The original book on Open Book Management. Example of an ESOP ( )

Mr. Stack is the President and CEO of SRC, a company that remanufactures engines. It was spun off of International Harvester when that company just about went bankrupt. Mr. Stack discusses his management style of the company that is quite unique in the business world today. He believes that employees should be given all the information of what is going on in the company so they can participate. That means everyone in the company has the access to and the ability to understand all the financials. Everyone in the company knows the plan, what the goals are, what they need to do to accomplish the goal and what the reward is going to be for making that goal. There are no hidden agendas, no unterior motives, no secret plans. Everyone is involved and accountable for the results.

It is a novel approach to doing business and I can't help but think it has to work. Giving people ownership in the company and sharing in the rewards must be the greatest motivator of all. Having lived through many rumor mills, political struggles, and other secret maneuverings, I have to wonder what all the secrecy is for. Keeping people in the dark demonstrates a lack of trust and therefore breeds mistrust. Employees are adults. If they can't handle the cold, hard facts of their company, they should look for some other place to work. I can't see where anything but good can come of sharing the information.

I recommend this book to everyone. He shares what has worked and what hasn't. The stories are very interesting. He doesn't pull any punches. He admist freely where he has made mistakes and where the employees have banded together to make the impossible happen. In the end, it is only the line workers that can really make anything happen, so why not give them what they really want - information and control over their destiny. It can only be successful. ( )

Organization & Administration