DOCSLIB.ORG

Welch-Winning-Engl-Orig.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

CONTENTS Original Version in PM Bücherei Nr =O-4011 und auf INTRODUCTION P:\ALLE\LITERAT\FREMDLIT\Eingelesen\Welch\Winning Englisch\Welch- Winning-engl-orig.doc "Every Day, There Is a New Question" 1 UNDERNEATH IT ALL ONLY FOR INTERNAL USE! 1. MISSION AND VALUES So Much Hot Air About Something So Real 13 2.CANDOR The Biggest Dirty Little Secret in Business 25 3. DIFFERENTIATION Cruel and Darwinian? Try Fair and Effective 37 4. VOICE AND DIGNITY Every Brain in the Game 53 Jack Welch YOUR COMPANY with Suzy Welch 5. LEADERSHIP It's Not Just About You 61 To the thousands of men and women 6. HIRING who cared about business to raise their hands What Winners Are Made Of 81 7. PEOPLE MANAGEMENT You've Got the Right Players. Now What? 97 WINNING 8. PARTING WAYS ISBN: 0-06-075394-3 (hard-cover) Letting Go Is Hard to Do 119 ISBN: 0-06-079742-8 (soft-cover/Taschenbuch) 9. CHANGE 2005 Harper Collins Publishers New York Mountains Do Move 133 The authors’ profits from this book are being donated to charity. 10.CRISIS MANAGEMENT From Oh-God-No to Yes-We're-Fine 147 YOUR COMPETITION Introduction 11. STRATEGY It's All in the Sauce 165 "EVERY DAY, THERE IS A NEW 12. BUDGETING QUESTION" Reinventing the Ritual 189 AF T E R I F I N I S H E D my autobiography-a fun but crazily intense 13. ORGANIC GROWTH grind that I wedged into the corners of my real job at the time-I swore So You Want to Start Something New 205 I'd never write another book again. 14. MERGERS AND ACQUISITIONS But I guess I did. Deal Heat and Other Deadly Sins 217 15. SIX SIGMA My excuse, if there is one, is that I didn't actually come up with the Better Than a Trip to the Dentist 245 idea for this book. It was given to me. YOUR CAREER It was a retirement present, if you will, from the tens of thousands of 16. THE RIGHT JOB terrific people I have met since I left GE-the energized, curious, gutsy, Find It and You'll Never Really Work Again 255 and ambitious men and women who have loved business enough to ask 17. GETTING PROMOTED 277 me every possible question you could imagine. In order to answer them, Sorry, No Shortcut all I had to do was figure out what I knew, sort it out, codify it, and borrow their stories-and this book was off and running. 18. HARD SPOTS The questions I'm referring to first started during the promotional tour That Damn Boss 299 for my autobiography in late 2001 and through much of 2002, when I 19. WORK-LIFE BALANCE was overwhelmed by the emotional attachment Everything You Always Wanted to Know About Having It All (But Were Afraid to Hear) 313 TYING UP LOOSE ENDS 20. HERE, THERE, AND EVERYWHERE The Questions That Almost Got Away 339 Acknowledgments 360 Index 363 1 people seemed to have to GE. From coast to coast, and in many company who thinks change is necessary, or if the budget process countries around the world, people told me touching stories about in my company is full of sandbagging, or I'm about to launch a their experiences working for the company, or what happened when great new product and headquarters doesn't want to give me the their sister, dad, aunt, or grandfather did. autonomy and resources I need? But with these stories, I was also surprised to hear how much What can I do, people have asked, if managers in my company don't more people wanted to know about getting business right. really tell it like it is, or I have to let go of an employee I really like but Radio call-in guests pressed me to explain GE's system of who just can't hack it, or I have to help lead my organization through differentiation, which separates employees into three performance the crisis we've been trying to deal with for a year? categories and manages them up or out accordingly. People attending There have been questions about juggling the colliding demands of book-signing events wanted to know if I really meant it when I said the kids, career, and all that other stuff you want to do, like play golf, head of human resources at every company should be at least as renovate your house, or raise money in a walkathon. There have been important as the CFO. (I did!) At a visit to the University of Chicago questions about landing the promotion of your dreams-without making business school, an MBA from India asked me to explain more fully any enemies. There have been questions about macroeconomic trends, what a really good performance appraisal should sound like. emerging industries, and currency fluctuations. The questions didn't stop after the book tour. They continued-in There have been literally thousands of questions. But most of airports, restaurants, and elevators. Once a guy swam over to me in them come down to this: the surf off Miami Beach to ask me what I thought about What does it take to win? a certain franchise opportunity he was considering. But mainly they've come at the 150 or so Q & A sessions I have participated in And that is what this book is about-winning. Probably no other over the past three years, in cities around the world from New York topic could have made me want to write again! to Shanghai, from Milan to Mexico City. In these sessions, which Because I think winning is great. Not good great. have ranged from thirty to five thousand audience members, I sit on a stage with a moderator, usually a business journalist, and I try to Winning in business is great be answer anything the audience wants to throw at me. cause when companies win, people I have been asked And throw they have-questions about everything from coping thrive and grow. There are more jobs literally thousands of and more opportunities everywhere with Chinese competition, to managing talented but difficult people, questions. But most of to finding the perfect job, to implementing Six Sigma, to hiring the and for everyone. People feel upbeat them come down to this: right team, to leading in uncertain times, to surviving mergers and about the future; they have the acquisitions, to devising a killer strategy. resources to send their kids to What does it take to win? What should I do, I've heard, if I deliver great results but I work college, get better health care, buy for a jerk who doesn't seem to care, or if I'm the only person in my vacation homes, and secure a comfortable retirement. And winning affords them the opportunity to 2 3 give back to society in hugely That's why winning is great. important ways beyond just paying I think winning is more taxes-they can donate time Now, it goes without saying that you have to win the right way-cleanly great. Not good --great. and money to charities and mentor and by the rules. That's a given. Companies and people that don't compete Because when in inner-city schools, to name just fairly don't deserve to win, and thanks to well-honed internal company companies win, people two. Winning lifts everyone it processes and government regulatory agencies, the bad guys are usually touches-it just makes the world a found and kicked out of the game. thrive and grow. There better place. But companies and people in business that are honest-and that's the vast, are more jobs and When companies are losing, on vast majority-must find the way to win. more opportunities. the other hand, everyone takes a hit. This book offers a road map. People feel scared. They have less fi- nancial security and limited time or money to do anything for anyone It is not, incidentally, a road map just for senior level managers and CEOs. else. All they do is worry and upset their families, and in the meantime, if If this book helps them, terrific. I hope it does. But this book is also very they're out of work, they pay little, if any, taxes. much for people on the front lines: business owners, middle managers, people Let's talk about taxes for a minute. In fact, let's talk about government running factories, line workers, college graduates looking at their first jobs, in general. MBAs considering new careers, and entrepreneurs. My main goal with this Obviously, government is a vital part of society. First and foremost, it book is to help the people with ambition in their eyes and passion running does nothing less than protect us all from the insidious and persistent through their veins, wherever they are in an organization. challenges to national security that are with us now and for the You will meet a lot of people in this book. Some may remind you of foreseeable future. But government provides much more: the justice yourself, some may just seem very familiar: system, education, police and fire protection, highways and ports, There's the CEO who presents the company with a list of noble values-say, welfare and hospitals. The list could go on and on. quality, customer service, and respect-but never really explains what it means But even with the virtues of government, it is critical to remember that to live them.
Recommended publications
  • Jack and Suzy Welch Speak in Spring Author Series

    Jack and Suzy Welch Speak in Spring Author Series

    Dominican Scholar Press Releases Communications and Media Relations 5-1-2015 Jack and Suzy Welch speak in spring author series Sarah Gardner Dominican University of California, [email protected] Dave Albee Dominican University of California, [email protected] Survey: Let us know how this paper benefits you. Recommended Citation Gardner, Sarah and Albee, Dave, "Jack and Suzy Welch speak in spring author series" (2015). Press Releases. 315. https://scholar.dominican.edu/news-releases/315 This News Release is brought to you for free and open access by the Communications and Media Relations at Dominican Scholar. It has been accepted for inclusion in Press Releases by an authorized administrator of Dominican Scholar. For more information, please contact [email protected]. Jack and Suzy Welch speak in spring author series Retired General Electric Company CEO Jack Welch and his wife and co-author, Suzy, spoke at Dominican University of California on May 14 at the Institute for Leadership Studies’ Spring Author Series, presented in partnership with Book Passage. They appeared in conversation with Steve Bennett, who served key management roles at GE for 23 years. Jack, who was chief executive officer at GE from 1981-2001, and Suzy, a journalist and author, discussed their book, The Real-Life MBA: Your No-BS Guide to Winning the Game, Building a Team, and Growing Your Career. For more information or to purchase the book, contact Book Passage in Corte Madera by calling 415.927.0960 extension 1. In their new book, Jack and Suzy Welch explain not only how to succeed but also to have fun in business today.
  • Summer SAMPLER VOLUME 13 • NUMBER 3 • SUMMER 2016

    Summer SAMPLER VOLUME 13 • NUMBER 3 • SUMMER 2016

    Summer SAMPLER VOLUME 13 • NUMBER 3 • SUMMER 2016 CENTER FOR PUBLIC HISTORY Published by Welcome Wilson Houston History Collaborative Last LETTER FROM EDITOR JOE PRATT Ringing the History Bell fter forty years of university In memory of my Grandma Pratt I keep her dinner bell, Ateaching, with thirty years at which she rang to call the “men folks” home from the University of Houston, I will re- fields for supper. After ringing the bell long enough to tire at the end of this summer. make us wish we had a field to retreat to, Felix, my For about half my years at six-year old grandson, asked me what it was like to UH, I have run the Houston live on a farm in the old days. We talked at bed- History magazine, serving as a time for almost an hour about my grandparent’s combination of editor, moneyman, life on an East Texas farm that for decades lacked both manager, and sometimes writer. In the electricity and running water. I relived for him my memo- Joseph A. Pratt first issue of the magazine, I wrote: ries of regular trips to their farm: moving the outhouse to “Our goal…is to make our region more aware of its history virgin land with my cousins, “helping” my dad and grandpa and more respectful of its past.” We have since published slaughter cows and hogs and hanging up their meat in the thirty-four issues of our “popular history magazine” devot- smoke house, draw- ed to capturing and publicizing the history of the Houston ing water from a well region, broadly defined.

  • GE Legend Welch Is Dead at 84 All Address Information, Particu- Reported the Kids Were All Re- Joe’S at 300 Andover St

    TODAY IS ELECTION DAY. POLLS CLOSE AT 8 P.M. PLEASE GET OUT AND VOTE TUESDAY, MARCH 3, 2020 Moulton: November election ‘I think Trump is going to be hard to beat. I thought is ‘critical’ for country that a young combat veteran By Steve Krause didate for the presidency (and who ITEM STAFF U.S. rep proud of his will run for his fourth term as the (Moulton is a accomplishments. A3 6th District representative) spoke former U.S. LYNN — Rep. Seth Moulton on the day after former vice presi- (D-Mass.), says he doesn’t have the Marine who dent Joseph Biden’s decisive victory words to describe how critical it is a 30. served four tours for the Democrats to win the presi- in Saturday’s South Carolina prima- “Abraham Lincoln talked about dency this November. ry resulted in former South Bend, of duty in Iraq) “I don’t think I have the words the better angels of our nature,” said Ind., mayor Pete Buttigieg dropping would be the to say how I feel about that,” said Moulton, “and he was right.” Donald out of the race. Later Monday, Min- perfect foil Moulton Monday morning during Trump, he said, “invokes the worst nesota Sen. Amy Klobuchar did the a meeting with the Item editorial angels of our nature.” for him.’ board. “On a scale of 1 to 10, this is Moulton, who was brie y a can- MOULTON, A3 ITEM PHOTO | OLIVIA FALCIGNO Super GE legend Welch Tuesday comes to is dead at 84 By Thor Jourgensen the business world.
  • The Rise of Private Equity Media Ownership in the United States: a Public Interest Perspective

    The Rise of Private Equity Media Ownership in the United States: a Public Interest Perspective

    City University of New York (CUNY) CUNY Academic Works Publications and Research Queens College 2009 The Rise of Private Equity Media Ownership in the United States: A Public Interest Perspective Matthew Crain CUNY Queens College How does access to this work benefit ou?y Let us know! More information about this work at: https://academicworks.cuny.edu/qc_pubs/171 Discover additional works at: https://academicworks.cuny.edu This work is made publicly available by the City University of New York (CUNY). Contact: [email protected] International Journal of Communication 2 (2009), 208-239 1932-8036/20090208 The Rise of Private Equity Media Ownership in the United States: ▫ A Public Interest Perspective MATTHEW CRAIN University of Illinois, Urbana-Champaign This article examines the logic, scope, and implications of the influx of private equity takeovers in the United States media sector in the last decade. The strategies and aims of private equity firms are explained in the context of the financial landscape that has allowed them to flourish; their aggressive expansion into media ownership is outlined in detail. Particular attention is paid to the public interest concerns raised by private equity media ownership relating to the frenzied nature of the buyout market, profit maximization strategies, and the heavy debt burdens imposed on acquired firms. The article concludes with discussion of the challenges posed by private equity to effective media regulation and comparison of private equity and corporate media ownership models. The media sector in the United States is deeply and historically rooted in the capitalist system of private ownership. The structures and demands of private ownership foundationally influence the management and operation of media firms, which must necessarily serve the ultimate end of profitability within such a system.
  • The Board's Role in Monitoring Strategy – Lessons Learned from GE

    The Board's Role in Monitoring Strategy – Lessons Learned from GE

    The Board’s Role in Monitoring Strategy: Lessons Learned from General Electric By Michael J. Berthelot, Natasha Lasensky, and Paul Somers January 14, 2019 THE BOARD’S ROLE IN MONITORING STRATEGY The Board’s Role in Monitoring Strategy: Lessons Learned from General Electric Michael J. Berthelot, Natasha Lasensky, and Paul Somers Rady School of Management University of California, San Diego Author Note Natasha Lasensky and Paul Somers are M.B.A. candidates in the Rady School of Management, University of California, San Diego. Natasha Lasensky is a Project Manager in Software and Web Development at PINT Inc. Paul Somers is the Head of Programs for GKN Aerospace EPW, and responsible for program performance, profits and losses, customer satisfaction, and commercial function. Michael J. Berthelot is a lecturer in the M.B.A. program at the Rady School of Management, where he teaches the course, “The Board, the CEO, and Corporate Governance.” Berthelot has served as chief executive officer for two publicly-traded companies and on more than thirty boards over the course of his career. He currently serves on the board of a New York Stock Exchange-listed consumer products company. Correspondence concerning this article should be addressed to Michael J. Berthelot, Cito Capital Corporation, P O Box 5005 PMB #5, Rancho Santa Fe CA 92067. E-mail: [email protected]. THE BOARD’S ROLE IN MONITORING STRATEGY 1 History Thomas Edison founded General Electric (GE) in 1878. During its early years, GE primarily focused on the generation and application of electricity, expanding into plastics and radio broadcasting in the early 1900s.
  • April 2009 4 Howell Jackson ’82 Is Appointed Acting Dean of Harvard Law School

    April 2009 4 Howell Jackson ’82 Is Appointed Acting Dean of Harvard Law School

    april 2009 4 Howell Jackson ’82 is appointed acting dean of Harvard Law School. Congressional Oversight Panel Salute to a general Chairwoman Elizabeth Dean Kagan becomes U.S. solicitor general Warren testify- ing before the Senate Finance On March 19, 2009, Dean Committee on Elena Kagan ’86 was Capitol Hill in March confirmed by the United States Senate as the 45th solicitor general of the United States—and the first woman solicitor “To lead the Solicitor GETTY IMAGES general in U.S. history. General’s President Barack Obama ’91 Office is the Warren overseeing Treasury’s honor of a nominated Kagan in early January, lifetime.” economic bailout plan and on Feb. 10 the Senate Judiciary —ELENA KAGAN ’86 Committee held a hearing to consider DOOHER KATHLEEN n November, Harvard Law The panel, charged with examining her nomination. integrity. That is due, in large measure, ISchool Professor Elizabeth Warren the Treasury Department’s plans for In her opening statement to the to the people who have led it.” was appointed to a five-member the $700 billion economic bailout committee in February, Kagan said, Kagan served in the White House Congressional Oversight Panel to package, known as the Troubled “To have the opportunity to lead the during the Clinton administration, first monitor the Treasury’s economic Asset Relief Program, has issued five Solicitor General’s Office is the honor as associate counsel to the president rescue plan. Warren was one of three reports on the effectiveness of the of a lifetime. As you know, this is an (1995-96) and then as deputy assistant experts nominated to the bipartisan regulatory structure now governing office with a long and rich tradition, not to the president for domestic policy and panel by House Speaker Nancy Pelosi the country’s financial system.
  • GE's Talent Machine: the Making of a CEO

    GE's Talent Machine: the Making of a CEO

    9-304-049 REV: NOVEMBER 3, 2006 CHRISTOPHER A. BARTLETT ANDREW N. McLEAN GE's Talent Machine: The Making of a CEO For more than a century, General Electric (GE) had been recognized as one of the world’s leading diversified businesses, and regularly found itself at or near the top of America’s and the world’s most admired corporations. From its founding in 1878 by Thomas Edison, the company grew to be a titan in the world of electrical generation, distribution, and use—and a widely followed model of modern management practice. GE was a pioneer of centralized corporate control in the 1930s, an exemplar of the decentralized multidivisional organization form in the 1950s, a leader in strategic planning in the 1970s, and a model of the lean and agile global competitor of the 1990s. Throughout its history, GE always promoted its top leaders from its own ranks. The company’s much admired executive development practices were rooted in the cultural values put in place by Charles Coffin, the CEO who succeeded Edison in 1892. Over the next 20 years, Coffin’s commitment to creating a meritocracy based on measured performance became the foundation for a culture that was to make GE “a CEO factory” as one observer called it.1 Throughout the 20th century, this machine produced a pool of skilled managers that not only met the company’s own needs, but also became a major source of CEO talent for corporate America. So powerfully enduring was Coffin’s accomplishment that a 2003 Fortune Magazine article named him “the greatest CEO of all time.”2 On September 7, 2001, when 44-year-old Jeff Immelt was named the company’s twelfth leader after Edison, he faced a daunting challenge.
  • Coming in from the Cold

    Coming in from the Cold

    COMING IN FROM THE COLD By Peter Mork Coming in from the Cold1 By Peter Mork 2010 1 This novel is inspired by the John Ajvide Lindqvist novel, Let the Right One in, published in 2004, and the Film by the same name released in 2008, screenplay also by John Ajvide Lindqvist. This novel and film had a profound impact on me, resulting in this ‘Epilogue,’ in which, in my obsession, I tried to make up for the darkness of Eli’s past, and the loneliness both she and Oskar endured before they met. Table of Contents Part 1: Karlstad Chapter 1 Eli and Oskar – The Outing ............................................................................................. 1 Chapter 2 The Bargain ....................................................................................................................... 9 Chapter 3 Dinner in Karlstad .......................................................................................................... 17 Chapter 4 Surprises .......................................................................................................................... 27 Chapter 5 Eli’s Vengeance ............................................................................................................... 37 Chapter 6 Eli Flies ............................................................................................................................ 45 Chapter 7 Oscar Makes a Decision ................................................................................................. 55 Chapter 8 Oscar Flies ......................................................................................................................
  • Jack Welch, Former GE CEO, Is Dead - CNN

    Jack Welch, Former GE CEO, Is Dead - CNN

    3/3/2020 Jack Welch, former GE CEO, is dead - CNN LIVE T V Jack Welch, former GE CEO, is dead By Chris Isidore, CNN Business Updated 2:49 PM ET, Mon March 2, 2020 New York (CNN Business) — Jack Welch, who led General Electric through 20 years of its greatest financial success, has died. He was 84. Welch became CEO of GE in 1981 and led it until his retirement in 2001. "Today is a sad day for the entire GE family," GE CEO Larry Culp said in a statement. "Jack was larger than life and the heart of GE for half a century. He reshaped the face of our company and the business world. Jack was a strong and constant influence throughout my career despite never having worked directly for him." Welch, who was named "Manager of the Century" by Fortune magazine in 1999, massively increased the scope and financial might of GE (GE) during his time at the top of the company. The market value of the stock rose from $14 billion to more than $400 billion, an increase of more than 2,700%, during those 20 years. "He had a tremendous focus on shareholder value," said Je Sonnenfeld, a Yale business professor and founder and president of the Chief Executive Leadership Institute, who taught Welch in the early 1980s. Sonnenfeld noted that Welch also pushed GE into new lines of businesses, with mixed results. For instance, Welch presided over GE's 1986 takeover of NBC-owner RCA. GE sold the business to Comcast (CMCSA) in 2013.
  • Jack Welch and the Ge Way

    Jack Welch and the Ge Way

    Vol. 21, No. 1 (3 parts) Part 1, January 1999 © 1999 Soundview Executive Book Summaries* Order # 21-01 FILE: MANAGEMENT STRATEGIC ® Key Management Techniques of General Electric’s CEO JACK WELCH AND THE GE WAY By Robert Slater THE SUMMARY IN BRIEF Jack Welch had his eye on the horizon when he took over GE in 1981. What he saw there concerned him. The previous decade’s high inflation rate and encroaching competition from Japan were changing the rules of the game. Welch knew that while GE looked healthy enough to outsiders, it had to “get a lot better, faster.” That meant change — a lot of change. Welch slashed the size of the work force, delayered management, and reduced the number of business units. For this, he earned the name Neutron Jack. Welch also tore down internal boundaries, improving communication and speeding up operations. He implemented programs that cultivated ideas and rewarded quality. He expanded the corporation’s global reach. For this, Fortune magazine voted GE the most admired company in America in 1998 and credited Welch for having “rewritten the book on management while keeping GE huge, nimble, and immensely profitable.” Management guru Warren Bennis added that Welch raised GE from “big and good” to “big and great.” INSIDE . Welch molded GE into the powerhouse it is today, raising its revenues Understand Your Role to record levels by the late 1990s. And he did it his way. As Leader 2 By understanding his role as a leader. By unloading the bureaucracy that weighed it down. Decide What You Do Best By looking for new ideas inside and outside GE.
  • Cwc2006 Bookfinal.Indd

    Cwc2006 Bookfinal.Indd

    CCreativereative WWritingriting Competition for Allen County High School Students May 4, 2006 Thank you to the sponsors of The Ohio State University at Lima Creative Writing Competition The Lima Breakfast Optimists The Lima Noon Optimists Eligible High Schools for 2006 Competition Allen East Apollo Career Center Bath Bluffton Delphos Jefferson Delphos St. John’s Elida Lima Central Catholic Lima Senior Perry Shawnee Spencerville Temple Christian Freshman/Sophomore Division Poetry: First: “Medicine Man” by Renee Klausing, Delphos St. John’s .............................................5 Second: “The Rock God” by Abby Scalf, Delphos St. John’s ................................................6 Third: “This Passion” by Alexis Mohler, Delphos Jefferson .................................................9 Honorable Mentions “Wonders” by Jessica Miera, Spencerville ...........................................................................10 “The Devil and the Poor Man,” by Vicki Lynn McGhee, Elida ..........................................13 “What Can I Do But Flow?” by Kristin Schafer, Temple Christian ...................................15 “Datcha,” by Darya Task, Bath .............................................................................................17 “Fallen Angel,” by Kayla Gilroy, Elida .................................................................................19 “The Dragon Path,” Deborah L. Martin, Temple Christian ...............................................21 Fiction: First: “The Returner” by Taylor Andrews, Delphos
  • Essay 6 Unemployment: the Jack Welch Tweet & Fake Jobs Numbers

    Essay 6 Unemployment: the Jack Welch Tweet & Fake Jobs Numbers

    Essay 6 Unemployment: The Jack Welch Tweet & Fake Jobs Numbers Please open, read, and refer to the following articles: Jack Welch https://twitter.com/jack_welch/status/254198154260525057 October 5, 2012 Jack Welch sets Twitter Ablaze with Obama Job Jab https://www.reuters.com/article/us-usa-economy-jackwelch/jack-welch-sets-twitter-ablaze-with- obama-job-jab-idUSBRE8941CR20121005 https://unemploymentdata.com/employment/jack-welch-unemployment-twitter/ October 10, 2012 Jack Welch defends his jobs report comments (again) http://www.cnbc.com/id/49358414 Was Jack Welch right on Twitter? https://unemploymentdata.com/employment/jack-welch-unemployment-twitter/ Donald Trump March 10, 2017 19 Times Trump called jobs numbers ‘fake’ before they made him look good https://www.washingtonpost.com/news/wonk/wp/2017/03/10/19-times-trump-called-the-jobs- numbers-fake-before-they-made-him-look-good/ Sean Spicer, Former White House Press Secretary March 10, 2017 https://www.cnbc.com/2017/03/10/white-houses-spicer-trump-says-jobs-report-may-have-been- phony-in-the-past-but-its-very-real-now.html Management of individual companies and of the broad economy requires data upon which to base decisions and plan a course of action. It is vitally important, then, that this data is consistent, reliable, and unbiased. One of the more closely watched and most relevant sets of data is that regarding the labor market. The Congress is interested in this data because it is responsible for the fiscal policy that can help or hinder the labor force in finding or keeping a job and in receiving rising or stagnant wages.