My Years with General Motors by Alfred Sloan

My Years with General Motors by Alfred Sloan is the autobiography of Alfred P. Sloan, Jr., former Chairman and CEO of General Motors. This book not only details Sloan's experiences of running the largest car maker in the world, it provides an in-depth account of his vision for the future of the automotive industry and the development of General Motors into a global giant.

Before entering the automotive world at General Motors, Sloan was an executive at the GM-owned Hyatt Roller Bearing Company in Massachusetts. It was here that Sloan developed a particular interest in engineering and production efficiency, principles he would later carry with him to General Motors. His expertise in that area landed him a job at Buick Motor Company in 1916. After joining the then struggling firm, Sloan realized the need for a more effective organizational structure and thus developed his signature "Five-Function Approach". This new approach allowed for the optimization of General Motors' operations and helped the company to gain a competitive edge among its competitors.

Sloan's innovative ideas brought new life to the company's operations and he quickly rose up the ranks. He upstaged Chrysler's founder Walter Chrysler in 1923 when Buick outsold Chrysler's cars for the year. Sloan was eventually promoted to President of General Motors in 1923 and in 1937 he assumed the role of Chairman of the Board.

As chairman, Sloan set out to address the issue of economic stability by introducing the dividend policy. The dividend policy paid back shareholders with a substantial return while at the same time maintaining profitability. By reducing the cost of capital, this policy allowed GM to become debt-free and helped to protect the company in times of economic downturn.

During his time at the helm of General Motors, Sloan changed the culture of the company by implementing a clear division of labor and introducing employee benefits such as pensions and health care. He also instituted the use of market research in order to better understand customer preferences and create safety standards for their vehicles. In addition, Sloan oversaw the launch of the iconic General Motors brands Cadillac and Pontiac, making it the first U.S. automotive company to have such a comprehensive list of vehicles.

My Years with General Motors provides readers with an in-depth look at Alfred Sloan's vision for the automotive industry. His principles of efficiency and cost-effectiveness enabled General Motors to become the global automotive giant it is today. Sloan's philosophy of providing customers with value and quality, as well as his commitment to technological innovation and safety, have shaped the automotive industry for decades to come. The book not only provides an insightful look into the man behind the world's largest carmaker, but also how his principles and contributions have shaped our modern world.