. There are many thousands of pages available online about GE. For instance, there are about 50,000 results available for “General Electric” and for “GE Healthcare.”
If you do a search using the name of the company, then a few million results come up. In addition to that, the company has its wiki. There are over 3,400 pages in the wiki. Another resource is the GE history blog, which maintains by the GE website.
There is a lot of valuable information in this blog. But, first, this blog helps us learn more about how the company’s history is related to the present.
For an insight into how GE defines business excellence as follows:
- “Improving people’s lives.
- It is ensuring the company’s name environmental sustainability.
- Exploring solutions.”
The future of any company shapes by its efforts in acquiring new markets, developing cutting-edge technology, and penetrating the hitherto untapped segment. Accordingly, some of the companies are exploring new markets and new technologies.
Others are providing specialized services in specific markets. However, First, this strategy described above emphasizes GE’s continuous endeavor to bring the best out of its employees and contribute to its overall growth. It is a core aspect of the success of GE.
As we have learned above in this post, there are two main reasons to form an analysis about an organization: to examine what they offer and identify their purpose and mission. It has established that organizations with a goal and mission are higher caliber and more sustainable than those.
GE is the biggest company headquartered in New York State, with over $330 billion in revenues as of the most recent annual report. It has several business operations, including technology, healthcare, aviation, oil and gas, and renewable energy.
GE has been a leader in several sectors such as aviation and healthcare, giving it a strong foothold in the global economy. As a growth company, it continuously invests and pursues new ventures to enhance its leadership in all its operations further.
Despite the numerous acquisitions and the long-term presence in business, GE remains an investor favorite because of its solid management and focus on execution.
Frequently asked questions
Question 1.) what are the values of GE?
Answer- It is the “excellence in creating innovative solutions.” Great employees and excellent customer experience.
Question 2.) How is GE impact small businesses?
Answer- GE engages over 5 million small businesses globally, and there are about 200 million people in the middle market.
Question 3.) What that means is that GE is committed to an objective that is consistent with its values?
Answer- Of course, there is nothing wrong with chasing a high-profit rate, but such a strategy will never happen when a higher objective should drive an organization as significant as GE.
Question 4.) What does core value mean to GE?
Answer- Core values are some of the essential principles that guide the company’s behaviors and decisions.