Cleveland-based manufacturer Lincoln Electric has thrived for more than a century. It survived two World Wars, the Great Depression, the decline of industrial America, and the recent credit crash with impressive profits.

While factories across the Midwest fired employees and shuttered their doors, Lincoln Electric fulfilled its promise of Guaranteed Continuous Employment,” a company pledge to avoid layoffs for economic reasons. By promoting loyalty, trust, and flexibility, Lincoln Electric has built a company of committed, hard-working employees and a reputation of excellence.In this insightful and spirited investigation, journalist Frank Koller digs deep into Lincoln Electric’s inner workings—revealing surprising lessons about what happens when managers view their employees as valued assets rather than costs.