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''' '' SINGULAR LIFE
SINGINGS '' ''' : HUMANS
''IN ETHICAL CAPITALIST'' ONE of his two books on management, Mr. Richer writes that ''organizations that create a culture based on fairness, honesty and respect, reap the rewards.
IN SOME WAYS, JULIAN RICHER is a typical-market-trader-made good. He was wheeling and dealing as a schoolboy, even selling candies during the miners strike of 1974.
Then he discovered the market for hi-fi equipment, initially managing other people's stores., before opening his own shop at the tender age of 19. He opted for the trappings of wealth, buying his first Rolls Royce at 23. After a difficult period when he admits that he confused revenue growth for profit, he built up a successful high street chain of 52 stores, which he named Richer Sounds.
IF THIS TALE seems all too familiar, in other ways the 60-year-old Mr. Richer is an atypical entrepreneur. That became clear last May when he announced he was selling a majority stake in the company to a trust owned by the staff, and remitting around 40% of the proceeds in the form of cash bonus to colleagues.
For every year of service they received, they received Pound 1,000 [$1,230]. His gesture reflected the management philosophy he has developed over his 40-year business career.
Mr. Richer says that the penny initially dropped for him when he read ''In Search of Excellence'', a business bestseller by Tom Peters and Robert Watermann which came out in 1982.
The top performing companies he describes in the book had two-common features, Mr Richer noticed : they treated both customers and employees well.
Great companies attract and retain motivated staff ''who are very much there for the long haul.'' High staff turnover, he says, is a sign that something is fundamentally wrong. And cites his firm's turnover rate of 11% a year, compared with an industry average of 25%.
More generous perks are available. Workers can stay at one of the group's holidays homes; over 70% make use of this perk once a year.
The only charge they face is Pound 10 per day per adult, and Pound 5 per child. The British authorities treat such holidays as taxable benefit but the company the covers cost as well.
IN SOME WAYS, JULIAN RICHER is a typical-market-trader-made good. He was wheeling and dealing as a schoolboy, even selling candies during the miners strike of 1974.
Then he discovered the market for hi-fi equipment, initially managing other people's stores., before opening his own shop at the tender age of 19. He opted for the trappings of wealth, buying his first Rolls Royce at 23. After a difficult period when he admits that he confused revenue growth for profit, he built up a successful high street chain of 52 stores, which he named Richer Sounds.
IF THIS TALE seems all too familiar, in other ways the 60-year-old Mr. Richer is an atypical entrepreneur. That became clear last May when he announced he was selling a majority stake in the company to a trust owned by the staff, and remitting around 40% of the proceeds in the form of cash bonus to colleagues.
For every year of service they received, they received Pound 1,000 [$1,230]. His gesture reflected the management philosophy he has developed over his 40-year business career.
Mr. Richer says that the penny initially dropped for him when he read ''In Search of Excellence'', a business bestseller by Tom Peters and Robert Watermann which came out in 1982.
The top performing companies he describes in the book had two-common features, Mr Richer noticed : they treated both customers and employees well.
Great companies attract and retain motivated staff ''who are very much there for the long haul.'' High staff turnover, he says, is a sign that something is fundamentally wrong. And cites his firm's turnover rate of 11% a year, compared with an industry average of 25%.
More generous perks are available. Workers can stay at one of the group's holidays homes; over 70% make use of this perk once a year.
The only charge they face is Pound 10 per day per adult, and Pound 5 per child. The British authorities treat such holidays as taxable benefit but the company the covers cost as well.
It is tempting to think that such benign philosophy and ways can only work at a relatively small company [his ales were Pound 157 million the year to April 2019]. However, Mr. Richer is a consultant to larger retailers and says that some of his suggestions worked well at Asda, a supermarket chain, in the 1990s.
Last year, he started advising Marks & Spencer, a British retail group, though its continued troubles suggest there is a lot more work to do.
What prompted his decision to transfer the bulk of his stake to staff? Mr Richer says he was approaching the age when his father died and he did not want his wife to deal with the hassle-caused by his own demise.
As far as the money was concerned, he says, ''we have more than enough already''.
His remaining 40% stake in the group will bring plenty of dividend income. Though he retains the role of managing director, he now takes the same salary as his personal assistant.
There is plenty in Mr Richer's philosophy for Mr. Bartleby and The World Students Society to admire and maybe, someday, even emulate.
Best of all, however, he disapproves the stereotype that entrepreneurs have to be ruthless in order to achieve success. Treating people well can work, too.
Mr. Julian Richer is a success story built on treating people with dignity, honor and humility. Each of its other nine-board members have also risen through the ranks.
With respectful dedication to the Global Entrepreneurs, Students, Professors and Teachers of the World.
See Ya all consider, register and prepare for Great Global Elections on The World Students Society : wssciw.blogspot.com and Twitter - !E-WOW! - The Ecosystem 2011:
''' Richer Rags Rages '''
Last year, he started advising Marks & Spencer, a British retail group, though its continued troubles suggest there is a lot more work to do.
What prompted his decision to transfer the bulk of his stake to staff? Mr Richer says he was approaching the age when his father died and he did not want his wife to deal with the hassle-caused by his own demise.
As far as the money was concerned, he says, ''we have more than enough already''.
His remaining 40% stake in the group will bring plenty of dividend income. Though he retains the role of managing director, he now takes the same salary as his personal assistant.
There is plenty in Mr Richer's philosophy for Mr. Bartleby and The World Students Society to admire and maybe, someday, even emulate.
Best of all, however, he disapproves the stereotype that entrepreneurs have to be ruthless in order to achieve success. Treating people well can work, too.
Mr. Julian Richer is a success story built on treating people with dignity, honor and humility. Each of its other nine-board members have also risen through the ranks.
With respectful dedication to the Global Entrepreneurs, Students, Professors and Teachers of the World.
See Ya all consider, register and prepare for Great Global Elections on The World Students Society : wssciw.blogspot.com and Twitter - !E-WOW! - The Ecosystem 2011:
''' Richer Rags Rages '''
Good Night and God Bless
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