Researching a one company and Solving 3 Questions Essay

Researching a one company and Solving 3 Questions - Essay ExampleMcKnights management principles were first to delegate responsibility and to encourage staff to exercise their beginning(a) and secondly for management to learn to focus on supporting staff who have participated in failed projects move on to something else rather than punishing them (McKnight Principles 5).To reinforce its culture of intrapreneurship 3M has instituted several policies and philosophies. The three that jump out of 3Ms organizational culture are the 15 percent option, tolerance for failure and rewards for success.The 15 percent option give employees authority to 15 percent of their workweek on individual projects of their choice without the fate to either disclose or justify it to a manager (Govindarajan and Lang 3). This policy gives 3M staff freedom to be innovative.Tolerance for failure philosophy guarantees employees their jobs and no penalisation for a product that fails in the market. On the cont rary, 3M has often repeated stories of famous failures that went on to become highly successful products. This policy has the effect of keeping initiative and creativity alive among 3Ms staff.For innovative products that go on to have a breakthrough in the market, 3M acknowledges team member through salary raises, promotions, and recognition. For fashion model the Golden Step award is given to team members if a newly launched product reaches a revenue goal of $2 million in the US or $4 million worldwide (Govindarajan and Lang 3). Better yet the informal recognition given to successful entrepreneurs through stories that convert them from mortals to legends is considered more powerful by 3M staff.The two major benefits that 3M derives from its organizational culture are staff loyalty and product differentiation as the key to commercial success. Staff loyalty is a manifestation of high staff motivation which often leads to increased job performance. Having a highly committed staff 3Ms management find it well-to-do to