The Common Sense Management of Sam Walton - 3
Today we see a lot of managers being offered a profit sharing plan as an incentive to produce and also to create ownership of the business and loyalty. But back in Walton's time, these types of offers were very unusual, to say the least.
From the first manager he hired for his first store, he offered him a percentage of the store's profits. It was a move that helped him get great managers for the 
business and was part of what laid the foundation for future success.
The point in all of this isn't just the profit sharing in and of itself, but Walton's understanding that people needed something more than was being given to increase their loyalty and performance. He also understood that he had to give them something that could benefit them greatly and not only the company.
To me this should be a continuous focus of all managers. Today we need to do it more in a cafeteria plan type of way, rather than a one-size-fits-all, as so many people have diverse needs and desires. It's the age of customization in many ways in business. Creating loyalty in workers has to be done in a more individual way than it ever has in the past.
This means that we need to keep in communication with our people and know their needs outside of the workplace so that we can work with them to ensure that they are happy on the jobs. This isn't just for managers but for all our people.
Other Sam Walton Sources:
The Most Underrated CEO Ever The legendary Sam Walton
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