8 Tips for Managing Staff Through Hard Times
Jack Stack, the founder of SRC Holdings in Springfield, Missouri, and the father of open-book management, says that now is the time to embrace financial literacy and transparency. Make sure every worker, no matter how junior, knows what your P&L is, understands how his or her job relates to it, and has an idea of how to improve the business's overall financial performance. "My daughter has a small clothing shop in Missouri," he says. "It could be struggling. Upscale clothes are not a necessity, especially in a recession. Her answer was to make her seven employees financially literate. She now has seven people who think like her. Now it’s the associates who are selling. In October 2007, the business did $55,000 in sales. In 2008, in this climate, it did $81,000. Those numbers say it all."