The language of money
Dr. Joseph Juran notes that people at the top of an organization speak the language of money, while people at the lower levels speak the language of things. Effective managers, he asserts, should be able to converse with anyone, whether the topic is finance or widgets. If you’ve not yet learned what impacts the bottom line, consider taking an open-book management approach with your staff and managers. (The more support there is at the top, the more easily the approach will be accepted and adopted.)
This approach, popularized by Jack Stack, CEO of Springfield Remanufacturing Corporation, makes financial information available to every employee of the organization. Every employee knows what it costs ...
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