The way in which United Technologies Corporation (UTC) manages its corporate culture has several components that are worth emulating. Believing that their employees are the lifeblood of the firm, UTC goes out of its way to invest in their happiness and satisfaction. One program that has created a lot of goodwill within the firm itself is the Employee Scholar Program has covered the cost of approximately 39,000 degrees for its employees, in whichever subject matter interested them, reflecting an investment of close to $1 billion. In addition to this program, UTC believes that innovation in its products is another important aspect of a successful endeavor.
This former CEO also purposefully managed the business cycles of its various divisions in order to minimize the occurrence of boom and bust cycles that can lead to layoffs. This diversification across industry segments helped to ensure uninterrupted employment which also helped to create a vibrant corporate culture at UTC. Another important way that Chenevert helped to smooth out the rough times was to approach every phase of the product cycle as one that will contribute income. This standard was instrumental in creating a smooth cash flow over many years of the product life.
UTC continues to uphold the values instilled by its former CEO and build on past successes while always looking for more ways to innovate its product line and empower its employees. Louis Chenevert is a force that will continue to impact the company in many positive ways.