Conservative
Type 40
Mitt Romney Bain Capital Record Targeted By Obama Campaign
An example -
Kansas Citys GST Steel was a successful company that had been making steel rods for 103 years when Mitt Romney and his partners took control in 1993. They cut corners and extracted profit from the business at every turn, placing it deeply in debt. When the company eventually declared bankruptcy, workers were denied their full pensions and health insurance, and the federal government was forced to step in and bail out the pension fund.
Gain management makes productivity soar at GST steel - Berman - 2006 - National Productivity Review - Wiley Online Library
Abstract
GST Steel in Kansas City, Missouri, achieved striking improvements in productivity through a self-funded gain-sharing program featuring direct line-of-sight, measurable data, and low administrative support. Gain-sharing payouts averaging 12.4 percent of gross pay in 1993 were surpassed by first quarter 1994 results.
Within the first three months of 1994, two components of the company broke 13 production records.
In another GST component, management hit its stretch payout of 24 percent while the union reached its stretch payout of 20 percent.
On a more intangible level, the program has produced gains in workforce creativity, cost consciousness, commitment, and empowerment. At the same time, the role of management has been revamped to emphasise monitoring, tracking, coaching, and ongoing communication of results.
GSTs success is rooted in a disciplined six-step process of planning, environmental assessment, plan design, plan testing, plan communication, and plan monitoring.
Organizations can achieve similar results if they provide all employees with equal opportunities for success, give equal weight to financial and operational measures, link business strategy with results, and tie the compensation plan to performance measures. This article outlines the function and scope of gain management and chronicles the transformation of GST as it gave birth to its own gain-management program.
wow... sounds like Romney did OK there, huh.