Far beyond watching their company’s bottom line, strong leaders establish guiding principles for their business and their employees, and make sure those principles resonate throughout the company. Michael Pessina, president and co-CEO of Lutron Electronics, talks about how the company’s five corporate principles, established by founders Joel and Ruth Spira, help drive and maintain excellence within the entire organization.
1) Take care of the customer with superior goods and services. The customer is our No.1 priority and the reason we exist as a company. Every day we ask ourselves, “Are we taking care of the customer? Are we delivering superior products?” And, we start by making sure our products work the first time you use them, and every time you use them.
2) Take care of the company. Lutron is dedicated to innovation, growth and continued product development. We support our commitment to technological leadership by reinvesting at least 10 percent of our sales back into research and development every year, keeping our products innovative, and our approach forward thinking.
3) Take care of the people. As a private, family-owned and operated company, we recognize that our employees are our greatest assets—each employee makes an important personal contribution to the success of the company. The best way to take care of our people is first to take care of our customers and our company, and then offer a robust, innovative workplace, a global product offering and lighting control solutions that create continued sales growth.
4) Innovate with high-quality products. It’s important to sweat all the details: technology, aesthetics, cognition, ergonomics and performance—every possible detail—because we understand that lighting is operationally essential. Our customers have no patience for having to shut down and reboot their lighting controls or automated shades, so we provide world-class quality products that make people’s lives easier and better.
5) Deliver value to the customer. In the end, customers will only continue to buy products if those products are valuable to their lives. That’s what we strive to do with everything we manufacture—make people’s lives better, save energy without the sacrifice and make a contribution to society and the economy.
Published (and copyrighted) in South Jersey Biz, Volume 6, Issue 2 (February, 2016).
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