Asked by Beatriz Sarai on Jun 30, 2024
Verified
Which of the following is not a step in the S.T.E.P. approach to Open-book Management (OBM) ?
A) Empower employees and make necessary changes and decisions for success
B) Share key financial data and stock price in prominent locations
C) Pay employees for education
D) Teach all employees how to read and interpret basic financial reports and how to control costs
E) Pay employees fair share of profits through bonuses, incentives, and stock ownership
Open-book Management
A management approach where companies share financial and operational information with all employees to involve them in decision making.
Empower Employees
The process of giving staff members the authority, tools, and information they need to make decisions and contribute to the company's success.
Financial Reports
Official records that detail a company's financial performance over a specified period, including income statements, balance sheets, and cash flow statements.
- Understand the steps in the S.T.E.P. approach to Open-book Management (OBM).
Verified Answer
SP
Sunita PangeniJun 30, 2024
Final Answer :
C
Explanation :
Paying employees for education is not a step in the S.T.E.P. approach to Open-book Management (OBM). The other options - Empowering employees and making necessary changes and decisions for success, Sharing key financial data and stock price in prominent locations, Teaching all employees how to read and interpret basic financial reports and how to control costs, and Paying employees a fair share of profits through bonuses, incentives, and stock ownership - are all steps in the S.T.E.P. approach to OBM.
Learning Objectives
- Understand the steps in the S.T.E.P. approach to Open-book Management (OBM).