Stack: transparency is key to business
- June 13, 2017
- ReMaTec News
Jack Stack, founder of US-based reman specialist SRC Holdings, has reiterated his belief in sharing as much information as possible with employees so that they understand exactly how the company is doing. This leads to success because everyone feels they have a stake in the business, he believes. In an interview with Forbes magazine, the former Remanufacturer of the Year said that he routinely shares financial and productivity data with employees and encourages individuals to be entrepreneurial.
Good ideas on reducing waste and downtime were more likely to come from workers than from the management. “Nobody knows the job better than the guy who is doing it,” Stack believes. SRC is based in Springfield, Missouri and is owned by its 1,600 staff, who often start up their own commercial venues. “We do start businesses all the time,” Stack said. “When you teach people the financials, they get a pretty good idea of how to run a company.” SRC, which specialises in automotive and heavy duty reman, even has nascent plans to rebuild an entire work site vehicle – rather than just remanufacturing its components – although the company was tight-lipped over exactly which vehicle was the target. If it works, SRC believes this could be a “$20 million business in a few years”. Stack outlines much of his business philosophy in his book The Great Game of Business.