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.
email to a friend
print this definition
cite this definition
link to this page
open book management (OBM) is in the Decision Making, Problem Solving, & Strategy, Entrepreneurship, Management, & Leadership and HR, Teams, & Training subjects.
This content can be found on the following page:
http://www.businessdictionary.com/definition/open-book-management-OBM.html