open book management (OBM)

Definition

Philosophy of involving every employee in making a firm more successful by sharing financial and operational information. OBM involves four basic practices (1) training employees so they become business literate and can understand financial statements, (2) empowering them to use that information in cost cutting and quality improvement, (3) trusting them as business partners on equal footing, and (4) rewarding them fairly for the firm's success.

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