RSM100Y1 Chapter 9: RSM100 CH9
Document Summary
Chapter 9: top performance through empowerment, teamwork, and communication. Empowerment is giving employees shared authority, responsibility, and decision- making with their managers, uses the brainpower of all employees. Most effective way of empowering employees is by keeping them informed about the company"s financial performance. Employees are able to better understand how their work contributes to company profits. Second way is by giving them broad authority to make decisions that carry out a firm"s vision and its competitive strategy. Ultimate step in convincing employees of their role in the success of their firm is worker ownership, offered in two ways, through employee stock ownership plans and stock options. 7 percent of canadians participate in esops. The employer buys shares of a company stock on behalf of the employee as a retirement benefit, when employees leave the company they can cash in their stocks.
