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Source global Wall Street Journal     time 2022-01-14 22:00:03
Typefacelarge in Small

Encourage your associates to hold a stake in the company. Offer discounted stock, and grant themstock for their retirement. It's the single best thing we ever did.

GARY REINBOTH, EARLY STORE MANAGER, WAL-MART:

Then he finds out that the associates are just stealing rampant throughout the store, and letting thecustomers steal too because no one has set any controls. No one was checking on the refunds. No onewas checking on the layaways. No one was even checking on the cash registers. If you wanted to steal,you knew you wouldn't get caught. So they started checking on all those things, and they started talkingabout integrity, and they talked about improving sales. Within a year and a half, this store was turnedaround completely. The shrink was down to 2 percent. It started turning a profit, and when I went inthere to visit I think it was one of the proudest moments I've had in forty years of visiting almost twothousand stores. It was just an unbelievable job of an action-oriented, right-thinking motivator stepping inand saving a horrible situation.

Chapter 8 Rolling Out the Formula


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