General Electric Company, or GE, is an American multinational conglomerate corporation. GE is incorporated in Schenectady, New York and its headquarters are in Fairfield, Connecticut. The company operates through four segments: Energy, Technology Infrastructure, Capital Finance and Consumer & Industrial. GE was ranked the 6th largest firm in the U. S. by Fortune in 2011. The company operates in more than 150 countries and employs about 300,000 people worldwide. GE works on things that are important such as, energy solutions, health and home, transportation and finance (GE imagination at work, 2012).
Socially Responsible Behavior General Electric demonstrates a high social responsibility behavior by finding and creating solutions in energy, health and home, transportation and finance. They build, power, move, and cure the world. GE has recently launched a website called GECitizenship, which is designed to communicate its social responsibility and sustainability efforts. This website focuses on People, Planet and Economy. These efforts and behavior of GE prove them to be a socially and ethically responsible Company (GE citizenship, 2012).
Significance to Managers or Managerial Students I chose this company because it can show managerial students a directional approach to becoming a socially responsible company. This company does so many good things for society and for their employees that managerial students can beneficially learn from. Managerial student can learn how to contribute to the community, be a good corporate citizen, be ethical, obey the law, and be profitable all at the same time. GE definitely represents those qualities and can be a good example for any managerial student or aspiring manger for that matter.
Person Interviewed Biography Jeffrey Immelt, CEO of General Electric Company, has been with the company since 1982. Mr. Immelt received his B. A. degree in applied mathematics from Dartmouth College in 1978 and an M. B. A. from Harvard University in 1982. From Harvard University Jeffrey began to work at General Electric Co. Over the years Immelt has worked his way up the chain and has played many different roles within the company; such as, plastics, appliances, and healthcare businesses.
In 1989 Immelt became an officer of the company and in 1997 joined the GE Capital Board. A few years later, Mr. Immelt was appointed president and chief executive officer of GE in the year 2000 ("Jeff Immelt, CEO," n. d. ). Mr. Immelt not only involves his self with General Electric but with the U. S. Government as well. Mr. Immelt is the chair of President Obama’s Council on Jobs and Competitiveness, as well as a standing member of The American Academy of Arts and Sciences. Three time Mr. Immelt has been named one of the “World’s Best CEOs” by Barron’s.
Ever since Mr. Immelt began serving as the chief executive office, a poll conducted by Fortune magazine named General Electric “America’s Most Admired Company” and “The World’s Most Respected Companies” in polls by Barron’s and the Financial Times magazine ("Jeff Immelt, CEO," n. d. ). Person’s Importance to Ethics or Social Responsibility A few years back Immelt brought manufacturing for GE to the Michigan state area, which ultimately brought in 1,100 new jobs. These endless efforts by Jeff Immelt show his true ethical and socially responsible behavior.
Technically, Mr. Immelt could just perform his CEO duties and go home at the end of the day, but he does not. He is aware of the global issues that we are facing and ethically feel like he can do something about it. Jeff Immelt strives to do something that can change people’s lives; such as, clean energy, better transportation, and affordable healthcare (Immelt, GE, 2009). Jeff Immelt consistently leads the way in various business ethics and social responsibility by sharing the best practices with the industry peers and participating in global ethics events.
Jeff not only involves is time with in the GE company but also with global ethic events, which allows Mr. Immelt to gain knowledge to make a difference in social responsibility. As GE’s CEO and leader, Jeff Immelt contributes endless time and energy, through GE, to create a better environment for our nation. Summary of the Findings As the CEO General Electric, Jeff Immelt has instituted a code of ethics to reinforce values, responsibility and reputation.
Jeff has taken the initiative to bring in 1,100 new jobs into the Michigan state area and states, “People of this great state have been told that the decline of their manufacturing base was inevitable. I reject that pessimistic view. I believe that good jobs can again return to Michigan and in manufacturing centers across America. ” (Immelt, GE, 2009). He looks at these problems as a challenge and then executes a plan to change the surround environment, so that it can become more sustainable and flourish. Jeff believes that change can happen, but only if a new way of thinking is brought out.
Jeff Immelt explains that, “It requires a clear and determined plan of action. It requires a stiff dose of candor about the troubles we face, many of which we brought on ourselves. It requires leaders throughout the economy to take command of events. ” (Immelt, GE, 2009). Basically, Mr. Immelt believes that the change can happen but it is going to take effort from many other global commands, as well as his self. His social responsible behavior shows that if something gets started and efforts are made, that we might not be too late to change our economic situations.
Immelt says that the economic output of all nations combined will shrink and this will be the first time since 1940. He feels that it is, still, not too late for leaders to set things right. What the future holds General Electric may not be able to change all of the word’s problems, but they sure can pave the way and set an example for other large corporations and industries to change and become social and ethically responsible. If all industries would put their efforts in to creating more energy efficient products, the World will be one step closer to sustainable economic growth (Marshall, 2005).
According to an article in the Financial Executive, General Electric plans on improving energy efficiency by 30% by 2012 and doubling the sales of “eco-friendly” products. These products will consist of solar energy, wind turbines, and water purification technologies. CEO Jeffrey Immelt has been urging the U. S. energy industry to seize the Initiative for reducing carbon dioxide emissions in “a carbon-constrained world” (Marshall, 2005) General Electric has launched a sophisticated print and television campaign in efforts to send out the new ecology message (Snyder, Hill, & Martin, 2003).
In a management world, managers should strive to be like GE and create more energy efficient products and sustain the earth’s eco system because it is the socially responsible thing, for any company, to do. With the economy and the environment being in the state that it is in, we as managers, employees, students, and business owners need to come together to make a difference before we lose out on many of our valuable resources. Annotated Bibliography Daft/Marcic. (2011). Managerial ethics and corporate social responsibility. In Understanding Management (7th ed. , pp. 110-131).
Mason, OH: Cengage Learning. The chapter goes over Managerial ethics and ethical dilemmas as well as the managerial approach to handle these dilemmas. The chapter also focuses on corporate social responsibility and how it relates to the managerial ethics side of things. It shows how these dilemmas occur, how they are broken down, and the steps to solving them. The fact that the book is a college scholarly book and that it relates to the corporate social responsibility directly makes this books credibility positive. Immelt, J. (2012). Social responsibility of business. Public Relations Tactics, 19(4).
Retrieved from Business Source Complete database. (Accession No. 74643399) This article displays the views of General Electric’s social responsibility from Jeffery Immelt, CEO of GE. From Jeffrey's perspective, he feels that corporate social responsibility is through competition. Jeffery believes that if there is no competition then there is no social responsibility. GE creates jobs and reduces customer costs, and to Jeffrey that is the most important part of corporate social responsibility. The article also gives insight on a few other companies and their social responsibility.
The fact that this article has direct quotes from the CEO of General Electric definitely proves the articles credibility to be highly credible. Marshall, J. (2005, July). Corporate Social Responsibility. Hard Choices on Soft Issues. Financial Executive, 21(6), 44-50. Retrieved from Business Source Complete database. (Accession No. 17538286) This article discusses General Electric’s goals towards improving energy efficiency by 30% by 2012, doubling the sales of Eco-friendly products, and wind turbines and water purification technologies. The article shows how these goals committed by GE are socially responsible.
The article also gives insight on how other large corporations contribute to helping out society and becoming socially responsible. This article is a scholarly creditable resource because it holds facts and states what these corporations are doing in efforts to social responsibility; they are doing not just saying. Our Company. (n. d. ). Retrieved January 20, 2013, from http://www. ge. com/company/building This page is a direct access to General Electric’s (GE) overview, history, leadership, research, and much more. This site breaks down the company’s focus on building, curing, moving, and powering.
The page shows history, charts, and pictures as well as breaks down how building, curing, moving, and powering help towards the goal in sustainability. GE reaches out to doctors, businesses, and residents by advancing fiber optic technology, contributing towards the fight of breast cancer, and moving airlines to a more efficient jet line, and increasing wind plants energy production. This web page is fully credible due the fact that it is GE's web page and it contains facts on GE's non-stop efforts to help the environment and society. Snyder, J. , Hill, R. P. , & Martin, D.
(2003). Corporate Social Responsibility in the 21st Century: A View from the World's Most Successful Firms. Journal of business ethics, 48(2), 1-2. doi:10. 1023/B:BUSI. 0000004606. 29523. db This investigative article reflects on some of the world’s largest corporations and their social responsibility in the 21st century. It addresses what these corporations are demonstrating to their stakeholders. Many corporate companies express their commitment to socially responsible behavior and this article is a study to see if these corporations hold true to what they say.
The result is presented thematically, and shows the implications for social responsibility among managers of global organizations and researchers. The research proves to be a true credible resource as it states facts and comparisons of corporations world-wide in regards to social responsibility. Sustainability: A Technological Challenge. (n. d. ). Retrieved January 20, 2013, from GE Citizenship website: http://www. gecitizenship. com/blog/features/sustainability-a-technological-challenge/ This web page gives insight and an overview on General Electric's (GE) efforts towards sustainability.
It focuses on the efforts such as; expanding access, reducing costs, and redefining quality. Since GE is a global community, they see sustainability as a technological challenge. They focus on applying technological ingenuity to the world’s toughest problems. GE also focuses on developing products that are financially acceptable; environmentally and socially. GE power systems create nearly 1/3 of the world’s electricity and the fact that they are so concerned with the environment as well as the financial standpoint, really illustrates the exceptional social responsibility that this company stands for.
This webpage is a direct webpage of General Electric, in which was created for the sole purpose of helping the environment and efforts towards sustainability. Therefore, this reference is a credible source and can be informational. References: Immelt, GE, J. (2009, June 26). Text of Immelt's speech [Speech transcript]. Retrieved from U. S. edition database. Jeff Immelt, CEO. (n. d. ). Retrieved January 29, 2013, from GE imagination at work website: http://www. ge. com/company/leadership/jeff-immelt