William McKnight

William L. McKnight (born September 11, 1887 in White , South Dakota , † March 4, 1978 ) was an American businessman. As president and chairman of the supervisory board of the technology group 3M , he significantly shaped the corporate philosophy that is still lived today. In 1953 he founded the McKnight Foundation, which is committed to numerous charitable causes.

Life

William McKnight was the son of the settlers Joseph and Cordelia McKnight. After graduating from school, he began studying at Duluth Business University, which he finished without a degree, in 1907 to take up a position as an assistant accountant at 3M ( Minnesota Mining and Manufacturing Co. ). Within two years he was promoted to head of the Chicago sales office and steadily worked his way up until he was appointed president of the company in 1929 and chairman of the board in 1949. McKnight retired from active professional life in 1966, but remained with the company as honorary chairman until 1973. He died in 1978 at the age of 90.

On April 20, 1995, McKnight was inducted into the Junior Achievement National Business Hall of Fame in the United States in recognition of his achievements in free enterprise.

Business philosophy

One of McKnight's greatest achievements is his business philosophy, with which he created a corporate culture that encourages employee initiative, personal responsibility and innovation. He formulated his basic management rules in 1948:

“The more a company grows, the more important it becomes to delegate responsibility and encourage employees to take their own initiative. That demands a high degree of tolerance. Employees to whom we give authority and responsibility want - if they are good - to do their jobs independently. "

There will always be mistakes. But the mistakes made by employees, who mostly do the right things, are not as serious as those that arise when management wants to dictate to those responsible exactly how they should do their work.

“A management that reacts over-critically to errors destroys initiative. But employees with personal commitment are vital if a company wants to continue growing. "

Foundation, endowment

In 1953, William McKnight and his wife Maude founded the McKnight Foundation, based in Minneapolis . The aim of the foundation, which is still in existence today, is to improve the quality of life for present and future generations. It pursues this goal by awarding grants, cooperations and supporting political reforms in numerous areas, including young talent, the environment, art and science.

Over the past 55 years, the McKnight Foundation has made approximately $ 1.7 billion in grants. It currently has assets of around $ 1.9 billion and granted around $ 91 million in 2011 alone.

Web links

• 3M website , accessed August 14, 2012
• McKnight Foundation website , accessed August 14, 2012