| Opening the books. | |
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MedLine Citation:
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PMID: 10165446 Owner: NLM Status: MEDLINE |
Abstract/OtherAbstract:
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For years, small companies have experimented with forms of open-book management. Open-book systems have smoothed change efforts by giving workers the why instead of just the how of initiatives; they have enabled employees to think like owners. Now divisions of large organizations such as R.R. Donnelley & Sons and Amoco Canada are finding opening the books can work for them, too. It isn't easy, and companies must adapt the principles to their own situations. AES Corporation, for example, found that it had to declare all its employees "insiders" when it went public. One of the reasons for large companies' interest in open-book management is the success of a role-model company, Missouri-based Springfield ReManufacturing. Leaders of divisions of large companies have been able to visit and ask questions. Other early adopters are also showing competitive advantages. Among them are Wabash National, now the nation's leading truck and tractor manufacturer, and Physician Sales & Service, a distributor of supplies to doctors' office. Open-book principles are the same whether a company is large or small: every employee must receive all relevant financial information and be taught to understand it; managers must hold employees accountable for making their unit's goals; and the compensation system must reward everyone for the overall success of the business. Hexacomb Corporation is one large organization that has done well. Workers at the company's seven plants are inspired by a system of splitting profits over budget fifty-fifty: half goes to the company and half to the bonus pool. Such companies are learning the benefits of having everyone work to push the numbers in the right direction. |
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Authors:
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J Case |
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Publication Detail:
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Type: Journal Article |
Journal Detail:
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Title: Harvard business review Volume: 75 ISSN: 0017-8012 ISO Abbreviation: Harv Bus Rev Publication Date: 1997 Mar-Apr |
Date Detail:
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Created Date: 1997-04-16 Completed Date: 1997-04-16 Revised Date: 2000-12-18 |
Medline Journal Info:
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Nlm Unique ID: 9875796 Medline TA: Harv Bus Rev Country: UNITED STATES |
Other Details:
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Languages: eng Pagination: 118-27 Citation Subset: H |
Export Citation:
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APA/MLA Format Download EndNote Download BibTex |
| MeSH Terms | |
Descriptor/Qualifier:
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Decision Making, Organizational Industry / organization & administration* Institutional Management Teams Management Audit / methods* Organizational Culture* Organizational Innovation Personnel Management Salaries and Fringe Benefits United States |
From MEDLINE®/PubMed®, a database of the U.S. National Library of Medicine
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