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History of Caterpillar, SWOT Analysis, Competitive Environment, Proposed Options, and Recommendations for Growth
There are some global changes currently occurring that will have significant effects on companies in the next two decades. These changes include the ousting of dictators, the democratization of Eastern Europe and Latin America, the spread of free markets all around the world including China and Russia, the aging population in the United States, Europe, and Japan and the reverse trend in Asia, Mexico, and South America. These types of macro changes can bring major opportunities or major threats to companies. Caterpillar needs to stretch their management and organization to "to enhance(s) people's expectation of themselves and of the company. It is the boldness to strive for ambitious goals rather than selling for the safety of achievable targets ." Caterpillar has recognized the effect the changes many bring and have moved to outthink their competitors strategically. However, Cat must swiftly implement the above-mentioned options, as the move will give Cat a distinctive advantage.
Corporate Culture acts as a tool for achieving organizational goals and helping Caterpillar adapt to challenging external forces. Caterpillar needs to engage HR and create a separate group to focus on corporate culture and inform the employees of the benefits of the changes. Corporate culture and instilling vision in employees is no easy task, small steps will be necessary. First, Caterpillar should begin by creating cross-functional work teams and offer incentives based on company-wide performance versus individual performance. Cross-functional work teams will also help to eradicate some of the silo product teams. Cat should also implement a program that rewards managers and employee alike for what they produce rather than for seniority or specialized knowledge. …
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