Nucor Corporation- \"women and men of \"Steel\" Harold Mangrum No unread replies
ID: 469547 • Letter: N
Question
Nucor Corporation- "women and men of "Steel" Harold Mangrum No unread replies. No replies. With an across the board set of policies and practices that require collective efforts as a common practice, it is no wonder that Nucor has become the kings of the steel industry. This has much less to do with the choice of trade(steel industry), than it has to do with corporate policies and practices which calls for treating employees as equal partners vested in the company's objectives. These practices were demonstrated from the pay practices of all employees, including the CEO, all the way to the spelling out of the respected practices of all their employees around the country pooling their efforts into each and every company situation without having to be asked to do so. This spells out a real and uncompromising sense of family to maximum benefit of the employees, the management, and the communities they serve (which I am sure by now, see themselves as a part of the Nucor family). Good going Nucor, Keep up the good work.
Explanation / Answer
Nucor is today’s largest steel producer and recycler in America. Nucor was founded as a motor manufacturing company in 1897 by Ranson E.Olds as Olds Motor Vehicle Company. Later it merged into general motor corporation in 1905 due to losses. Afterwards they again started a new company in the name of REO Motor Company which was later sold to Bohn Aluminum and Brass Corporation due to continues losses.
While in the process of liquidation of company most unfortunately taxation losses forced REO to take up a new company and it was named as Nuclear Corporation of America Inc in 1955. Afterwards they started acquisitions, in that process they over taken Vulcraft Corporation a steel joint manufacturing company. They purchase it from Chase’s window in 1962 and hired Iverson as general manager for that company.
Iverson founded that production of steel is only the profitable business in their group. And then he started liquidating all other businesses under the group. The only business which remained profitable that became today Nucor the major player of steel manufacturing.
Strategies’ behind the success of Nucor:-
There are only five designations in the hierarchy of Nucor
a) Supervisor
b) Departmental manage..
c) Divisional manager.
d) Executive vice president.
e) Chairman /CEO
Iverson expressed that the management strategy behind the success of Nucor is 70% its organizational culture. They make their employees as part of management. They care for employees who working in lower designations more than higher designations.
Nucor compensation is compar
atively less than other similar organizations. But it will be counted more when includes with incentives and other performance linked benefits paid by the organization. They follow the same compensation policy from supervisor to C.E.O. They will compensate for their employees performance and profits earned by the individual units.
In Nucor corporation most of the decisions will be taken by divisional heads. Freedom will be given to divisional heads to take decision which minimizes the waste of time in making decision.
Nucor follows a different policy for recruitment. They give more weightage for personnel traits and personality rather than technical skills. They believe in that they can train their employees on how to work efficiently.
Nucor is a corporation which believes in its human resources, organisatioanl culture and technology which needed in present business world.
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