Management Practices
Along with being ranked 75th on the Fortune 500 list of largest U.S.-based corporation, today, Abbot has been placed 4th on the “Best Places to Work in Industry” list by The Scientist and one of the “Best Companies for Women” (100 Best). Abbott Laboratories has been able to create this reputation, mainly because of it is heavily influenced by the Human Relations School.
Similar to many companies who use high commitment practices, Abbott tries to hire new college graduates who do not have any habits (Global Citizenship). They also anchor college students to the company through internship programs. In 2010, 45 percent of their interns were accepted to full-time positions at Abbott (Global). All entry-level employees are required to undergo necessary management courses and trainings at conferences.
Abbott places a heavy emphasis on creating a corporate culture in their offices, and it is the main reason it has been ranked as one of the best places to work (100 Best Companies). They invest over $90 million a year to train and develop their employees, pairing them with mentors in their divisions through their official mentoring programs (Daghberg). One employee notes that the best aspect of working at Abbott was the feeling of being valued, not only by other employees who welcomed him, but also by the company’s willingness to invest money on the development of their employees (Daghberg).
Abbott develops their employees through several programs. They invest in a talent management process where all employees – in all levels of the management hierarchy, in each business and functional unit, and in every geographic location– is reviewed to identify potential senior managers (Global Citizenship). Each leadership team is able to simultaneously evaluate the performance of their employees while analyzing potential leadership. This type of performance evaluation process allows the company to remind their employees about management expectations and to evaluate the performance of each employee.
All employees are also encouraged to apply to senior management development programs, where they learn about the company’s structure as a whole (Global). Abbott implemented this programs to diversify their employee’s experiences and to train them to fill senior leadership positions (Global). During this program, they rotate around to work on projects within the various divisions including the foreign offices. Because the company invests in their employee’s development through these programs, employees feel as though they are valuable members. Abbott even tries to ensure that each employee feels that they are part of the company by encouraging sports and activity organizations within their departments and even has a child care center available at their corporate headquarters for working mothers.
Thus, following the ideas of the Human Relations School, Abbott has had success in creating a corporate culture that employees want to work and succeed in.
Read more about this topic: Abbott Laboratories
Famous quotes containing the words management and/or practices:
“No officer should be required or permitted to take part in the management of political organizations, caucuses, conventions, or election campaigns. Their right to vote and to express their views on public questions, either orally or through the press, is not denied, provided it does not interfere with the discharge of their official duties. No assessment for political purposes on officers or subordinates should be allowed.”
—Rutherford Birchard Hayes (1822–1893)
“To learn a vocation, you also have to learn the frauds it practices and the promises it breaks.”
—Mason Cooley (b. 1927)