Ebook The Good Jobs Strategy: How the Smartest Companies Invest in Employees to Lower Costs and Boost Profits, by Zeynep Ton
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The Good Jobs Strategy: How the Smartest Companies Invest in Employees to Lower Costs and Boost Profits, by Zeynep Ton
Ebook The Good Jobs Strategy: How the Smartest Companies Invest in Employees to Lower Costs and Boost Profits, by Zeynep Ton
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Almost one in four American working adults has a job that pays less than a living wage. Conventional wisdom says that’s how the world has to work. Bad jobs with low wages, minimal benefits, little training, and chaotic schedules are the only way companies can keep costs down and prices low. If companies were to offer better jobs, customers would have to pay more or companies would have to make less.
But in The Good Jobs Strategy, Zeynep Ton, a professor at the MIT Sloan School of Management, makes the compelling case that even in low-cost settings, leaving employees behind―with bad jobs―is a choice, not a necessity. Drawing on more than a decade of research, Ton shows how operational excellence enables companies to offer the lowest prices to customers while ensuring good jobs for their employees and superior results for their investors.
Ton describes the elements of the good jobs strategy in a variety of successful companies around the world, including Southwest Airlines, UPS, Toyota, Zappos, and In-N-Out Burger. She focuses on four model retailers―Costco, Mercadona, Trader Joe’s, and QuikTrip―to demonstrate the good jobs strategy at work and reveals four choices that have transformed these companies’ high investment in workers into lower costs, higher profits, and greater customer satisfaction.
Full of surprising, counterintuitive insights, the audiobook answers questions such as: How can offering fewer products increase customer satisfaction? Why would having more employees than you need reduce costs and boost profits? How can companies simultaneously standardize work and empower employees?
The Good Jobs Strategy outlines an invaluable blueprint for any organization that wants to pursue a sustainable competitive strategy in which everyone―employees, customers, and investors―wins.
- Sales Rank: #1220908 in Books
- Published on: 2015-06-02
- Formats: Audiobook, MP3 Audio, Unabridged
- Original language: English
- Number of items: 1
- Dimensions: 6.75" h x .50" w x 5.25" l, .16 pounds
- Running time: 8 Hours
- Binding: MP3 CD
Review
“In the last few years, [Zeynep] Ton has become a revolutionary force in a field that would seem unlikely to generate many — the Kafkaesque-titled Operations Management. Her central thesis is that many of [the] big-box retailers have been making a strategic error… but she believes her core findings are relevant in nearly every industry. After re-evaluating the relationship between worker management and profit, she argues that many corporate leaders will realize that paying their workers more and treating them better will actually make everyone better off. And this, indeed, would foment a small revolution.” —The New York Times Magazine
“…at a time when the complexity of workers’ jobs is increasing and labour force investment declining, [The Good Jobs Strategy] is a methodically researched riposte to cutting staff and wages.” —Financial Times
“In this brilliantly conceived and written book, Zeynep Ton shows that companies that view their workforce as an asset to be maximized rather than a cost to be minimized, have both happier workers and better business results. This book is a 'must read' for anyone that wants to think creatively about how they manage their workforce.” —Marshall Fisher, professor at The Wharton School and co-author of The New Science of Retailing
“Using years of research and analysis, Zeynep Ton has proven what great leaders know instinctively—an engaged, well-paid workforce that is treated with dignity and respect creates outsized returns for investors. She demonstrates that the race to the bottom in retail employment doesn’t have to be the only game being played. In fact, The Good Jobs Strategy shows that smart business leaders can create great shareholder value while creating good jobs.” —José Alvarez, senior lecturer at Harvard Business School and former president and CEO of Stop & Shop
“Stop the presses. Tear out the front page. Employers can increase profits by paying their employees more and treating them better. Raising wages and improving working conditions is not just a matter of public policy. The private sector itself can make a huge difference. Everyone who cares about good jobs—and especially every CEO—needs to read this highly informative and thoroughly readable book.” —Peter Edelman, professor of law at Georgetown Law Center and author of So Rich, So Poor: Why It’s So Hard to End Poverty in America
“In The Good Jobs Strategy, Zeynep Ton offers insights into how successful companies utilize operational excellence to thrive, and she reminds us that the spirit and culture of an organization—that sparkle in the eye—comes only from fully engaged employees.” —Michael Eskew, former CEO of UPS
About the Author
Zeynep Ton is an adjunct associate professor at the MIT Sloan School of Management. Previously, she was on the faculty of the Harvard Business School. Ton received numerous awards for teaching excellence at both schools. Her work has been featured widely in the media, including the Washington Post, the Atlantic, and The New Yorker, Bloomberg TV, and MSNBC. She lives in Cambridge, Massachusetts, with her husband and four children.
Excerpt. © Reprinted by permission. All rights reserved.
Introduction
There are different ways to make money, I tell my MBA students on the first day of the class I teach on operations for service industries. You can certainly succeed at the expense of your employees by offering bad jobs—jobs that pay low wages, provide scant benefits and erratic work schedules, and are designed in a way that makes it hard for employees to perform well or find meaning and dignity in their work. You can even succeed at the expense of your customers; for example, by offering shoddy service. People may not enjoy buying from you, but plenty of them will do it anyway if you keep prices low enough.
In service industries, succeeding at the expense of employees and at the expense of customers often go together. If employees can’t do their work properly, they can’t provide good customer service. That’s why our experiences with restaurants, airlines, hotels, hospitals, call centers, and retail stores are often disappointing, frustrating, and needlessly time-consuming.
Many people in the business world assume that bad jobs are necessary to keep costs down and prices low. But I give this approach a name—the bad jobs strategy—to emphasize that it is not a necessity, it is a choice. There are companies in business today that have made a different choice, which I call the good jobs strategy. These companies provide jobs with decent pay, decent benefits, and stable work schedules. But more than that, these companies design jobs so that their employees can perform well and find meaning and dignity in their work. These companies—despite spending much more on labor than their competitors do in order to have a well-paid, well-trained, well-motivated workforce—enjoy great success. Some are even spending all that extra money on labor while competing to offer the lowest prices—and they pull it off with excellent profits and growth.
At this point in the class, I tell my students that if they end up founding or leading a business, they will be able to choose how that business makes money. They can choose a “low cost at any cost” approach, but they cannot say they had no other choice. And finally, I tell them that if instead they choose the good jobs strategy, they had better take a lot of operations courses—like the one they’re in—because operations is what makes the good jobs strategy possible.
They laugh, but they soon discover that I am not kidding. And that is what The Good Jobs Strategy is about—how companies can use operations to deliver good jobs to employees, strong returns to investors, and low prices and good service to customers all at the same time.
The good jobs strategy is not just a book title, it is a concrete strategy. It combines investment in people—much more investment than normal—with a set of operational decisions related to (a) how many products and services a company will offer, (b) the balance of job standardization and employee empowerment, (c) the allocation of work among employees, and (d) staffing levels and how employees will engage in continuous improvement. I did not invent this strategy. It is not the product of academic speculation. I observed it in a group of highly successful companies. I wanted to know how these companies managed to do very well and keep their prices low without making life miserable for employees and frustrating for customers.
This book tells what I found. Chapter 1 describes what the bad jobs strategy and the good jobs strategy look like when you’re working in them and highlights the possibility and benefits of pursuing the good jobs strategy even in low-cost retail. Chapter 2 explains why operations and investment in people are the key ingredients of the good jobs strategy. Chapter 3 shows how poor operations is more of an Achilles’ heel than most retailers realize and is a natural result of trying too hard to control labor costs. This chapter introduces what I call the “vicious cycle of retail.” In Chapter 4, we meet the four “model retailers” that are the core of this book—companies that follow the good jobs strategy, offering good jobs, low prices, and excellent customer service, and generating great financial results all at the same time. Rather than being stuck in the vicious cycle, these companies are benefiting from what I call the “virtuous cycle of retail.”
Chapters 5 through 8 are the practical heart of the book. They discuss in detail the four operational choices that make the difference for these model retailers. In addition to the benefits just listed—good jobs, low prices, good service, and strong financial performance—two further strategic benefits of the good jobs strategy are shown in Chapter 9. In Chapter 10, we look at how companies can stick with the good jobs strategy even when circumstances are pushing them hard the other way.
Although the strategy I will describe has been very successful, it is neither quick nor easy. In fact, it is complex and has to be carried out carefully, forcefully, continuously, and in the face of many obstacles. In return, it not only allows for better day-to-day and year-to-year performance, but it also allows companies to seize strategic opportunities by adapting to changing circumstances more quickly than other companies can manage.
The good jobs strategy can be seen at work in a variety of contexts, but in this book I focus on low-cost retail for three reasons. First, retail is where millions of people work. Walmart, the eight-hundred-pound gorilla of low-cost retail, is the world’s largest private employer, with more than 1.3 million employees in the United States alone. Second, low-cost retail jobs are notorious for their low pay, minimal benefits, unstable schedules, and lack of meaning and dignity—the epitome of “bad jobs” as I define the term. Third, of the people who believe that offering good jobs is possible, most do not believe it is possible to do so in such industries as low-cost retail. If the good jobs strategy is possible in low-cost retail, then it is possible pretty much anywhere.
Although the context of this book is retail, the good jobs strategy allows many other types of companies to use operations to provide good jobs for employees, high quality of goods and services at low prices for customers, and strong financial returns for investors. The examples include airlines, restaurants, hotels, call centers, distribution centers, and manufacturers.
I wrote this book for managers, executives, and entrepreneurs who want to offer good jobs but don’t think they can because controlling costs is so important to their business. You will see that offering good jobs can in fact reduce costs and increase profits as long as it is combined with operational excellence. If you want to offer good jobs and low prices at the same time, operational excellence is not optional, it is mandatory.
I also wrote this book for people who believe that offering good jobs may be good for individuals and for society, but that business decisions should be made solely to maximize profits. You will see that the companies that follow the good jobs strategy don’t do it just to be altruistic. They have found it to be the best and most sustainable way to provide superior returns to their investors in the long term.
The good jobs strategy is a long-term investment in your employees with the expectation that those well-paid, well-trained, well-motivated employees will generate even more than they cost. What makes them worth more than they cost is operational excellence. The companies examined closely in this book have all found this strategy to work. Many more companies should join them.
Most helpful customer reviews
14 of 14 people found the following review helpful.
The best strategy to achieve business success? It's really so simple...and, yes, so difficult
By Robert Morris
Many years ago, Southwest Airlines' then chairman and CEO, Herb Keller, was asked to explain why Southwest is the most profitable of the ten largest airlines and has a cap value greater than the other nine airlines combined. He replied, "We take great care of our people, they take great care of our customers, and our customers take great care of our shareholders." I was reminded of that statement as I began to read this book. Although Zeynep Ton focuses much of her attention on four companies (Costco, Mercadona, QuikTrip, and Trader Vic's), she explains how others such as Southwest and Zara have also used a good jobs strategy to achieve and then sustain high profitability while continuing to be ranked each year among companies that are the most highly admired and the next to work for. According to Ton, more than ten years research leaves no doubt about this reality: "Great performance, whether in customer service or the quality of manufacturing, requires operational excellence. Operational excellence requires a great operational design [begin italics] and [end italics] great people to carry it out. Neither can make up for the lack of the other."
However different companies in service industries may be in most respects, Ton has identified what those among them that have a good jobs strategy share in common. She calls it the "Virtuous Cycle of Retailing" which has four interdependent, mutually supportive components: High Labor Budgets > Good Quality and Quantity of Labor > Good Operational Execution > High Store Sales and Profits > High Labor Budgets > etc. It is important to note that, for those who follow the good jobs strategy, labor costs are in fact an [begin italics] investment [end investment] that -- as the cycle suggests -- results in hiring better people who, in turn, run more efficient and more productive operations that, in turn, generate high store sales and profits, and that makes hiring better people not only an investment but a very smart investment.
Consider Walmart and Costco. The Walmart mantra is something like this: "We need to run a really efficient operation because customers come to us for low prices." The choice is clear: Improving jobs would mean either that Walmart would make less money or that customers would have to pay more. Wrong. "The assumed trade-off between low prices and good jobs is a fallacy. There is, in fact, a good jobs strategy, even in low-cost retail, that combines high investment in employees with a set of operational decisions that deliver value to employees, customers, and investors." Over a ten-year period, Costco's index share price tripled Walmart's.
Ton shares the nine principles of Mercadona's Total Quality Model (TQM) to which the supermarket chain has been committed since 1993 when then president and CEO, Juan Roig, pressed for their adoption: Everyone is reliable, anything that does not provide value to customers is not done, every company is an assembly line, have a scientific mind, do it right the first time -- zero defects, everything can be improved, the company has to prescribe and endorse only what is best, abide the law, and convince rather than conquer. Mercadona's employees have the best benefits in the industry as do QuikTrip's: "All receive a range of benefits, including a Christmas bonus, tuition reimbursement, free fountain drinks and coffee when on duty, and an employee assistance program to help with personal problems. All employees can benefit from the QuickTrip Cares Employee Disaster Fund, dedicated to helping employees who are affected by natural disasters or life-altering energies such as a house fire, an accident, or a sudden illness in the family."
How do employees respond to a good jobs strategy? Here are two incidents that occurred at a Trader Vic's store. Ready to check out, a customer realized that she had left her wallet home. The cashier paid and then said, "Just pay me back next time you're here." At another store, a customer was a dollar short and about to remove an item when the cashier reached into his pocket for the dollar. "Pay it forward and have a great day."
Zeynep Ton offers an abundance of real-world support for the good jobs strategy, one that can be of substantial value to everyone involved, not only in services industries but in all organizations with a human community of stakeholders. "The good job strategy is difficult, but it is possible, profitable, and very much worth the effort." My own opinion is that now and in years to come, this strategy -- if executed properly -- can achieve a decisive competitive advantage. Everything needed to make that happen is in this book
20 of 22 people found the following review helpful.
Kept good focus
By sanoe.net
I don't remember why I selected Zeynep Ton's "The Good Jobs Strategy" to read. Maybe it was to see if anyone could actually explain the current climate of the retail workplace.
Author Ton actually did a good job of explaining the current climate of the retail workplace and the pursuit of 'low costs/high profits' doesn't have to be the cornerstone of this part of the jobs market.
Most of us have had to work at some level of retail, be it a fast food restaurant or a store. Whether surviving a lunch rush or a Christmas season, it is tough work that often doesn't pay very well. I especially appreciated Ton's reasoning that a sales associate in grocery store has decisions to make that can't be automated. Many retail jobs are like that. You can't automate or standardize everything but you can create an environment where the employee has disciplined responses to elevate performance which often creates a good experience for the customer.
It is things like that and how Ton explained it that I appreciated. She illustrates the differences between the companies that are profitable but at an expense of the employee and/or consumer and companies that invest in employees and that investment is passed on to the consumer and stockholders.
There is no one magic formula but there are enough examples that it indicates that the cycle can be broken.
An enlightening, surprisingly quick read. Definitely glad that I picked it out to read even if I can't remember exactly why I did.
19 of 23 people found the following review helpful.
Read This Book! Stop the Enslavement!
By WhereWaldoFindsHimself
Zeynep Ton does a logical job of explaining this strategy for changing business operations to convert from Mordor-style victimization of employees and perfunctory customer service to models of stability, excellence, and satisfaction of employees and customers while still holding to low prices. She makes it clear that evidence shows this can be done and is being done in the United States and other countries like Spain; that it is a CHOICE which good businesses can make and succeed with, even in the worst economy and despite competition.
Since it seems doubtful that Walmart plans to implement these changes anytime soon, it becomes imperative for you to support those businesses who have a different worldview; who show staggeringly low numbers of employee turnover, like Mercadona, with just 3.4%. Like Costco, QuikTrip, Trader Joe's, and others who provide a living wage, normalized work schedule and benefits to their employees, while also giving you low prices and great customer service. Want to stop the enslavement of yourselves and your neighbors? Here's the way.
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