Open Book Management

Increase employees’ business acumen to increase engagement, stimulate discussion, and generate company improvements. Download our whitepaper for more details on how to get started at your organization.

What is it?

Open Book Management is a program that shares, educates, and links employee decision-making to the financial performance of the business. In concert, these concepts give Rhino employees the ability to understand the impact of financial decision-making and to impact financial outcomes in their day-to-day activities.

Opportunity

Most businesses don't share financial information with the majority of their employees. Thankfully, Rhino is not "most businesses." Instead, Rhino thought that getting every employee to think like an owner, rather than just an individual who punches in and out each day, would lead to a more engaged and productive workforce.

What did we do?

Rhino identified which key financial data and business concepts were critical to understanding the company's financial health and decided to educate every employee on these points. One to three critical measures were identified to mark intended yearly progress and company goals were built around these. To take things one step further, bonuses were linked to each of these goals and reported to the employees daily, weekly, or monthly, as appropriate. The sharing of information and corresponding discussions helped employees see the impact of their daily work on the key financial measures and ultimately on the finances of the company as a whole.

Results

Over the years Rhino has focused on a variety of financial impact measures that have led to numerous improvements including: increased efficiencies in production, increased customer service level, increased first time quality, lowered workmen’s compensation rates, implemented improvements based on front-line employee suggestions, and created new leaders within the company.

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Open Book Management