Chapter 10 - Chapter 10 EMPOWERING EMPLOYEES Empowerment-...

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Chapter 10 EMPOWERING EMPLOYEES Empowerment- Giving employees authority and responsibility to make decisions about their work without traditional managerial approval and control Sharing information and decision-making authority Keeping them informed about company's financial performance Giving them broad authority to make workplace decisions LINKING REWARDS TO COMPANY PERFORMANCE 1. Employee Stock Ownership Plans a. Gives employees ownership stakes, motivating them to work smarter and harder a.i. 11 million workers at 10,000 companies participate 2. Stock Options a. Right to buy a specified amount of company stock at a given price within a given time period a.i. 1/3 of all options go to the top five executives at a firm a.ii. Being offered more and more to employees at all different levels a.iii. Like the lottery TEAMS Group of employees who are committed to a common purpose, approach, and set of performance goals o Mutually responsible and accountable for accomplishing objectives Ability to work FIVE TYPES OF TEAMS 1. Work Teams- groups of people with complementary skills who are committed to a common purpose a. 2/3s of US firms currently use this type of team
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Chapter 10 - Chapter 10 EMPOWERING EMPLOYEES Empowerment-...

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