The Power of Open-Book Management

Article

Schuster, John P.   (1998, ASQ)   Capital Connections, Inc., Kansas City, MO

Annual Quality Congress, Philadelphia, PA    Vol. 52    No. 0
QICID: 10679    May 1998    pp. 176-180
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Article Abstract

Business-literate companies treat their employees as owners who participate in the accountability, risks, and rewards of business. Open-book management (OBM) or business literacy increases the involvement, business education, and motivation of employees while improving the financial outcomes of their companies. OBM has four systems. First, critical number know-how requires that employees understand financial numbers and ratios. Second, the intensive huddle system institutionalizes the dissemination of information. Third, no-kidding ownership uses variable pay, profit sharing, or other means to give every employee a stake in the company. Fourth, the player/coach leadership system empowers all employees to take on daily leadership responsibilities. The OBM philosophy is linked to competitive advantage, increased investment in human capital, global capitalism, information sharing, and the rise of small, flexible companies.

Keywords

Education,Employee involvement (EI),Empowerment,Motivation,Information management,Leadership,Financial industry


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