Summary: Winning: Review and Analysis of the Welches Book

Creation of values is very important too: Devising a mission is primarily top management's responsibility. To get candor, a company must reward, praise it and converse about it. Success is all about growing yourself prior to becoming a leader. When you become a leader, success is all about growing others. Leaders lead from the front and take responsibility. Hiring good people is a tough but hiring great people is viciously hard. In the end it's all about getting the right people on the field. Integrity, intelligence and ability are prime factors in this whole process.

Letting people go is a process that has to be owned by the organization conducted by two principles i. Unfortunately, one learns it under the most tensed circumstances. There's no preparation as such but one must also remember that every leaving employee represents the company. Change is the only constant in this world. You need to change, preferably before you have to. That's the point where the effectiveness steps-in and it often differentiates a good growing company from a bad one. Crises happen and problematic situations do arise as well because the companies are made of humans.

However, crises demand a daunting balancing act from the leaders. Strategy is about decommoditizing.

The budgeting is another important process in companies. Six-Sigma, on the other hand develops the design processes, gets products to market faster with fewer defects and builds customer loyalty. It's said that you can only live life forward and understand it backward. The same idea applies on the careers of people.

While coming across a jerky bad boss, ask some questions to yourself about the possible reasons there could be many factors. It may seem cruel and Darwinian, but in the long run, people are happier doing what they're good at. If they're not excelling, you're ultimately doing them a favor by moving them out of an environment where they know they're a drag on the organization.

They'd be happier some place else.

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The vast majority are either scared to speak up or feel they have no right to speak up because they haven't been asked. A "Work-Out" is a way to get these untapped ideas flowing. Groups of thirty to a hundred gather, led by an outside facilitator. The boss returns at the end of the meeting to hear the recommendations and make decisions. Work-Outs led to an explosion in productivity. They brought every brain into the game.

Welch lays out eight rules of leadership which always worked. Rule 1 - Relentlessly upgrade your team. In every encounter with them, "evaluate, coach, and build self-confidence. Rule 3 - Spread energy and optimism. Rule 4 - Establish trust by being candid, transparent and giving credit where it's due. Rule 5 - Make the unpopular decisions. Rule 6 - Probe and push.

Make sure your "questions are answered with action. Rule 7 - Inspire risk-taking and learning by doing both yourself. When Welch speaks to groups, he often asks the question, "Do you celebrate enough? First, candidates should pass three screens: Do they have integrity - telling the truth and keeping their word.

Are they intelligent - having enough curiosity and "breadth of knowledge" to lead other smart people.

Chapter Analysis of Winning

Are they mature - able to handle stress and setbacks, respect other's emotions, be confident without being arrogant and have a sense of humor. Second, look for four E's and a P. Positive E nergy - thriving on action, relishing change, making friends easily, loving work, play and life. Can E nergize Others - "It takes a deep knowledge of your business and strong persuasion skills Has E dge - the ability to make tough decisions, even when all the information isn't in.

On hiring a senior level leader. Authenticity - bold and decisive, yet real and likeable - not phony, not playing a part that's not them. A knack for surrounding themselves with people smarter than themselves. The number one question to probe in an interview: Give HR Human Resources "power and primacy. Rigorously evaluate with a proven system. Motivate and retain with money, recognition and training. Confront difficult people issues, from trouble-makers to big-headed stars, with candor and action.

Spend half of your time evaluating and coaching the middle 70 percent - those who are neither disrupting nor shining. Have as flat an organizational chart as possible. The more layers, the more vices. Everyone should be crystal clear on who they report to and what their responsibilities are. On Firing and Layoffs. Abide by two controlling principles: Employees should be informed enough about the nature of their business that they understand who might be laid off in an economic downturn or change in the industry.

If they aren't performing well, they should be well aware of this through regular formal and informal reviews. If they can't improve, they should know they will have to move on. Encourage him that there's a better job out there for him, better matched to his temperament and skills.

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Help him move toward that next job. In this era of change, you change or die. Here's how to make change more palatable. Make sure everyone in your company knows why you're changing. Hire and promote only those who deal well with change. Many will call themselves "change agents," but you know the real deal when you discover someone who reacts fearlessly in the face of the unknown.



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Get rid of those who resist change. Seize opportunities, even if they're brought about by someone's misfortune. Buy real estate when prices plummet. Be there when a company fails, to see if pieces can be bought up at a bargain price. Purchase undervalued companies in a country that's going through recession. It takes a strong stomach to ignore the nay sayers; but it can lead to great profits. To handle a crisis, make the following assumptions: I t's worse than you first imagined. Everyone will eventually find out everything. T he media will portray you in the worst possible light.

As a result, processes and people must change. Blood will be on the floor. You will survive, smarter and stronger. You pick a general direction and implement like hell. First, come up with a "Big Aha" - a way to gain a "sustainable competitive advantage. It could be developing a new product, or making an old product unique. Second, put together the team that can make it happen. Third, "relentlessly seek out" the best ways to achieve your "Big Aha," leaving no stone unturned.

Look both inside and outside of your company. Be "boundaryless," having "an obsession with finding a better way - or a better idea - whether its source is a colleague, another GE business, or another company across the street or on the other side of the globe.

Exhibit an "unyielding emphasis on continual improvement. Traditionally, companies either budget with a negotiated settlement or a phony smile. In the negotiated settlement, a business or division comes to the senior management complaining about barriers to growth and say they'll be doing well to beat 6 percent growth next year.

The management thinks more optimistically and argues that they can deliver 12 percent. All act disappointed with their compromises at the meeting but go home giving high fives that they got what they wanted: In phony smile budgeting, the division heads come to the senior management with grand plans, asking for the money to pull off the dreams they feel they can make happen.

Management asks some questions and shakes hands smiling, but later gives the word that they can only afford to give them one half what they ask for. Demoralized, the division leaders divvy up the money a little here and a little there, rather than put it where it could be used for the biggest gains. Welch took GE from those types of budgets to budgets that answer two questions: Look at obstacles and opportunities in the real world.

Allocating resources becomes more of an operating plan than a budget. You might need to reallocate resources mid-way through the year because of new opportunities or new competition. This encourages divisions to set "stretch goals" rather than be limited to "meeting their budgeted goals.

Book review of Jack Welch Winning

First, put your best people at the helm and give them plenty of resources to make it happen. Second, encourage it with much fanfare from the top. Third, get off their backs and give them the freedom to make their own decisions. During his career at GE, Welch was involved with over one thousand mergers and acquisitions.

Winning Book Summary and Study Guide

Here he warns of seven pitfalls to avoid. GE adopted the quality improvement program Six Sigma in He believes that it is tops in improving efficiency and productivity, lowering costs, reducing defects, building customer loyalty and building great leaders. First, get a job and learn something about yourself.