We as a people seemed to have forgotten one of the fundamental business principles that created this country. We all believe it but, we are not using it in business.
It was the reason we fought the revolution in 1776, the guiding principle of the industrial revolution and even the civil rights revolution. I would say that most revolutionary moments are fueled by this reason.
Prosperity is the reason, Prosperity for all, not just a few select elite rich and powerful. Life, Liberty and the pursuit of happiness. I like the definition of Prosperity from dictionary.com “A successful, flourishing, or thriving condition, especially in financial respects; good fortune.”
Everyone one wants prosperity. Sadly, many business and people have lost sight of what brings the best and highest possible prosperity for business and people working for those businesses.
Fredrick Taylor understood this concept well, “The principle responsibility of management is to seek for the greatest prosperity of the company coupled with seeking for the greatest prosperity for the employee” That quote was published in a book in 1911. After Taylor’s life work as a management consultant.
This is lost secret is where most businesses have missed the train. They have uncoupled the engine that will really drive the business forward. Businesses that are seeking the greatest prosperity, will also seek the greatest prosperity for the people for the organization. I am going to repeat it again because this is important. Remember the greatest prosperity for the business will be coupled to the greatest prosperity for the employee.
Let me give you an example. I was working for a company that was paying their data entry operators $8 an hour. There was a deadline every day for the data entry to be completed. At $8 an hour, the employees were missing the deadline by two four hours every day. The employees greatest prosperity came to them the longer they sat in those chairs. They were doing what the company was motivating them to do, sit in chairs. The greatest prosperity for the company was when the work was completed on time or early. I changed the situation. I created a situation where the employees greatest prosperity came from doing quality work quickly. Instead of paying hourly, we paid them in a profit sharing strategy. The strategy paid them extra for how much work they produced and the quality of that work. Within three months of the change implementation, things had changed. The work was getting completed two hours before the deadline. The average wage had gone from $8 an hour to $18 an hour. There was one person, not included in the average that was making $40 an hour.
Before the change, there had been 25 data entry employees. After the change, there were 12. All of this was accomplish by compiling the greatest prosperity for the employee with the what would bring the greatest prosperity for the company. This was in just one office there were fourteen other offices across the US doing the same task. Of course, it was implemented accross the country. The net effect was an extra $2,000,000 a year in profit for the company and the employees had more than doubled their pay. There were over 100 employees that raised their own pay, raised their hope, raised their ownership, and raised their standard of living. Basically, they raised their prosperity.
When more businesses adopt this strategy and philosophy you will see the hiring signs go away. When people love their jobs and are prospering they tell their friends when there are opening and you always have engaged, dedicated loyal employees. Because the business is engaged, dedicated, loyal to their employees and the community. Prosperity is really the most sustainable strategy.