jack welchBusiness extraordinaire, Jack Welch, is well acquainted with the intricacies of business and the importance of inspiring staff within a large corporation. Jack performed the role of CEO of GE for over two decades and in that time transformed it from $14 billion company to an incredibly successful $500 billion one.

After Welch left GE, he teamed up with education company Strayer to launch his own school to combat the current education system trends, where students are the customer, not the faculty. His school, the Jack Welch Management Institute, is a place where business principles would reign.  Welch wanted to focus on reaching a diversity of people, judging teacher success on NPS (Net Promoter Score) rather than number of scholarly articles published, and above all focus on the practical rather than theoretical.

Jack and his wife Suzy Welch, former HBR editor, have recently published a book titled, The Real-Life MBA. The Welches are strong advocates of weeding out mediocre employees, rank-defying, public “work outs” and foregoing the traditional MBA.

How to Achieve the Muscle of a Big Company with the Soul of a Small One

Jack Welch revealed in an interview with LinkedIn executive editor, Daniel Roth, that one of his core business principles is that every big company has to be a small company in their head, as this allows you to know what’s going and change more rapidly.

To give the many layers of a large company the ability to change quickly, Welch says a business must constantly be questioning whether each layer is cumbersome and unnecessary or effective and integral to the functioning of the business.

The Importance of Trust and Truth

If a business takes away two words from Welch’s wise business principles, they would be trust and truth.

Welch stressed the importance of constant appraisals, so that employees always know where they stand, and know what they’re doing right or what they can improve. You’ve got to have their back in good times and in bad.

He told LinkedIn: ” When they trust you, you’ll get the truth. And if you get truth, you get speed. If you get speed, you’re going to act. That’s how it works.”

 Neptune MS is a leading provider of integrated engineered solutions to the oil and gas, marine and renewable energy industries.