Strategy Assignment : Lincoln Electric: Venturing Abroad

1. Lincoln's competitive advantage lies mainly in its effective compensation and benefits system which put forth three main elements to spearhead the company's efforts. The trinity of elements comprised of piecework, bonus system and guaranteed employment. Piecework provided workers with a sense of autonomy in that now, workers can earn as much as they are willing to work for. The bonus levels in Lincoln far exceeded those of industry peers and were based on their contributions in the form of output, ideas, cooperation, dependability and quality. Consequently, the benefits provided by Lincoln were not extensive as they saw higher wages as substitutes for things such as insurance, and workers were also in a better position to decide their own benefits. All these elements combined gave workers a sense of ownership in the company and motivated them to work harder as entrepreneurs rather than mere workers. It also helped that......

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Title: Strategy Assignment : Lincoln Electric
Approximate Word Count: 2081
Approximate Pages: 9 (250 words per double-spaced page)

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