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It should be mentioned that for an organization to achieve its goals and objectives they need to have proper plans on how to effectively produce, manage the human resource, penetrate the market, handle uncertainties and competition, manage financial resources and last but not least, keep pace with changes in technology. In regards to the case of Lincoln Electric Companys popularity in the world market during the last years, the following question arises, what are the main secrets of the strength of the company?
High quality and low price are the main factors that guarantee success in a world market. The main aim of the company is to produce products of a high-quality for low prices. That is why the main strategy of the company is to concentrate on reducing costs and passing the savings through to the customer by continuously lowing prices. As the result, market share and primary demand are increasing. Lincolns strategy has remained unchanged for decades and it continues to bring success to the company. More than that, there are a lot of incentive bonuses which inspire the workers to work better and do all the best to increase the quality of the products. Employees are rewarded for their productivity, high quality, individual contributions to the company and cost reduction ideas. As the result, some workers have an opportunity to earn $45.000 in a single year. It is considered to be one of the main ways of employees motivation. If the employees are satisfied with the payment for their work, they do their work better and the work atmosphere allows producing goods of high quality. Lincolns philosophy is an individual attitude to every employee. Competition and adequate incentives allow realizing the whole potential of every worker. Compensation policies are considered to be the key point of Lincolns incentive management . The success of the company depends on the work of every employee. Lincoln takes into account the needs and demands of his employees and tries to satisfy them as far as discontent is disastrous for every company. The working atmosphere is a very important factor for the production of qualified products. One of main Lincolns points of view is equality between management and workers in the company which assists frank communication between them. It should be noted that Lincolns plant is quite unusual as far as there are few workers and too much equipment. The quality of the products also depends on the work of this equipment. Lincolns company do not save money on equipment. Lincolns company was the first that used computers in their work. Computerizing the company saved money and increased the degree of control.
Generally speaking, the secret of the success of Lincolns company is Lincolns philosophy and strategy. The philosophy based on the individual attitude to every employee and satisfaction of his needs and demands helps to create a good working atmosphere and guarantee high productivity. The strategy of the company aims at increasing the quality of the products on the one hand and reducing the costs which give the possibility to sell the products for lower prices on the other hand.
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