Organizations have different ways by which they conduct business. Nevertheless, while the organization sought different ways to operate and conduct its regular business process for the purpose of performing well in the macroeconomic level considering that the perspective of business corresponds to the perspective of the entire industry. This paper is designed to conduct a study on General Electric and offer a reflective analysis as far are macroeconomic factors and drivers are concerned in comparison to the industry’s economic indicators.
Company Profile: General Electric
History
The inspiration to build General Electric sprout from the discovery of Thomas Edison of the light bulb. This incident facilitated for the establishment of the United States’ first Central Power Station because this establishment fostered the GE tradition of life-changing innovations. Hence, after the simple power and light, which has significantly stated GE’s goal of providing for basis yet highly important gradient of modern human survival. Quite significantly, from the first sight of light that guides every single households and establishments, GE also quickly redefine live by offering a perspective of the human anatomy through the development if the very first x-ray machine. Initially, the inspiration of GE began as early as 1878. However, it was only in 1892 that General Electric was formed after Edison General Electric Company of Schenectady, New York merged with the Thomson-Houston Electric Company of Lynn, Massachusetts .
Gradually, General Electric moved to develop more extensively intricate and valuable application of power thereby, expanding the organization’s product portfolio. At present GE does not only aims to provide light and power to every single household and establishments in South Korea. It is aimed to offer compounding products that would efficiently, effectively and economically offers making life less complicated.
Product Portfolio
General Electric has one of the most diverse, and most rich product portfolio. In fact, GE offers products relating to the following industry--aircraft engines, electrical distribution, electric motors, energy, finance, gas, healthcare, lighting, locomotives, oil, software, water, weapons and wind turbines .
Macroeconomic Driver
With top caliber employees making it through the ranks of Nobel Prize list of winners—GE.’s Irving Langmuir in 1932, and Ivar Giaever in 1973, GE is among the top American multinational companies with a highly diversified workforce that is credited to a sustainability strategy carefully developed to address the economic drivers and ensure success for the organization . Being listed in Forbes Global 2000 in 2012, GE was also hailed as the 4th largest company in the world.
In terms of profit, GE was named as the 14th most profitable company in the US and 26th most largest as far as gross revenue is concerned . In 2011, Fortune reported that in 2010, almost just about the time the US is transitioning from the economic recession made a profit of $11.6 billion profit. This was $ 3.3 billion higher than in 2009.
Nationwide Data against the Firm Data
GE’s stable economic status can be attribute to the organization extensively designed and adequately researched sustainability plan. In addition, the organization has a highly diverse and rich product portfolio. Nevertheless, while the economic drivers for GE might be doing very well especially following the recession, this does not wholly sum up to the national data. For example, GE thrives in a well-equipped workers and secure a diversified workforce, this does not sum the existing problem of the country on unemployment. In fact, the US is currently still high on unemployment statistics. Organizations like GE rely heavily on a highly skilled and technical knowledge of their workforce. Hence, it is not surprising that GE would not simply hire off workers from the existing workforce pool in the territory because GE is seeking for something beyond just hiring process suggesting the need for a specialized sets of qualifications.
GE’s gross revenue in 2009 was recorded at US$8.3 billion. In 2010 following the recession, GE made an impressive US$11.6 billion worth of profit . Again the financial figure does not sum up to the documented GDP of the US in the period following an aftermath of the Global economic recession.
Reflection
GE adapts a sustainability and contingency program that aims to measure the performance and the progress that the organization using standardized matrices and benchmarks. The goal of this plans is to document and report the significant progress and losses if any to track down the key areas that needs readjustments. Furthermore, GE also aggressively invests in ventures and specialized research and development to help plot the specific areas where the organization can allocate funds and launch innovations. GE is not hesitant to invest in advocacies and projects that would bring their figures higher that their projected value because they strive to live by their vision of innovations and delivering successes and improvement in areas that matter. Finally, the monetary and fiscal policy of GE asserts to identify factors and drivers that would help improve the organization’s financial health status.
Works Cited
General Electric Co. About Us: The GE Global Research Story. 20 December 2014. Web. 20 June 2015.
Gneeral Electric Co. History: General Electric. 12 November 2014. Web. 20 June 2015.
—. Products: General Electric Company. 30 March 2015. Web. 20 June 2015.
Time, Inc. Fortune: 20 most profitable companies. 10 May 2011. Web. 20 June 2015.
