How to design a great business literacy program.
Employee participation in business decisionmaking is one of the prime ways of building a successful team at work. But not all companies think it’s productive. Participative management can be successful through varied schemes such as suggestion systems, collective bargaining, quality circles, complete control, job enrichment, and among others. However, participation requires a significant level of business literacy to be meaningful; hence, employees need to be trained in various areas through qualitative business literacy programs for participative competence.
Organizational framework and context are revealed to employees through business literacy programs. It’s the training where employees learn about income statements and its meaning, the difference between cash and profit, and major operational models. Employees also learn about the importance of all proposed business concepts and how they can contribute to success.
In participative management, employees are charged to make active contribution to the company’s success, irrespective of how long they have worked with the organization. But more often than not, we fail to translate the business literacy in the right way. We rarely ever define success in the practical sense or educate employees on how to measure success. Employees with trivial business literacy will struggle to make meaningful contributions, leaving them on a difficult path to become successful and at the edge of poor job satisfaction, which is one of the reasons why employees quit.
Aside from few disadvantages such as slow decision-making process and security issues, the benefits of ‘successful’ participative management include increased productivity, job satisfaction, improved quality, employee motivation, and reduced operational cost. These benefits are none negotiable in any business organization that has chosen to succeed.
This story is from the April 2018 edition of The HR Digest.
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This story is from the April 2018 edition of The HR Digest.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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