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Unformatted text preview: Improving Performance Through Empowerment, Teamwork, and Communication Sharing information and Decision- making authority o Keeping them informed about company’s financial performance o Giving them broad authority to make workplace decisions o Empowerment: giving employees authority and responsibility to make decisions about their work without traditional managerial approval and control- Empowering Employees 11 million workers at 10,000 companies participate Gives employees ownership stakes, motivating them to work smarter and harder o Employee Stock Ownership Plans- 1/3 of all options go to the top five executives at a firm Being offered more and more to employees at all different levels Like the lottery Right to buy a specified amount of company stock at a given price within a given time period o Stock options- Linking Rewards to Company Performance Mutually responsible and accountable for accomplishing objectives o Group of employees who are committed to a common purpose, approach, and set of performance goals- Ability to work on teams often emphasized during the hiring process- 2/3 of U.S. firms currently use this type of team Work Teams: groups of people with a complementary skills who are committed to a common purpose o Problem- solving team: a temporary combination of workers used to solve a specific issue o Self- managed team: empowered with authority to decide how members complete daily task...
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This note was uploaded on 05/05/2011 for the course BUS 100 taught by Professor Reeves during the Spring '11 term at Rutgers.
- Spring '11