Page 5 - INSIDE ACCESS NOVEMBER 2ND EDITION

FOOD FOR THOUGHT Leadership and Business
Lessons from Top CEOs
Freedom and Responsibility
One of the main reasons WalMart consistently outperformed the competition was its employees. Employees are responsible for breakthrough customer experiences and those employees are shaped by the company's culture.
Sam Walton, Walmart's CEO, considered people working in his stores and warehouses as partners and called them 'associates' rather than employees. He believed that the more he shared profits with his associates, the more profit the company would gain. If the company could treat the associates well, then the associates would treat the customers well. If the customers were treated well, then they would visit the store again and again. Sam shared information about the business with his associates and involved them in business decisions, planning, and execution. He gave his associates responsibility, authority and freedom. He was very well aware thatrealprofitsinbusiness lie in 'repeat customers'.
Stephen Schwarzman, CEO of Blackstone, was of the opinion that nobody, particularly brilliant people like to work at a place where they are tightly controlled. If there is no autonomy, then there is no dignity. Stephen, further adds that it is a well-known fact that most people do not like to work like subordinated work units. They want to be in charge of their destiny with ownership of their growth and a leader’s role is to help them in their pursuit. Leaders have to provide sufficient autonomy so that employees feel valued and appreciated for the skills they bring to the table. Employees should feel
that they have enough freedom, within reason, to utilise their talents. Freedom encourages risk- taking, creativity and experimentation, which in turn, adds to the growth of a business. This creates a healthy working environment as employees will grow both professionally and personally. These factors all contribute positively to a business’ bottom line.
Contributed by
Oye Jolaoso
-Jim Collins
PAGE 5 INSIDE ACCESS | NOVEMBER 2020 2ND EDITION