We shared 3 ways to create an employee-owned culture last week. In a previous role, a savvy leader transparently shared overhead costs, how they were calculated and how they were attached to every element of servicing internal and external stakeholders. His objective was to educate the team on the economics of the business beyond looking at top-line sales and empower a greater sense of ownership over decisions and results.
Dock David Treece shares the basis of overhead and how to calculate it. Consider sharing this article with business team members. Then discuss overhead with them.
Source: Business.com, April 1, 2021. Link.
INSIGHTS: Rudimentary? Probably. Consider younger staffers on the team. How much do the 20- and 30-somethings know about costs and the consequences of various decisions?
Transparency can help a team gel and improve employee-ownership for the business, as well as the culture.