Use a Customer Acquisition Strategy
It's also revealed in the article that GE expects to generate more than 60% of its revenue outside the US this year. So, why wouldn't want all of us to "try harder" to sell more products across the globe?Finally, Immelt says, in response to criticism that he (as a republican) is working in concert with President Obama, "People need to try; I'd rather be in the arena trying than not doing what I can to help."
So, to all of this I say; how about GE trying harder to put more people back to work? For once, instead of waiting for the economy to try to miraculously recover on its own, how about Immelt and other top-level CEO's around the country stop the lip service and actually do something creative and different that might actually work? For example, I just looked at GE's profile at the Yahoo Finance site and saw that the top 5 executives listed had combined compensation of $27.5 million for 2010, or an average of $5.5 million each. At the head of the pack? Immelt who brought in roughly $7.7 million, with no stock options showing as exercised during the year.
Let's say, for example, that the 5 top execs at GE agreed to put 25% of their earnings into a pool so they could bring some employees back to work. At an average of $50,000 per employee, they could rehire 137 people. And, they could do it without spending one more dime. Now, this would mean that each of the top five execs would "only" end up taking home an average of $4.1 million, but come on; they could survive.