Building Assets to Ensure That the Lowest-Level Employees Are Not Left Behind: Create Value by Investing in Your Workforce
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- Synopsis
- As a manager, you are probably aware of the compelling evidence that confirms that companies stand to gain when they share their profits with employees. You may also be aware of the argument that to attract highly skilled workers, you must offer extras like higher salaries and stock options. But what about the economic incentive to offer asset-building programs to employees at the bottom of the corporate ladder? This chapter explodes the misconception that economic incentives function too differently across the corporate spectrum to be transferable to low-level employees. Through comprehensive analysis of asset-building across all levels of the organization, this chapter demonstrates how one company cut their turnover rates in half and lowered accident rates, as well as training and recruitment costs, and how another company's asset-building program brought reputational advantage and consumer loyalty. This chapter also prepares you for some of the challenges of designing an asset-building program-from how to choose the right incentives so your profit-sharing plan will motivate your employees, to making sure all workers in your company understand profit sharing. This chapter was originally published as Chapter 4 of "Profit at the Bottom of the Ladder: Creating Value by Investing in Your Workforce."
- Copyright:
- 2010
Book Details
- Book Quality:
- Publisher Quality
- Publisher:
- Harvard Business Publishing
- Date of Addition:
- 08/02/16
- Copyrighted By:
- HBS Press
- Adult content:
- No
- Language:
- English
- Has Image Descriptions:
- No
- Categories:
- Nonfiction, Business and Finance
- Submitted By:
- Bookshare Staff
- Usage Restrictions:
- This is a copyrighted book.