Louis Chenevert is a Canadian businessman who is currently the exclusive advisor to Goldman Sachs. As an advisor, Louis has mentioned that one of the keys to business success is to invest in employees. This is a process in which a company will look to provide a work environment that encourages productivity and enjoyment. Along with providing a suitable work environment, investing in employees will also include scholarship programs, rewards and building teams.
One of the best ways for a company to invest in its employees is to create an optimal work environment. It will be most beneficial to create a work environment where employees can use the most updated equipment, work in a comfortable environment and also offer a lounge where they can play games during their breaks.
Another way in which a company can invest in its employees is to reward the ones that work the hardest and have the most accomplishments. There are a number of employees who exceed expectations and make valuable contributions to the company. As a result, these employees should be given rewards such as gift cards, bonuses and salary raises. Rewarding hard workers will often result in a more motivated employee workforce. Therefore, the company will be in better position to succeed.
Along with offering rewards and an optimal work environment, companies will also want to offer a scholarship program when looking to invest in its employees. Since there are a number of jobs that require a certain education, a scholarship program can enable these employees to get the educational credentials they need in order to advance. Offering funds for continuing education is another great way to help employees reach their full potential.
By investing in employees who work for your company, you will be in better position to get a better return on the money you put into hiring them. Investing in employees is often much more practical than buying new equipment or machinery. This will enable a company to bond more closely with employees which will translate into a more productive workplace. With a positive work environment, employees will enjoy coming to work everyday and will strive to help your business consistently reach its goals.
The Success Story of Louis Chenevert
When narrating the success story of United Technologies Corporation, Louis Chenevert is a name that features into the equation. The Canadian business professional has been a huge contributor to the company’s growth and expansion. In this article, his contributions are highlighted through his career from the moment he joined UTC to when he quit pursuing other business ventures.
Louis Chenevert grew up in Montreal, Quebec. Like normal life would dictate, he earned a degree in business administration from HEC in Montreal. He also pursued a bachelor’s degree in production and management from the prestigious University of Montreal. He was visionary and smart in class. Louis bagged a doctorate in honoris causa in 2014.
14 years after graduating college, Louis served at General Motors. He was the general production manager. In his capacity, he streamlined the infrastructure of the organization for unparalleled service delivery. He then joined Pratt & Whitney Canada as a vice president. Louis was industrious to the point of earning elevation as the operations manager. He was later promoted to the presidency in 1999.
By 2006, Louis had garnered vast managerial experience at Pratt & Whitney. United Technologies Corporation employed him as the chief operating officer. He was then promoted to the presidency and later directorship. Louis was in charge of critical decision making. He had the propensity to combine effort and talent at work. Louis learned the value of the corporation as well as the importance of bringing value to employees.
As the chief executive officer of UTC, Louis recognized the value of partnerships in organizations. Since he had worked at Pratt & Whitney, he was sure of GTF’s engine value in the business. He, therefore, chaired a meeting that connected UTC with Pratt & Whitney. The partnership cost $ 10 billion. Louis was confident that it would be successful. The two designed a constructive, jet engine with reduced fuel consumption.
Currently, GTF is flown in over 14 airlines across 70 aircraft. This success is attributed to Louis Chenevert. As a half-retired individual, his legacy reigns in UTC. Aspiring business professionals also admire him. Louis continues to serve in different companies not only as a leader but a guardian.