Posted on 05/19/2005 1:24:56 PM PDT by SmithL
Stamford, Conn -- General Electric Co. fired 125 employees and disciplined 243 others last year, according to the company's first-ever "citizenship report" meant to step up its disclosure practices after a wave of recent scandals at other companies.
The report covers workplace injuries, pollution settlements, political contributions, philanthropy and the broad strategy of a company with 307,0000 employees and the world's most widely held stock.
"This is terrific. I don't ever recall seeing anything this extensive by anyone," said Paul Lapides, director of the Corporate Governance Center at Kennesaw State University in Georgia.
Lapides predicted the move by GE, a bellwether in the marketplace, will prompt other major American companies to issue similar reports.
The 125 firings, comparable to prior years, involved issues such as petty theft and inappropriate use of company equipment and time sheets, said Gary Sheffer, a GE spokesman. They stem from 1,338 "integrity concerns" reported to the company, according to the report.
"The rising rates of concerns is a sign of our healthy integrity and compliance culture," the report states.
Of the other employees disciplined, 198 received warnings, 16 received job changes and 29 got pay cuts. About 56 percent of the discipline cases occurred outside the United States, according to the report. GE did not name the employees who were fired or disciplined.
(Excerpt) Read more at sfgate.com ...
Dog eat Dog to go public with such information. We are turning on our own--the little guy steals and gets fired the big guy steals the company and might have a hearing.
I know a guy who got let go from his management position with GE last year as a matter of fact. He did exactly what his boss told him to do and someone's head had to roll!
"Dog eat Dog to go public with such information. We are turning on our own--the little guy steals and gets fired the big guy steals the company and might have a hearing."
What the heck are you talking about? What is wrong with exposing what they have done to discipline wrongdoers? Turning on our own??
My company just got bought by GE. We're waiting to see what happens but odds are that a lot of us will be out of jobs in 6 mos.
LQ
I've always had a special place in my heart for GE. It's Edison's company. Sure, they screw up now and then, but they've made me a bit of money.
There is nothing wrong with prosecuting them but to hail such a report as a wonderful thing is not right. You're thinking it is, is exactly what I mean by dog eat dog! Were any of these people in management? Is that in the report, I don't recall seeing it. CEO's and managers can commit so called white-collar crime within a business and for the most part do not suffer much more than embarassment, if that. They can bankrupt the company and walk away from their employees and their livihoods, pensions, health care or whatever and that is o.k. When are CEO's feet going to be held to the fire for the so called white-collar crimes? Will this be as wonderful?
GE does over 100 mergers, purchases of or joint ventures a year. They are experts at it. What they do best is find companies at a bargain, then squeeze everything they can out of them to create revenue. They WILL make money on the purchase. Your life is going to change. Good luck you.
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