Louis R. Chenever is the current CEO of United Technologies Coroporation. He has been in this position since 2006. Before that he was the President of Pratt & Whitney from 1999 to 2006. He is also a member of the Executive Committees of the Business Roundtable. In addition to this in 2005 he was inducted as Fellow of the American Institute of Aeronautics and Astronautics.
He formerly studied at the University of Montreal in Canada and obtained a bachelor of commerce degree in production management.
Chenever’s Advice on Sustaining a successful Business:
Chenever strongly believes that investing in your employees is the key ingredient to a successful business. He feels that companies often times overlook the potential growth factor of their current employees. Sometimes companies would bring in a new employee to fill a higher position rather than training their current employee to fill that position. He feels that this is a big mistake that can reduce work morale. He stated that one, as a manager you already know your current employees strengths and weaknesses. Two, you show that you appreciate your current employees’ hard work and dedication towards the company when you offer them a higher position and salary. Three, it also reduces turn over which in turn can cost the company money. People resign from companies many times when feel that their hard work and dedication went unnoticed. In addition to this, it increases company moral when other employees see that their fellow colleague is getting promoted. This will encourage your other employees to work harder towards the possibility of also getting promoted.
He also advises senior managers to create an atmosphere of trust between employees. Don’t give into politics putting employees against each other by having them spy on each other. Instead a senior manager should make the atmosphere a comfortable place that an employee enjoys coming to. After all most people spend more time at the office than they do at home.
Also investing in their educational future helps, especially if the degree will relate to what they’re doing for the company. Most employees will feel even more loyal to their employer if the employer invests in their future.
Overall, Chenever believes that a transparent, safe work environment that believes in investing its employees are the key ingredients to a successful company.